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1929

:
Corp. 1932 The New Yorker Magazine, Inc.

1929

2009

336.7
65.262
98
. . :
THE GREAT CRASH 1929 /
John Kenneth Galbraith.

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98 1929 / . . ; . .
. . . : , 2009. 256 .
ISBN 978-985-15-0779-1.

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336.7
65.262

ISBN 978-0-395-85999-5 (.)


ISBN 978-985-15-0779-1 (.)

1954,1955,1961,1972,1988,1997
by John Kenneth Galbraith
. . .
, 2009

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III .......... 67
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VII I................................... 173
VIII II....................................193
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1 U. S. Department of Commerce, Bureau of the Census, Statistical
Abstract of the United States, 1944-45.
2 Federal Reserve Bulletin, December, 1929.
3 Thomas Wilson, Fluctuations in Income and Employment, 3rd ed, (New
York: Pitman, 1948), p. 141.

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,
, .
, ,
8
9

The Literary Digest, June 1, 1929.


.

III.

81

,
.
.
.

,
, (
, ,

).
, ,
( , ),
. ,
- ,
.

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.

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.

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82

1929

10. , ,
Radio, J. I. Case
Montgomery Ward,
,
.
1929
,
, ,
.
,
, ,
,
. .
American
Founders Group

. ,
. (
,
.
United Founders ,
, 1935
301 385 504 , ,
1929 75 ,
75 11.)

,
- .

10

Wall Street and Washington, p. 163.


Bernard J. Reis, False Security (New York: Equinox, 1937), pp. 117 ff.,
296.
11

III.

83

.


,
12.

, .

,
.


. , , ,
120
,
,
. ,

,
, ,
,
.
, ,
, ,
, 13.
1929

. ,

. ,
,
12
13

Investment Trusts and Investment Companies, Pt. I, p. 111.


, . 6162.

1929

84

( ).
The Atlantik Monthly
,

, ,
.
, ,

State Street Investment Corporation, , ,
14. 1929
,
.
VI

,

.
. 1929
,
, ,
.
,
.

.

, ,

( ,
).
(
14

, . 53.

III.

85

),

15.
,
.

,
.

, 1929
150
( ).
,
,
,
. 150
,

50 .
225 .
-
100 ,
.
,
,

100
. 125
. ,
15 ,
.
,
.

86

1929


50 125 , 150
,
50 .
, .
,
,

,
700800
50 .
. - 1929
,

.

, , ,
.

,
.

,
,
, ,
.



,

,
, 1929

III.

87


16.
Central States
Electric Corporation, 1921
6 17.

American Founders Group.

1921 .
.
,
.
500 .
,
.
, 1927
.
80 18.
. 1928 1929
Founders Group .
.
, 1929
.
United Founders
Corporation
16 Goldman, Sachs and Com
pany, . -
,
( )
, , ,
,
.

.
17 Investment Trusts and Investment Companies, Pt. Ill, Ch. 1, pp. 56.
18 , . 98100.

88

1929

686 165 000 .


.
, ,
500 .
320

,
.
.


.
, ,
.
, Founders Group,

.
,
5
Kreuger and Toll, 20 Kolo Products
Corporation (
,
)
295 19.
Kreuger and Toll ,
,
.
1929
,

Goldman, Sachs and
Company.
19

.: Reis, . 124.

III.

89

VII

Goldman, Sachs
and Company
. 4
1928 , ,

Goldman Sachs Trading
Corporation.
,
Goldman
Sachs Trading Corporation .

.
Goldman, Sachs and Company
100 ,
100 .
104 .

, Goldman, Sachs and Company
,
Goldman Sachs
Trading Corporation

20.

, 21
Financial and
Industrial Securities Corporation.
235
,
20 Stock Exchange Practices, Hearings, AprilJune 1932, Pt. 2, pp. 566
567.

90

1929

100 .
,
, , 104 ,
136,5 .
, 7 , 222,5 ,
,
,
,
Trading Corporation.

,
.
. Trading
Corporation
. 14 560 724
57 021 936 21.
. , ,

, Trading
Corporation
,
.

,
. 26 .
Trading Corporation
Shenandoah Corporation
.
Shenandoah
102 500 000 (
).
21 Investment Trusts and Investment
Companies, Pt. Ill, Ch. 1, pp. 6 ff. and 17 ff.

III.

91

,
. ,
, Goldman, Sachs and
Company
.
Trading Corporation,
Central States Electric Corporation
,
Goldman, Sachs
and Company. - .
, ,
.
Shenandoah 17,5 ,

30, 36 ,
18,5 . (
,
50 .)
Goldman, Sachs and Company
.
Blue Ridge Corporation,
20 . Blue Ridge
142 ,
, Shenan
doah, 25
. Blue Ridge
, Shenandoah,
. 7 250 000 (
)
6 250 000 Shenandoah. ,
Goldman, Sachs and Company
.

92

1929

Blue Ridge
,


. , , American Telephone
and Telegraph Company
470/715
Blue Ridge.
Allied Chemical and
Dye, Santa Fe, Eastman Kodak, General Electric,
Standard Oil of New Jersey
.
20 , Blue
Ridge, ,
. Goldman
Sachs Trading Corporation
Pacific American Associates
, ,
,

American Trust Company,
,
. Pacific American
100 . ,
Trading Corporation
71 400 000 American
Company ,
99
American Trust Company22.

, 22 Shenandoah, Blue Ridge Pacific American
New York Tunes Investment
Trusts and Investment Companies, Pt. Ill, Ch. 1, pp. 57.

III.

93

,
Goldman, Sachs and Company
.
.
,

. , 1
AngloAmerican Shares, Inc.,
,
,
,
,
, -

.
American Insuranstocks Corporation,
,
.
Gude Winmill Trading Corporation, National Repub
lic Investment Trust, Insull Utility Investments, Inc.,
International Carriers, Ltd., Tri-Continental Allied
Corporation Solvay American Investment Corpo
ration. ,

Cosmopolitan
Fiscal Corporation Financial Counselor.

. , Financial
Counselor ,
, .
1929

94

1929

. 600
23.
Shenandoah Blue Ridge
.
,
.
.

24:
: Goldman, Sachs
and Company Goldman Sachs Trading
Corporation?
: .
:
?
: . 10
10
.
: 90
?
: .
: ?
: 104 .
...
.
:
?
: 13/4 .
23 . . . Simmons, The Principal Causes of the Stock Market Crisis of
Nineteen Twenty-Nine (address issued in pamphlet form by the New York
Stock Exchange, January 1930), p. 16.
24 Stock Exchange Practices, Hearings, AprilJune 1932, Pt. 2, pp. 566
567.

IV

- .


.
,
. Times
52 , 25. ,
77 .
, 1928
86,5 .
33 . 110 339
449 ! ,

.

. Westinghouse
151 286 ,
135 . Gene
ral Electric 268 391 , a Steel
165 258 .
, American Telegraph and Telephone,

96

1929

209 303 .
. United
Founders 36 68 , a Alleghany
Corporation 33 56 .

. -
4 5 .
3 .
-

. ,
, Shenandoah, Blue
Ridge, Pennroad, Insull Utilities, -
. -
,
, .
.


.
,
.
-
, ,
( 1929
61 ,
,
, 76 )1.
, 1929
, -
.
1 : Stock Exchange Practices, Report (Washing
ton, 1934), p. 8.

IV.

97


, .
,
-,
. 1929
,
.

, .

400 .
7 .

,
,
.
.

, .
, ,
,
,
.
, -
. ,
,
,
,

, ,
.
.

98

1929

II


. (
)
, -
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,
.

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,
,
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. ,


, , .
,

. ,
, Barrons 8
, ,

,
.
,
,
,
.
National City Bank
, ,
,

IV.

99


.
,
10-
, Wall Street Journal
. ,
, -
, .

-?2 ( ,
,
10 , .)

,

. ,
,
,
3. Midland Bank of
Cleveland ,
, ,

12 ,
4.

.
,

,
. ,
2
3
4

The Wall Street Journal, September 19, 1929.


New Levels in the Stock Market, p. 183.
New York Times, August 2, 1929.

100

1929


. ,
, .
,
, -
.
1929
.

.
.
,
, ,
. (

.
, ,
.)
,
. , ,
,
American Magazine5.
, ,
,
. ,
5- .

.


.
:
5

American Magazine, June 1929.

IV.

101

,
.
, ,

?6

,

: -
,
. , ,

,
.
(
) ,

,
( ).
,
.

,
.
,
, 1929

.
(
). 6

Wall Street and Washington, p. 179.


New York Times
.

102

1929

.
1929 ,
,
.
, .
.
,
.
- : ,
, 19201921
, .

.
.
III


, .


.
.
, -,
,
.

. , ,
-
National City Chase,
. ,
,
.

IV.

103

, .
International Acceptance Bank ,
,
, , ,
. 1929

,
,
,
,

7.
-
.
,
, ,
, ,
, .
,
8.

. , ,
.
1929
. ,
.
, 1929

.

7

The Commercial and Financial Chronicle, March 9, 1929, p. 1444.


Alexander Dana Noyes, The Market Place (Boston: Little, Brown,
1938), p. 324.
8

104

1929

. ,
Daily News,
, 1929 1930

19 .
,
. ,
,
,
9.

,

.
,

. , ,
250
10.
,

.

,
. ,
Poors Standard Statistics Company,
.
Poors Weekly
Business and Investment Letter
,
9
Stock Exchange Practices, Hearings, AprilJune 1932, Pt. 2,
pp. 601 ff.
10 , . 676.

IV.

105

11. Commercial and


Financial Chronicle
, -
.

.

. New York
Times. ,
,
.
, . ,

.
, ,

, .
1928 , 1929
, .
Times ,
.
.

. ,
.
, ,
,
.
, Times

.
.
11

: Allen, Only Yesterday, p. 322.

106

1929

IV

1929
, . ,

, ,
,
United Corporation, United Foun
ders Steel.
-

.
,
,
. -
, ,

,


.
,
,

.
, ,
. .

,
.
, (, , )
,
, .

IV.

107


,
- .
. ,
, -

Western Utility Investors
, .
, ,
,

Western Utility - .

, ,
.

,

. ( North American
Review ,

,


Wright Aero,
...
, ,
,
.) ,
, Steel,
, ,
, ,
, ,

108

1929

.
,
. ,
,
. ,
.
,
,
,
, ,
.
, ,
.

,
,
, ,
.
,
,
. Times
National Waterworks Corporation,
,
.
, :
, -
-
. :
, , , ? ,
, .
,
.

IV.

109

,
1929 ,
.
.

:
,

,
Bethlehem Steel, 50 ,
20 .
,
,
,
, ,
Simmons. (
)
,
,
30 ,

, , 30
,
12.


, , ,
.
, 1929
, .
, , ,
, ,
-
12

Only Yesterday, p. 315.

110

1929

. ,
.
,
-.


,
1929 .

,
1 548 707
( 1 371 920 -
).
120 ,
2930 .

,
. ,
600
, 950
.
600
,

.
,
. 950
, ,
. ,
-

. ,
,

IV.

111

.

, 1929
(,
). 1929 ,
,
, ,
,

50 13.
1929 ,
, .
VI

1929
,
.
, 14.00
Radio General Motors14.
,

. ,

, .
1929
,
, .

,
13
14

Stock Exchange Practices, Report, 1934, pp. 910.


Noyes, p. 328.

112

1929

,
- .

.

, , , ,
.

,
.

, ,
.

. , ,
,
.
,
,
15.

.
,
.
.
, .
,
,
,
.
, 15

Stock Exchange Practices, Report, 1934, p. 30 ff.

IV.

113


, ,
.



,
.

, ,
.
, ,
,
,
.

.
.
South Sea ,
,
, , ,

!16.
1929 . 10 15
,
,
.
, ,
, ,
17.
16

Viscount Erleigh, The South Sea Bubble (New York: Putnam, 1933),
p. 11.
17 Noyes, p. 328.

114

1929

,
, .
, .
.

.
. Literary
Digest,
...

,
18.
.
. .


.
- ,
.
,
-- .
,
1000 Paramount-Famous-Lasky
72 . ( .
,
.)
VII

1929
2 . 18

The Literary Digest, August 31, 1929.

IV.

115

, -
,
.

. . ,
.
-
.

,
19. .

, - .

.
Transcontinental Air Transport
-,
. (
, , , , ,
- ,

, .)
40
.

.

. ,
, 19

One Day in History, Harpers Magazine, November 1937.

116

1929



,
.
. 1929

,
, .

.
-
4 438 910 .

9 ,
6,5 ,
-
. ,
, ,
.
American Telegraph and Telephone
304 , U. S. Steel
262, General Electric 396, J. . Case 350,
New York Central 256, Radio Corporation of
America ,
,
, 505 . ,
,
137 .

.
64 .
-

IV.

117

-. ,
. .
, 3
.

. ,
,
. , 3

,
.

.

, 5
. Times 10 ,
.
, Steel
255 246 , Westinghouse
7 , AT&T 6 .
,
, -
5 565 280 .
.
5
,
: ,
. ,
-,
, ,
Dow-Jones 6080 .
,
: ...

118

1929

...
20.
,
, ,
.
,
, .
,
, , ,
.
, ,
, , ,
, ,
-
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, .

,
, , . ,

, , , ,
, ,
.

, ,
.
- ,
.
. Barrons
9
, 20

The Commercial and Financial Crhonicle, September 7, 1929.

IV.

119

,

. Hornblower and
Weeks :
,

,
21.
. , ,
,


. :
, ,
22.
,
,
,
.
:
,
,

... ,
Incorporated Investors
.
, ,
.
. ,
. ,
, , ,
21
22

: The Wall Street Journal, September 6, 1929.


Edward Angly, Oh, Yeah! (New York: Viking, 1931), p. 37.

120

1929

.
9 .
Times
, ,
:
,
. Wall Street
Journal :

,

.
.
, .
,
, ,
. -
, ,
.
, .
, .
-,
.
The Wall Street Journal
. :
. ,
,
.

,
1929
.

.
117 126
.
.
.

, 1929
. ,
.
,
,
1.
,
, ,
,
.

Thomas Wilson, Fluctuations in Income and Employment, p. 143.

122

1929

, ,
. 1929
,
-.
1929
,
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. -, , ,
,
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. ,
-
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, .
. ,
,
.
. ,
,
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,
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,
,
,
. ,
-
.

.

V.

123



,
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, .
,
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-
.
, -
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1929
, ,

. - 1929
.
,
,
,
1927 1949 .
.
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,
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,

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124

1929

,

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. ,
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.

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,
,

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,
, .
, ,
. .

- ,
, , .
1929
.

.

.
,

. -

V.

125

,
.

,
. -
,

-2.

, 11

Boston Edison
.
,
,
,
,
. .
, ,
,

,

.
, ,
,
. ,



. 2 1930
.

126

1929


:
?
: ,
,
,
, . ,

,

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, .
,
, .
II
.
,
,
.
. -
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.
,
, , ,
, .
Times ,
Lehman Corporation
104 136 (
,

). -

127

670

. ,
.
, ,
.
Saturday Evening Post 12
. ,
. :
, , .

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.
, ,
,
.
, ,
. :
:
-, , -, ,
-, . .

, ,

, ,

.
,
Lee, Higginson and Company
,
, ,
. ,

128

1929

, , ,
, .
Time,

,
, ,
. ,
,
. (,

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Wall Street Journal
,
, , 1933
( ),
:
... , -
, . ,
,
,


.

:
...

.

: ,

,

V.

129

. ,
, ,
,
III
19
,
100
, . .
. (
.
3 .) ,

.
.
. Times 7 .
Steel 7 , a General Electric,
Westinghouse Montgomery Ward .
.
3 488 100 (
),
Times 12 .
,
.
, J. I. Case 40 .

. Times
,
, ,
, . , -

, . -

130

1929

.
. .

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.

,

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,
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131

. ,

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20 .
IV
21
. 6 091 870 (
),
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132

1929

. 21
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V.

133

(

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).
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,
.
.
.
23
.
.
,


, .

2,6 ,
.
Times 415
384 , .
AT&T 15 , General Electric
20, Westinghouse 25, a J. I. Case 46 .
.

, .

, , ,
.
, ,

134

1929

.
, ,
.
, .
- ,
,
.
,
.
Aktiebolaget
Kreuger & Toll, 23
. , ,

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V
24 ,
.
, , ,
,
, .
12 894 650 ,
.
,
-
. 1929
,
, .
,
. .
,
.

V.

135

,
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.
,
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.

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.
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.
, - .
,
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. ,
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,
,
3.
.
3 Edwin Lefevre, The Little Fellow in Wall Street, The Saturday Eve
ning Post, January 4, 1930.

136

1929

. .

.
12.30 -
.
,
.

. 1925
.
-

.
,
.
.
, - .
, ,
.
VI
- .

.
12.00 , J. P. Mor
gan and Company -, 23
. ,

National City Bank ,
Chase National Bank ,
Guaranty Trust Company -

V.

137

Bankers Trust Company .


, Morgan.
, 1907
-

Trust Company of America ,
.
. , ,
.
. .
.
.

.
.
.

4.
, ,
,
,
. ,

5, :
,
4 .
(Only Yesterday, pp. 329330) ,
,
-, First National Bank, 40
. 240
. New York Times 9
1938 , 2030 .
5 F. L. Allen, Only Yesterday, p. 330.

138

1929

,
, .
, ,
,
.
,
.
. 13.30
,
,
.
. ,

, .
- -

. ,
. ,
, ,
,
.

,
. -

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Steel,
10 205 .
,
.
200

,

V.

139


.
. ,
, .
.
,
.
.
.

.
,

.
, ,

.
,
.
.
,
.

,
.

, ,
.
Times 12 ,

. Steel,
,
205,5 , -

140

1929

, .
193,5 , 12 6.
206 ,
, , .
Montgomery Ward, 83
, 50,
74 . General Electric
32
,
25 .
Goldman Sachs Trading Corporation
81 , 65
80 .
J. I. Case,
,
,
7 .
,
-
.
VII
, ,
.
, ,

. ,
, ,
. 6 ,
, Steel
.

V.

141


,
, , ,
.

.


.
,
, .

,
. ,

.
- .

. ,
,
,
.

Hornblower and Weeks
,

, ,
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,
. Hornblower and Weeks
, ,
,
, ,

142

1929

1930 .
,
.
,

,
,

.
VIII

;
6 ,
2 .
.
, .
,
.
, ,
.
, ,
. Times,
,

.
.
,

, .
.
,

V.

143


.
,

.
, ,
, ,
, .
Continental Illinois Bank
: ,

. ,
-
, .
,

,
.
, Baldwin
Locomotive Works, ,
,

.
, ,
, .
7.

. , Associated Gas and
Electric, 7 Saturday Evening
Post 28 1929 .
. ,
,
.

144

1929

,

.
( , ,
, , ,
.)
Wall
Street Journal , :

.
.
. ,


.

,
.
,

.
,

.

.
,
, .
,
, , ,

.

V.

145


. ,
,
,
.
.

VI

1929 -
112 .

. 1873
Jay Cooke and Company
,

.
1907
125 .
1920 ( , -
)
,
30 .

, . ,
. 1929
,
. ,
, ,
.

148

1929

,

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24
12 894 650, , - ).

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28 ,

. ,
, ,
.
.

VI.

149

Times 49 , General
Electric 48, Westinghouse 34, AT&T 34,
a Steel 18 .
,
.
.

. 13.10 ,
,
.
Steel
194 198 .
.
, -
.
, 3

.
16.30
18.30.
,
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, ,
.

150

1929

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,
.
, ,
. ,
. ,
, .

.
,
.
.
.
,
, ,
.
-.
.

. 28
,
.
,
, ,

VI.

151

, .
, .
,
.
III
28
- ,
, , .

.
,
, .
.

.
, .

,
,
33 .
,
, .

. White
Sewing Machine Company,
48 ,
11 .
- (
, -
-)

152

1929

1
.
!1 , ,
.

.
16 410 030 ,
, ,
. Times 43
, ,
.
,
.
, Steel,
205 ,
167, 174
. American
130, 110 120
. Westinghouse
131 (3 286),
100,
126 .

. .
,
. Goldman Sachs Trading
Corporation
60 .
35
. Blue Ridge
, ,
.
1

Only Yesterday, p. 333.

VI.

153

24 .
12 ,
,
. 29
10 , 3 ,

.
,
.
.
-
.
.
.


, ,
, , , .
.
.
IV



. ,
.
,
,
. ,
, ,
.
,

154

1929

. ,
. ,
,
.

. ,
.
,
, ,
! ,
.
,

,
-
.
,
- ,
:
,
. ,
, Chase
National Bank
.
, ,
,
,
.
.

,
.
, -

VI.

155

, 24 29 .
,

10 , 24
,
-. 23 30 ,

,

.
, -
,
- 2
. -
,

. . -
,
.
,
,
,
. , ,

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.
,
.

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.
-

156

1929

, , ,
, .

,
,
.
.
, , .
,
.

. ,

.
,
, .

.
1929
,
1907 .
,
.
.
,
,
.
V
, ,
,

VI.

157


.
.
,
.
.
- .

.
,
.


,
, 2.
,
, .
,
, . ,

,

, ,
3.

.
,
,
.
2

Allen, . 334.
The Work of the Stock Exchange in the Panic of 1929, an address by
Richard Whitney before the Boston Association of Stock Exchange Firms
(Boston: June 10,1930), pp. 1617.
29 .
3

158

1929

,

,
. ,

, ,
.
1929
.
,


.


.

. ,

,
,
.

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,
,
.
29
.

,
, . ,
,

VI.

159

: ,
,
,

.
,
.
,
, - ,
.
,
.

.
,
,
.
. ,

, ,
.

, .
, ,
,
,
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.
VI
,
,

160

1929

, .

. Times .
31 ,
.
, , -,
.
.

. 29

,
, ,
,
.
: ,

.
Goldman, Sachs and Company
,
, ,
, ,
(
).
: , - ,

-, .
, ,
-
.
,
. - -
,

VI.

161


,
. :

,

.
, ,
, ,
, :
? - 4.
- ,
,
.
, ,
. U. S. Steel
. American
,
.

.


,
: ( )
,
.
.
.
- .
, ,
4

Caught Short! A Saga of Wailing Wall Street (New York: Simon and
Schuster. 1929 A.C. [After Crash]), p. 31.

162

1929

, ,
.
, ,

. -
.
9,4
.
VII

31
7 ,
. Times
21 .
,

.
.
25 ,
5 . ,
,

. .

.

, .
.
,


. ,

VI.

163

,
, .

. ,
Foshay
20 .
,
, ,
, ,
, .

,

(
-)5.
Foshay .

,

,
.
.
-, General Motors
Corporation, : .
Ford Motor, ,
:

. Roadster
450 435 , Phaeton 460
440, Tudor Sedan 525 500 .
, ,

5

Investment News, October 16, 1929, p. 538.

164

1929

, -
,
. , ,
.
Barrons,
. Commercial
National Bank Trust Company
Times,
,

.

.
VIII

,
.
- ,
,
, .
, ,
.
.
.
Times 22 .
, ,
.
, ,
.
.
, , -

VI.

165

,
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,
. ,
. , ,

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,
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,
,
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,
.
,
,
,
,
.
,
,
.
.

,
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10 .

,
.
,
. ,

166

1929

,
10
.
(
, ,
:
, AT&T 4
233 , General Electric - 234, a Steel -183
). ,

5 ,

.
.
,
.

.
.
.
, ,
,
.
, ,
. ,
- ,
,
. ,
, ,
, .
,
, .

VI.

167

,
Steel,
General Motors, AT&T.
,
.

, ,
.

,
.
,
. ,
,
,


. ,
,

, ,
.

, Blue Ridge
Shenandoah Goldman
Sachs Trading Corporation.



. ,
( Goldman Sachs
Trading Corporation) ,

168

1929

.
.
.

, ,
. ,
,

. ,
, .
.
,

. ,

,
,
.

, ,

.
.
1929 ,
.
,
.
IX
5 ,
. -
,

VI.

169

,
. ,
.
,
,
, .
,
.
, ,
.
6 ,
,
.
. U. S. Steel
181 ,
165. Auburn Automobile
66 , a Otis Elevator 45.
Times 37
6 ,
. ,
.

. ,
.

.

. ,
.
,
.
.

170

1929

,
.

,
.
- .

,
. 11
.
, -
.
. 11, 12 13
Times 50 .
,
, .
.
, , .
. ,
Western Union,
:

.
,

. ,
, .
. Wall
Street Journal, ,
:
,
, -

VI.

171

, .
New York Times,

, : ,


,
.

VII




-,
,
.
The Economist
,

.

1929
.
.
1929 .
1929 ,
1930, 1931 1932
,
, .
-, , ,

174

1929

,
.
,
(. ).
100


1925 1934

1925
1926
1927
1928
1929
1930
1931
1932
1933
1934


*
12,1
12,8
13,3
13,6
14,0
15,7
16,8
17,4
15,9
14,9

-
14,4
13,7
15,7
15,7
17,0
18,7
19,7
21,3
18,5
17,0

*
, . :
Vital Statistics: Special Reports, 1-45, 1935 (Washington: Department of
Commerce, Bureau of the Census, 1937).


,


.
1929 1. ,
1 ,
,
Mortality Statistics, 1929 (Washington:
Department of Commerce, Bureau of the Census).

VII. I

175


:
1331 , 1344. ,
.
, ,
.
,
. ,
, ,
. ,

.
,
,
: . ,
,
.

.
,

,
.
,
.

, .
,

, .
, , , ,
. Rochester Gas and
Electric .

176

1929

.
, ,
.
. .

10 .

-.
,

.

County Trust Company,
.
8 ,
,
. .
,
,
. ,
,
,
.
, ,
.
,

County Trust.
. ,

. ,
, ,
.

VII. I

177

, ,
.
,
.
, ,
.
,
,
,
.
.
,

.
.
.
, , ,

,
. ,
, ,
.
, , ,
. ,
- .
, 12 1932 ,
11
.
-
.

.
-

178

1929

,
. ,
, -,
.
,
Kreuger and Toll2.
II

,

,
.

.
.

, . ,
,

,
, , .


,
2 Stock Exchange Practices, January 1933, Pt. 4, p. 1214 ff.
,
.
,
Kreuger and Toll,
Lee,
Higginson and Company,
.
.

VII. I

179


.
.
, ,
.

, .
,
.
.

,
, .
.
.


.
,

. .
. ,
Kreuger, Hopson and
Insull,
,
.
.
,
,
.

.

180

1929

.
. ,
,

,
.


.
, .

Times , .
,
.
,
,
, Union Industrial
, .
,
, , The Literary
Digest, 3 592 000 3.

.
. ,
,
, .

,
.
, ,

3

7 1929 .

VII. I

181

- . ,
, -,
,
.
- ,
. 1929
100 .
, ,
, .
,
.
. ,
.

. ,
, ,

.
. ,
,
,
Kreuger, Hopson and Insull.
-
,

.
, ,
. :

,
4.
4

Lombard. Street, p. 150.

182

1929

III

1929
- , ,
.
13 . Times
224 ( 452
3 ). ,
, ,
, 82
( ).
. ,

Standard Oil of New Jersey 50
.
.
.
,
,
. -

, .
,


. ,
,
.
,
,
, ,
.
, ,

VII. I

183

,
,
,
.
, ,

. 24 Wall
Street Journal,
, ,
,
,
.

, .
, .

. ,
.
,
.
.
, , ,
.
,
,
1920
1921 .
,
.
- .

.

184

1929


.
,
4 ,
. 5
,
10 .
,
. , ,

4 5,63 1,88
. 5 ,
16,88 5,63 ,
10 120 65 .
,
,

.

,
,
, ,

.
.
:

, ,
.

.
21 ,
, , ,

VII. I

185

-, ,
,
, ,
,
,

.
,

.
, .
,
, ,
5.
,
.
-

:
:
!...

,
.
Philadelphia Record

. Boston Globe
, ,
,
6.
5 Magazine of Wall Street, December 14, 1929, p. 264.

.
6 The Literary Digest, November 30, 1929.

186

1929

IV



.
,

,
, , .
.
.

.

-. .
, ,
,
.
. ,

.
, ,

,
, .
,
, - ,
, - .
,
.
,
,
. ,
. , -

VII. I

187

,
,
. , ,
.
,
,
- .
, ,
,

. ,

, , ,
,
.

,
.

,
.

,
.

,
.
, ,

.
.
1929

188

1929

.
,

,
.
, . 1929

.

,
.

.
,

.
,
.
.
,
,
.

, ,
, ,
,
.
,
,
. 1929
.
,
,

VII. I

189

.

.
V
, 1930

.
,
.
,
1932 .
, ,
. :
13 1929 Times
224 , 8 1932
58 . Standard
Oil of New Jersey,
13 1929 50 , 1932
20; 8 24 .
U. S. Steel 8 22 ,
3 1929 262 .
General Motors 8 8 , 3
1929 73 . Montgomery Ward
138 4, AT&T 304
72 . Anaconda 8
4 . Commercial and Financial Chro
nicle , ,
, ,

7.
7

9 1932 .

190

1929


- .
.
Blue Ridge 8 1932
63 , a Shenandoah 50 .
United Founders American
Founders 50
70 117 , , 3 1929 .
1929 ,

, , .

. ,
8 1932 , Iron Age ,

12 ,
.
1896 .
-
720 278 .

.
:
,
.
.
, (,
)
.
1930 ,
, ,
60 .
,

VII. I

191


.
,
8.


:

, -

. ,

,
9.

Frederick Lewis Allen, Only Yesterday, pp. 340341.


New York World, October 15, 1930. no: Edward Angly,
Oh Yeah!, p. 27.
9

VIII

II

-
. ,
,
, .

, , ,
.
- ,

. ,
. ,
,
, .
.

.

.
,
.

194

1929

.
,
.
.
.
,
, , ,
.
,
,
. ,
,
, ,
, ,
.
,
,
19201921 ,
. 23
, 21
: .


. 1930

,
,
; 1 :


; 22 :
; 29 :
; 19 :

VIII. II

195

,
; 17 :
.
,

; 24 :
, 17 ;
21 : ,
; 28 :

;
19 :
,
, ,
. 1930
,
.
.
1930 ,
:
. , 31
1931 , :

1.
.
,
, .

.

. 1

Weekly Letters .

196

1929

1929 ,
,
. ,
, : ,
, ,
...
, ,
.
, 2.
,
The Commercial and Finan
cial Chronicle, :
, ,
.
, .


3.
( ),
, ,
,
. , , , ,

. , ,
-
,
: ,
, .
.
,
2 New York Herald Tribune, November 3, 1929. no: The
Commercial and Fiancial Chronicle, November 9, 1929.
3 The Stock Market Crash and After, (New York: Macmillan, 1930),
pp. 53, 269.

VIII. II

197

, ,
.


.
,
. Goldman, Sachs and Company
,

.
,
.
II

- Chase
National City
. , , -
,

-
.
,
.
Chase . ,
,

, ,
. 1929
.
1929 , Chase,
275 .

198

1929

, ,
,
. , Armour and Company
40
. ,
20 Brooklyn-Manhattan
Transit Corporation.
4.
,
. ,
, , ,
.

.
,

. .

.

5.

. 1929
Shermar Corporation


Sinclair Consolidated Oil Company.
,
,
.
4

Stock Exchange Practices, Report, 1934, pp. 201202.


Stock Exchange Practices, Hearings, OctoberNovember 1933, Pt. 6,
pp. 2877 ff.
5

VIII. II

199

Shermar

891 600,37 6.
Chase National Bank.
, Shermar Corporation
23 4 1929
42 506
. ( ,
, ,

, .
,

.
, ,
Shermar.)
,
. 11 1929 Murlyn
Corporation 42 506 Chase,
Shermar Cor
poration 6 588 430 .
.
4 008 538 7.
,
. , ,
,
,
.
.
6
7

Stock Exchange Practices, Report, 1934, pp. 192193.


Stock Exchange Practices, Report, 1934, pp. 188 ff.

200

1929


,
,
, .
.

,
, . ,
,
.
1932
.
,

,
Chase National Bank,
8. ,
,
Chase Equitable Trust
Company
(Equitable
)9.
Chase,
10,

100 .
,
.

8

Stock Exchange Practices, Hearings, October 1933, Pt. 5, p. 2304.


,
.
10 Stock Exchange Practices, Hearings, October 1933, Pt. 5, p. 2302.
9

VIII. II

201

.
, , ,

, ,
.

.
III

Chase
, National
City Bank.
.
National City ,
,
.
.
1929 - ,
. ,


, ,
11.
-
, 21
1933

.

. , 11

Investment News, November 16, 1929, p. 546.

202

1929


, , ,
. 1929
,
. 1929
Corn Exchange Bank.
.
.
Corn Exchange
:
National City 360
. National City
500 ,
, Corn Exchange
.
. Na
tional City 425 ,
,
360 . ,
Corn Exchange .
Corn Exchange,
National City 200
. ,
.
National City, ,
28
12 J. P. Morgan and Company.
(
, .
10 .
Morgan
4 . , -
.)

VIII. II

203

. , ,
,
,

. National City
.
.
.
National City
,
,
.
Morgan
, ,
.
500 200 .
,
.
.
National City Bank,
25 .

. 8
National City Com
pany 20
.
,
.
, ,
,

, .
-

204

1929


.
1928
1929 .
,
. 1928
1 316 634,14 . 1929
.
1108 000 12.

.
. ,

, ,
,
J. P. Morgan and Company.
.

18 300 212 .
,
2 872 305,5 ,

1929 . Morgan, ,
, .

212 . ,
,
,
40 .
,
, ,
12

Stock Exchange Practices, Report, 1934, p. 206.

VIII. II

205

: , ,
13. -

.

National City Bank. ,
- 1933 ,
,

. 4
. ,
.

.


. Times,
, , ,
.
, -
.
Blyth and Company.

.
1
.
, 27
1938 .
, ,
,
, .
13

, . 322.

206

1929

1933 1934 ,


14.
IV


.
,

-
. ,
,
,
.

. ,

,
, ,
.
1930- -
.
, ,
, ,
. ,
- .
, -

,
, ,
14

, . 321322.

VIII. II

207

.
, - .

.


-. -

. -

.
- - ,
,
,
National City Chase,
, .
.
, ?
,
.
,
-.
,
,
.
, .
,
. ,
, ,
.

, . -
, , ,

208

1929

,
- .
,
.

1932 .
( )
, ,

....
,

, .
.

.

. 11 1932
,
15.
1929 -
, ,
,

.
: ,
,
...
, ,
, 1930 .
15

Stock Exchange Practices, Hearings, April 1932, Pt. I, p. 1 ff.

VIII. II

209

, 1932

.
.



1953 .
-
,
. ,
,
,
,
, ,
. , ,
.
,
,
.
,

,
, .
, -,


,
.
,
, ,
,
.

210

1929


, .
, ,
60
. ,
,

,
.
, ,
,

, . ,

, .
,

,

.
.

,
.
.
: , , . . ,
, ,

. ,
,
Sinclair Consolidated Oil.
,
-

VIII. II

211

. ,

. ,
,
.
,

. ,
,

.
,
, ,
.
, .
. .
,

(
).
,
,
.


, .

,
.
,
,
.

212

1929

1929 ,
.
-
.
.

.

. ,

,
. ,
, ,
, ,
,
. ,
,
, , ,
.
,
. 10
1938 ,
,

,
.
V
, ,

.
,

VIII. II

213

,
1953 ,
.


- . ,
,

.
, ,
,
.

.

.
, , , -
.
, ,
-
.
, , ,
.
,
,
.

, .

- Richard Whitney and
Company,
,
. -, ,

214

1929

,

,

. ,
,
, -.
, ,
, .
,
, ,
,
J. P. Morgan and Company.

,
.
.
,
, .
1933 ,

16.
,
, ,
. 1933
Richard Whitney and Company (
,
) 15
Distilled Liquors Corporation
-,
16 : Securities and. Exchange Commission
in the Matter of Richard Whitney, Edwin D. Morgan, Etc., Vol. I, Report on
Investigation (Washington, 1938).

VIII. II

215

.
15 . 1934
45 . 1935
.
,
.
,
,

.
, 1936
11 .
,
,
. ( ,

.
,
17.)
.

137 672 148 750,
.
3 4 . ,
.
Distilled Liquors
Corporation, , ,
.

,
, .
17 . . .
.

216

1929

,
,
:
,
. 1938

. 1937
,
,
,
.
,
. ,
. ,
8
Richard Whitney
and Company ,
.
, ,

.

,
.
VI


,
.
.
,

VIII. II

217

.
. ,
-,
.
.


. ,

.
,
.

. -
1932 , ,
, ,


,

,
18.

.
,
. ,
,

: ,
, ,
18 The New York Stock Exchange, an address by Richard Whitney before
the Industrial Club of St. Louis and the Chamber of Commerce of St.
Louis (St. Louis, September 27, 1932).

218

1929

250
. ,
,
,
.
, 250

. ,
19.
,
-,
.

.


. (,
,
, ,

.)


.

20.

.
, ,
19 Securities and Exchange Commission, Transcript of Hearings, Vol. ,
pp. 822-823.
20 ,
. . .

VIII. II

219

.

.

,
,
, .
.

,
,

.

. ,
,
,
, ,
. ,
,
,
,
, ,
.
,
.
, .
, . ,
,

, ,
.

220

1929

VII



, ,
.
1933 ,
1934

, 19281929
.
,


.

.

,

.
, ,
,

.
,
-
,

.
.
, ,
,

VIII. II

221

. ,
.
, ,
,
,
, .
.
-
.
-
- .

,

.


(, ,
)
,
.
.


.



, - ,
, .
1938
.

222

1929


.
,
, -
, .

. -
,
.

IX


,

. 1933
( )
, 1929 .
1937
1929 , .
1941
, 1929 .
1930 1940 ,
1937 ,
8 . 1933 13
,
, .
1938 - 1.

1929 . , -
.

1Economic Indicators: Historical and Descriptive Supplement, Joint Committee


on the Economic Report (Washington, 1953).

224

1929

-
, , ,
.
,
.

, .
, ,
,
.
. , ,
.
II

,
1929

. ,
.

. -
,
.

,

. ,
.
.
1929 .
.

IX.

225

, 1928 1929
.
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Oxford, 1936), p. 49, no: Arndt, op. cit., p. 16.
8 . .,
: Lionel Robbins, The Great Depression, p. 4; Thomas Wilson,
Fluctuations in Income, p. 154 ff. J. M. Keynes, A Treatise on Money (New
York: Harcourt, Brace, 1930), II, 190 ff.

IX.

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Size Distribution of Income since the Mid-Thirties, The Review of
Economics and Statistics, February 1954, pp. 16, 18.
11 Weekly Letter, November 23, 1929.

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Stock Exchange Practices, Report, 1934, pp. 220221.

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Stock Exchange Practices, Hearings, FebruaryMarch 1933, Pt. 6,
p. 2091 ff.
16

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William Starr Myers and Walter H. Newton, The Hoover Administration:


A Documented Narrative (New York: Scribners, 1936) pp. 339340.

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