OCTOBER 24

MICHAEL J. MEEHAN

• One of the most famous names on the New York Stock Exchange
• He was a key trader in the stock of Radio Corporation of America
• Meehan built a successful business from the stock exchange
• He believed that stocks prices for radios would go off the chart
• In March 1928, radio stock prices took off- Meehan had become a Wall Street legend

WILLIAM C. DURANT

• He was a powerful/influential man
• He and his friends bought stocks of General Motors and Radio Corporation
• People thought that powerful people like Durant were buying those stocks, that they should too
• Tricked people into thinking stock prices would only rise
• Radio stocks went up high sharply and it soon rose to lead the New York Exchange Market in stocks

NEW YORK STOCK EXCHANGE

• At 10:00 am October 24, 1929, thousands of people flooded the building trying to sell their stock investments
• Stocks prices kept dropping by the second- people kept losing money
• The workers couldn't keep up with the stock trades
• Everyone trying to sell their stocks but no one was willing to buy them
• Stocks began crashing and panic was increasing
• Marked the 1st day of the stock market crash