New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

America Comes Of Age 1890

by: Elza Hane

America Comes Of Age 1890 HST 345

Elza Hane
CSU Pomona
GPA 3.59

John Lloyd

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

John Lloyd
Class Notes
25 ?




Popular in Course

Popular in History

This 2 page Class Notes was uploaded by Elza Hane on Saturday October 3, 2015. The Class Notes belongs to HST 345 at California State Polytechnic University taught by John Lloyd in Fall. Since its upload, it has received 34 views. For similar materials see /class/218114/hst-345-california-state-polytechnic-university in History at California State Polytechnic University.

Similar to HST 345 at CSU Pomona


Reviews for America Comes Of Age 1890


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/03/15
Alyxandra Bryndzia HST 345 February 22 2011 Chapter 11 Outline Anxious Decades Gotterd mmerung Chapter Overview In Chapter 11 Parrish discusses the Stock Market Crash of 1929 and the events leading up to it in the previous decade He argues that the crash in October of 1929 both Black Tuesday and Black Thursday were inevitable and that it could be foreseen He also argues that the Wall Street crash did not cause the depression that would soon follow Key Points October 1929 On October 24 and 29 1929 the New York Stock Exchange collapsed causing the great Stock Market Crash of 1929 known as Black Tuesday as well as Black Thursday this would be the greatest collapse in American financial history Parrish notes that many industries that employed large numbers of workers notably coal textiles and railroads had become less profitable and were suffering depression even before the panic on Wall Street 218 The stock market crash only shined a light on the less than perfect financial infrastructure Commercial banks made loans with investors promising them greater values but the collapse only left them with devalued assets Many people in October of 1929 had no idea the economic depression they were about to enter Ponzi s Prosperity ln 1920the Old Colony Foreign Exchange Company of Boston headed by Charles Ponzi promised people 15 if they invested 10 in the company for ninety days Ponzi and the Old Colony Company planned to buy International Postal Union money orders in foreign currencies and then exchange them in other currencies gaining profits from the fluctuations in the exchange rates In the beginning only a few people invested with Ponzi and Old Colony but after the company honored its plan more investors got on board it was even estimated that by July 1920 the Company was raking in 1 Million per week It was soon found out however that Ponzi had been putting the money elsewhere It was discovered that Old Colony s assets amounted to zero while its liabilities exceeded 2 Millionhe Ponzi had taken in 15 Million in less than a year and tiny amounts had been invested in international money orders but only 200000 could be physically located 222 While Ponzi and a few of his clients got rich most of the investors lost everything Thanks to Charles Ponzi A fraudulent investment operation today is known as a Ponzi scheme Florida 1 925 Before the 1920s the appeal of sunny Florida still was only tangible to the wealthy but in the 1920s middleclass people found their way down the coast to Southern Florida Those who found their way to Florida were pumping billions of dollars into Florida s tourism economy and real estate Middleclass people began to settle into housing developments sending land process soaring Florida became the new place for people to go who wanted to live in luxury Bust Florida as a land of luxury and opportunity did not last very long The Florida land boom collapsed in 1925 and 1926 The problem was that no new money or buyers were coming in to buy the land from earlier buyers at a higher price On September 18 1926 a hurricane hit southern Florida destroying everything in its path along with people s property Parrish says thousands of investors were wiped out left holding options on land for which taxes and payments far exceeded the market value 227 With no new eager buyers coming in the Florida boom dwindled by 1927 The B u Market Americans wanted to get rich quick so they bought securities offered to them by business corporations leading to the rise of stock prices on the New York Stock Exchange Up until World War I any what little extra cash if any that Americans had were put into savings accounts only the very rich invested in the limited number of public and private securities offered for sale by government entities railroads public utilities and industrial corporations 228 However during World War I the government got middleclass Americans to invest their money into war bonds over 22 million Americans from all walks of life responding to the patriotic calls of the US Treasury bought war bonds and received their first initiation into the mysteries of the securities market 228 After the war bonds program more corporations began to see investments from more public sources instead of with bank loans In early 1929 there were warnings that stock prices had reached high levels and that readjustment would be needed but these concerns went unanswered In October 1929 America would face in the great financial disaster in its history Amid the Ruins According to Parrish a few events in the summer of 1929 led to the Wall Street panic new car sales and building construction declined which led many to fear a major slowdown in the economy 233 It was also ignored that a collapse was bound to happen at some point in time In order to make a profit in a bull market buyers must come sellers at everhigher prices but this process depends on a constant infusion of new players with new money who believe that they too will later make a capital gain 234235 No new money was coming in as many people did not have disposable income in 1929 Even though only a few people were affected directly it was a big blow to the economy The collapse put light on the economy s structural flaws reduced employees salaries and even caused a enormous increase in unemployment Although all of these were catastrophic none would compare to the Great Depression that would soon follow Larger Theme Almost every person whether young or old is familiar with the Stock Market Crash of October 1929 or more commonly referred to as Black Tuesday The Stock Market Crash of 1929 signals the start of a twelveyear depression in the United States The Crash and the Great Depression would be the worst in United States history respectively These two events alone would create enough anxiety and fear within people living in America The economy and therefore life was unstable and people were unsure where their life would go and what would become of them and their wealth People had worked hard in horrible jobs and some even came to America to generate more wealth and prosperity for their families and themselves but the Stock Market Crash didn t guarantee them the hope they had come to America for


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Amaris Trozzo George Washington University

"I made $350 in just two days after posting my first study guide."

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.