Stocks Soar As Bank Aid Ends Fear of Money Panic
— New York Herald Tribune, March 28, 1929
Banker Says Boom Will Run Into 1930
— The World, March 30, 1929
“There is no cause to worry. The high tide of prosperity will continue”
– Andrew W. Mellon, Secretary of the Treasury (bank or New York Mellon).
October 14, 1929
“Secretary Robert Patterson Lamont (December 1, 1867 – February 20, 1948) was United States Secretary of Commerce March 5, 1929 to August 7, 1932 and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal Reserve Board.”
– New York Times
Stock Prices Will Stay at High Level For Years to Come, Says Ohio Economist .
-Dr. Charles Amos Dice, professor of business organization at Ohio State October 13, 1929
“FISHER SEES STOCKS PERMANENTLY HIGH”
-Irving Fisher, Yale economist, October 16h, 1929
By the summer of 1929, it was clear that the economy was contracting and the stock market went through a series of unsettling price declines. These declines fed investor anxiety and events soon came to a head on October 24 (known as Black Thursday) and October 28 (known as Black Monday) and October 29 (known as Black Tuesday).