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Why did the boom suddenly come to an end in October 1929 The boom in America came to an end due To the fact that in October the Stock Market plunged and as the people that profited from the boom speculated on Wall street they got badly effected by it resulting in them losing their house and all their others goods These people came to live in Hoovervilles just outside the city with houses made of available cardboard and plastic Seldom does a single event so clearly define the end of one era and the start of the next as did the Stock Market Crash of 1929 More often these transitions occur over time and are the result of many events In this instance October 29 Black Tuesday 1929 was the day everything changed The Jazz Age died and the Great Depression was born The week leading to the stock market crash saw the heaviest trading in history On Thursday Oct 24 a new record trading volume was set when more than 12 million shares changed hands This was some four times the previous record On Friday the volume topped Thursdays record but clearly the pressure was building The weekend helped to ease the anxiety somewhat But when the market volume skyrocketed and the losses mounted on Monday the stage was set for Black Tuesday The panic had begun In only one day for example the shares of Union Cigar fell from 113 each to just 4 each This is a decrease of 965 A contributing cause of the crash was the practice of buying stocks on margin some percentage paid as a down payment and the rest paid over time On Oct 29 all margin debts became due Many investors simply couldnt pay up The stocks they had purchased on margin were worth far less than what they put down People were dumping securities as fast as they coulda factor that put additional
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