Reason: See discussion side.

Generally black Thursday designates 24 October 1929 and above all the associated consequence-fraughtest of history. After in the previous weeks a clear decrease before years of the long strongly rising Dow Jones index had been already registered, panic among the investors broke out on this day. The stock exchange courses collapsed strongly, many investors were high-indebted at the end of the daily. This is considered as trip of the world economic crisis. Even if only this became proverbial day, the actual Crash pulled itself over days and the following fall of prices reached only 1932 their final Tiefpunkt.

Black Friday designates the same event in Europe usually, since by the Zeitverschiebung the message arrived only after stock exchange conclusion and led thus only one day later to the panic at the there stock markets. In addition it had two years before, on Friday, that 13. May 1927, a sudden and sensitive sharp drop in prices at the citizens of Berlin stock exchange given. In America the Black Friday designates however 24 September 1869, on which likewise a in the USA occurred.

Prehistory

Had preceded a speculation blister, not dissimilarly that new Economy blister in the year 2000. In the twenties a seeming inexorable boom had driven the Dow Jones on up to 331 points -- it was appropriate for 1923 still with approximately 100. To fatal way large investor and companies, also numerous Kleinanleger did not only speculate risked much; Millions took up at short notice high credits, in order to buy shares to be able to pay in hope these back with the profits. One tells that John D short decided. Rockefeller itself before the Crash to liquidate its entire shares after its Schuhputzer gave him (and these as correct proved). It belonged thereby to the few winners. A supervision by the stock exchange committee and many today natural laws for adjustment did not exist at that time yet (the SECOND was only created as reaction on black Thursday). Stock exchange experts used publications with often consciously wrong data to make over personal profit and kept the euphoria high. Many investors, who trusted them, ruined themselves for a long time before the collapse.

In December 1928 gave way the market prices for the first time. The most speculators and broker did not see a reason for uneasiness, at that time still quite inexperienced US issuing bank became however jerky and made a from today's viewpoint insufficient decision: The interest on long-term credits was increased, in order to brake the financing by borrowing from share purchases to. In the dominant euphoria the investors continued to change the speculation blister however simply to short term credits, blew themselves up. Finally the Dow Jones reached a record highest level of 381 points on 3 September 1929. The exchange rate fluctuations became increasingly more nervous. One estimates that approximately 10 per cent of the shares on credit were bought.

There were warnings in the apron (e.g. of Roger Babson), which were dismissed however as black painting. The majority of the industrial leaders and - scientist was still Octobers convinced in the middle of of the fact that the high-altitude flight would continue eternally. Well-known restaurant professor Irving Fisher attained doubtful historical fame, when he announced still on 16 October: "It looks in such a way, as if the shares reached a durable high plateau". When the Dow Jones lost clearly in October 1929, however nervousness broke out: many began to notice, how high the risk was, which they had been received. By 19 October the Dow Jones 15% had lost, banks and Investmentfirmen began with support buyings.

Collapse

The Kleinanleger became in the middle of Octobers vaguely the danger consciously. The course still was on high level, but it stagnated. Many recognized that they cannot pay so their credits back. The Kapitalzufluss fallow in, the Handelsvolumen increased clearly. The entire week before the actual collapse was characterized of hecticness and fear. Brokers worked to deep in the night and the police locked off as a precaution the area around the New York stick Exchange. Because of 23 October the Dow Jones was with only scarce over 300 points.

Because of 24 October 1929 were the nerves of many dealers brightly. The trade began nevertheless calmly. Against 11 o'clock that changed suddenly - without recognizable trip. Substantial sales brought the course together into the dive, in panic many dealers were instructed to sell at each price the trade fallow several times. Two hours later the total value of the quoted enterprises was around 11 billion dollar pleases, approximately 1.5 % of the yearly gross national product at that time of the USA.

The banks tried to calm the tendency down with the help of appeasing messages and substantial support buyings. In its order as well as in that the board of directors appeared personal Richard Whitney, the vice-president at that time and later president of the New Yorker stock exchange, and particularly ordered some shares from leading stocks over the current market price. Its appearance brought it unites fame. This had first success, the trade closed with a loss of straight once 2.1 % at 299 points. Had been acted over 13 million shares, more than four times as much as on a normal day.

The British Chancellor of the Exchequer and later prime ministers Winston Churchill were on this day coincidentally than visitors in the New Yorker stock exchange. In its memoirs is an alive description of this fate daily for the western societies.

On Friday the trend continued invariably. The message had achieved now also the European stock exchanges, but the local stock markets reacted first rather optimistically to the collapse of the enormous speculation blister at the New Yorker stock exchange. One expected that the American credit givers would lend in the future their money again to Europe, instead of it, as in the one and a half years before, at the barrier Street to invest. The US banks tried to support far the market and even reached on this day a small plus, defy a trade volume of 8 million shares and Kursverlusten of individual shares of up to 30 %.

Finally the market broke down only on following Monday. The courses were too far please, in order to be able to still cover the credits - the banks reclaimed now their money. This provided now for substantial sales at each price, the Handelsvolumen always continued to rise, the Dow Jones fell on 260 points. The courses wobbled further downward, the Albtraum became ever worse, the exchange rate value of the enterprises fell around further 14 billion dollar. On the Tuesday following on it the Handelsvolumen grew even on 16.5 million, some shares was by 99 % pleases. Some investors took themselves the life; the picture of the manager, who falls itself from the office window, is today well-known until. Nevertheless it is not to be proven historically that it came to the Crash to a suicide wave. John Kenneth Galbraith proved The Great Crash in his well-known work "1929 "even that the number of suicides was clearly lower in the months October and November 1929 than in the summer months, than the stock exchange still boomte.

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