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June 15, 2020

Man Trying to Sell His Luxury Roadster for $100 Cash Following the 1929 Stock Market Crash

The Wall Street Crash of 1929 (October 1929), also known as the Great Crash, and the Stock Market Crash of 1929, was the most devastating stock market crash in the history of the United States, taking into consideration the full extent and duration of its fallout. The crash signaled the beginning of the 12-year Great Depression that affected all Western industrialized countries and that did not end in the United States until the onset of American mobilization for World War II at the end of 1941.

On October 29, Black Tuesday, the Dow Jones Industrial Average fell 38 points to 260, a drop of 12.8%. The deluge of selling overwhelmed the ticker tape system that normally gave investors the current prices of their shares. Telephone lines and telegraphs were clogged and were unable to cope. This information vacuum only led to more fear and panic. The technology of the New Era, much celebrated by investors previously, now served to deepen their suffering. Black Tuesday was a day of chaos. Forced to liquidate their stocks because of margin calls, overextended investors flooded the exchange with sell orders. The glamour stocks of the age saw their values plummet. Across the two days, the Dow Jones Industrial Average fell 23%. The crash was followed by the Great Depression, the worst economic crisis of modern times.

In the aftermath of the Wall Street Stock Market Crash, investor Walter Thornton trying to sell his luxury Roadster for $100. The sign reads, “$100 WILL BUY THIS CAR MUST HAVE CASH LOST ALL ON THE STOCK MARKET.” According to the images, a 1928 Chrysler Imperial “75” Roadster could be purchased for $1555 ($23,400 in 2020). The Thornton pictures show the desperation of men who had lost everything on the stock market. Walter Thornton was so desperate for cash that he had no problem selling his car for $100 (US$ 1,500 in 2020) even though he was taking a huge loss.

A news photo taken on October 30, 1929 shows investor Walter Thornton attempting to sell his 1928 Chrysler Imperial 75 Roadster for $100 in New York.

A news photo taken on October 30, 1929 shows investor Walter Thornton attempting to sell his 1928 Chrysler Imperial 75 Roadster for $100 in New York.

1928 Chrysler Imperial 75 Roadster, the same model as shown in the famous Wall Street crash picture of Walter Thornton putting his up for sale for $100.

1 comment:

  1. Herve Leger, sometimes deliberately written as Herve Leger is a French fashion house founded by the designer Herve Peugnet, also known as Herve L. Leroux Herve Leger Dresses was founded in 1985 by the designer Herve Peugnet (1957–2017). The same year Karl Lagerfeld advised Peugnet that his surname Peugnet would be too difficult for Americans, the target market, to pronounce, and instead suggested the surname Leger. Having lost the rights to the Herve Leger name, Peugnet later took a third "brand" name as Religious Clothing Herve Leger in 2000.A model walking the runway at Herve Leger Bandage Dresses Fall/Winter 2014 show at New York Fashion Week, February 2014.



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