The Frantic Panic
On 20th September 1929, the London Stock exchange crashed after it was discovered that the top British investor and many of his associates were arrested for fraudulent and forgery activities. This ripped off the Band-Aid and threw American investors into a frantic panic.
(Original Caption) No Time to Go Home; New York stock brokers and their clerks worked until early Oct. 30th, checking up transactions in a stock market after 16,400.00 share day Oct. 29th. This photo shows some of the clerks catching up on their sleep in a gym in business section of New York.
Everyone was now looking to sell out their shares. This left the market unstable. However, trading went on, and by mid-October, the selling had intensified. This is because everyone was in great panic and people feared the loss that was now slowly but creeping up on them.