Six Days in October: The Stock Market Crash of 1929; A Wall Street Journal Book

by Karen Blumenthal

Over six terrifying, desperate days in October 1929, the fabulous fortune that Americans had built in stocks plunged with a fervor never seen before. At first, the drop seemed like a mistake, a mere glitch in the system. But as the decline gathered steam, so did the destruction. Over twenty-five billion dollars in individual wealth was lost, vanished gone. People watched their dreams fade before their very eyes. Investing in the stock market would never be the same.
Here, Wall Street Journal bureau chief Karen Blumenthal chronicles the six-day period that brought the country to its knees, from fascinating tales of key stock-market players, like Michael J. Meehan, an immigrant who started his career hustling cigars outside theaters and helped convince thousands to gamble their hard-earned money as never before, to riveting accounts of the power struggles between Wall Street and Washington, to poignant stories from those who lost their savings -- and more -- to the allure of stocks and the power of greed.
For young readers living in an era of stock-market fascination, this engrossing account explains stock-market fundamentals while bringing to life the darkest days of the mammoth crash of 1929.

Genres: History, Nonfiction, Economics, Historical, Childrens, School, Business

160 pages, Hardcover

First published September 1, 2002

About the author

Karen Blumenthal is a critically acclaimed author of narrative nonfiction for young people, who is fascinated by controversial subjects and social change. Her books include Steve Jobs: The Man Who Thought Different; Tommy: The Gun that Changed America; Hillary Rodham Clinton: A Woman Living History, and Let Me Play: The Story of Title IX. Her books have won a Sibert Honor and a Jane Addams Children's Book award and have been a finalist for YALSA's Excellence in Nonfiction for Young Adults award three times. She lives in Dallas, where Roe v. Wade originated. For more information, go to www.karenblumenthal.com.

Reviews

[Colette Kriegel · Rating 1 out of 5]

This book was very confusing and it didn't do a good job explaining the crash. The information was often irrelevant and caused the timing to get messed up and it just made everything harder to understand. Too many minor details were made that shadowed the bigger details and the explanation often didn't make sense or wasn't there. I left reading this book more confused than when I started it and would not recommend if you really want to learn about the stock market crash.

[Max Stone · Rating 4 out of 5]

This is a joint review from my 8-year-old and me. He rates it a 4.5 stars and I would probably have done 4.25 stars (in general 5 stars doesn't seem like enough, at least for me, since I will in practice generally not rate books that I didn't finish, and won't finish books that I would have ranked 1 or 2 stars, and so in practice it is a 3-star system for books I finish).

I read this book to my son and it covered 6 days in the stockmarket in October 1929 in particular but it also gave a lot of background on the stock rise in 1927-1929, and some on the aftermath of the continued decline to 1932 and the Great Depression.

I thought it was a great book for those interested either in markets or in economic history. It did a good job of providing the background necessary such that people who don't know a lot about either stocks, the roaring 20s, or the Great Depression could follow what was going on (actually I'm not sure that is true of stocks; although there was some background about what they were, I'm not sure it would have been enough if you had no idea what they were). And the details on the first few days of the stock crash were great -- I learned a fair amount myself about the details, and many things that were true then about the interaction of fear and greed in markets are of course still true today and it was useful and interesting to get more details on one of the instances in which they went particularly nuts.

My son really enjoyed the book and it kept his interest the whole way through (and it isn't a short book). On the other hand we are both very interested in the topic and hence I'm not sure if all kids or adults would find it as interesting as we did. But if you like the topic, it was very good.

[Mitchell Friedman · Rating 4 out of 5]

Exceptional. This was my second interlibrary loan, this time from Eastern Oregon University from La Grande, Oregon. And one of the last few Sibert awards that I hadn't been able to find. This was written at a very accessible level. Well accessible to me, perhaps not everyone. I knew bits of the history and didn't look up any of the terminology. This book was also a reminder of where a lot of the rules and regulations related to the US stock market came from.

[Brooke · Rating 5 out of 5]

Well written and entertaining, even though it's more of a research book. I appreciate what I learned from this one.

[Sheila Bracken · Rating 4 out of 5]

Blumenthal's juvenile book debut is a fast-paced, gripping account of the chaotic events preceding the stock market crash of October 1929. Over six terrifying days, the fortune that Americans had built in stocks plunged with a fervor never seen before. At first, the drop seemed like a mistake, a mere glitch in the system. But as the decline gathered steam, so did the destruction. Over twenty-five billion dollars in individual wealth was lost. People watched their dreams fade before their very eyes. Investing in the stock market would never be the same.
The text chronicles the six-day descent and exposes the personalities, backroom machinations and scandals while debunking several popular myths about the crash (e.g., that it caused mass suicide and the Great Depression). Using numerous primary sources, Blumenthal puts a human face on the crisis with photographs, editorial cartoons and sidebars explaining terms, such as stocks and bonds, bull and bear, and the Dow Jones Average. It includes riveting accounts of the power struggles between Wall Street and Washington and details about the customs of the stock exchange (from buttonhole flowers to the opening and closing gongs).
Other asides, such as the first appearance of women on the exchange floor, or the rise (and fall) of immigrant Michael J. Meehan, who championed the stock of Radio Corporation, keep the focus on the human element, everyday citizens who lost their savings–and more– to the allure of stocks and the power of greed that primed the market for failure. The author’s focus on the human element along with providing explanations of basic terminology help the reader better understand what happened in 1929 as well as the market today. 4

[Janet · Rating 4 out of 5]

Thanks to Rhea Wolfram for loaning me this book written by our mutual friend, Karen Blumenthal. It is Karen's first book with others to follow. This Young Adult book is a great one for all to read to gain a better understanding of the intricacies of the stock market in the 1920's. It was a crazy time when just about anyone could amass a fortune as they gained exponential returns in the stock market. Alas, as Geoffrey Chaucer noted in his poem, "Troilus and Criseyde", "all good things must come to an end." And, it did for those investors in October 1929 in one short week. There's a wealth (!) of stock market fundamentals as well as insights on several key players: Charles Mitchell (with National City Bank who attempted to stop the crash by giving $25 million in credit), Billy Durant (conveyed confidence by continuing to buy stock), Michael Meehan (NYSE bigwig and an early SEC rule breaker), and Richard Whitney (Harvard guy who was not only a terrible investor but also stole customer funds... really bad!). I appreciated the author's perspective as she shared, "Though it wasn't the single cause or even the main cause of the Depression, those six days in October became the turning point, the defining moment, when good times gave way to bad. After the crash, American life would never be the same".

[Elizabeth · Rating 4 out of 5]

I've been wanting to learn about the stock market crash of 1929, but I have been really unsure about where to start. My knowledge of economics is slim, my knowledge of the stock market specifically is slimmer, and I wasn't sure I could understand certain parts of the history without the background knowledge of stocks going in. This book was exactly what I needed.

Blumenthal does an excellent job in covering the people, events, and the before and after, and she makes it all even better by explaining the workings of the stock market and the meanings of different terms as she goes. I feel like I have a decent base knowledge of the 1929 crash, as well as an understanding of stock market basics.

I definitely recommend this for anyone looking to learn about the stock market crash but uncertain of where to start, especially if that uncertainty stems from a lack of knowledge about stocks and the stock market.

[Lynn · Rating 4 out of 5]

This could be titled "The Wall Street Crash for Dummies," and that is not an insult because I am one of the dummies. It is an easy to follow account of the Wall Street Crash in October 24, 1929 that continued until October 30, 1929. Blumenthal not only explains what happened and why, but she explains stock market terms and practices like "bull and bear markets," "stock splits,"pools," "selling short," "Brokerage Houses" and other terms and practices by brokers and traders. She also introduces us to make of the major players in this event including William C. Durant, Charles E. Mitchell, Thomas Lamont and Richard Whitney.

It was a good, quick reading experience, and I learned many new things.

[sam-i · Rating 4 out of 5]

I absolutely loved the way the book was presented. I appreciated the many graphics, photographs, and especially the political cartoons that the writer had dug up (from that time). I found that this added much value to the book as a picture paints a thousand words – these pictures accurately depicted the mood, atmosphere, and sentiments of the time, whereas words can only say so much. Additionally, I read this book in tandem with my History class on post-WW1 events. It was a great accompaniment to learning about post-WW1 History. An essential read for understanding the 1929 Stock Market Crash!

[Paige · Rating 5 out of 5]

An excellent book about the crash of 29. As an adult, I found this book fascinating. Blumenthal presents a clear, compelling explanation of the history, culture, and events that led to the stock crash. She also gives interesting miniature economics lessons within the text-- and I say this as a person who avoids numbers whenever possible.

[Vincent Brown · Rating 4 out of 5]

I have become more interested in the stock market lately and have been learning more about the machinations of that haughty system. This book does not necessarily delve deep into understanding all the details, but does enlighten on how a financial bubble is created through speculation and the herd mentality that we all experience to panic when we think that we might lose out.

[Sohayla Oskoui-Moshref · Rating 4 out of 5]

This is a financial history book so if you’re not ready for a lot of numbers, you probably shouldn’t read it. Because it’s financial history, it’s not packed with action and it’s not super interesting but for people getting into finance, it’s good to learn about history-as history repeats itself-and there are definitely lessons to be learned from this one.

[James Gibson · Rating 4 out of 5]

I picked this up in a thrift shop and breezed through it pretty quickly. I should add that I have a MBA and have studied quite a bit about the 1920's and the Crash so I was curious what a book about that time would tell the young adult reader. On balance, I think it does a good job trying to explain a very complex time and situation.

[Sharan · Rating 4 out of 5]

Fantastic book on helping millennial understand the story behind 'the great depression'. Banks gave away free loans to buy stocks with low margins, no laws to restrict insider trading, fraud, panic, greed and fear. All together caused 1929 U.S. stock market to crash, leading economy into a depression. The affects did not recover until 25 years into the future, which is devastation. Imagine civilians on streets selling whatever they had to meet the ends. You will really learn how to manage money, ultimately respecting the basic amenities that we enjoy today.

I rate this 4/5, which means I had learned something new and I'm going to re-visit this in the future.

[Miguel · Rating 3 out of 5]

With the emergence of crypto, this book is a good reminder on how institutional players hold the market. It also shows how destructive greed and fear could be, and why the two shouldn't be anyone's market compass/guide.

[Lorena · Rating 4 out of 5]

Great overview of the stock market crash in terms older kids can understand.

[J · Rating 3 out of 5]

View of the reasons for and results of the stock market crash.

[Elaine Reinhard · Rating 5 out of 5]

Excellent documentation of the historic 1929 stock market crash. Interesting

[William Hammond · Rating 4 out of 5]

It captures what happens in 1929-1932 and it captures it well. The main problem with the writing is it was dragged out very long. The book could be 90 pages if the author didn't drag out the plot.

[Lila · Rating 3 out of 5]

Meh. Read it for school. Very informative

[Sara · Rating 4 out of 5]

Too complicated for my students.

[Christian Stafford · Rating 4 out of 5]

More margin buys than expected

[Heidi · Rating 5 out of 5]

Well-written and informative.

[Jacob · Rating 5 out of 5]

Six days In October the stock market crash of 1929 a wall street journal book by Karen Blumenthal
Nonfiction
146 pages
This book is about the stock market crash of 1929. This book goes farther into detail than just what happened. This book talks about actual companies that were using the stock market. It talks about the people who lost their jobs and everything they owned because they invested all their money into the stock market and then they lost it all. It also talks about what was going on in the newspaper throughout the whole entire book. They would talk about the comics making fun of the stock market and would try to cheer people up by making funny cartoons about it.
I think this book taught me a vast amount of knowledge about the stock market crash of 1929. This book was a challenging book to read because of the large confusing stock market terms that they used throughout the whole entire book. Although it wasn’t the longest book in the world it was still at my reading level and nothing too high or too short is was a perfect length for the book it was. This book would be very helpful for a report about the stock market. This book will help me when I am older because I will be more informed about the stock market and when to stop and take my money out of it. Also this will help because I will know not to put all of my money into it because it is just as safe as gambling.

[Elizabeth Smith · Rating 3 out of 5]

Brief Synopsis (without spoilers):
Life in America in 1929 was booming. One of the main reasons: the stock market. Buy stock and watch yourself get rich fast was the key mentality among the country, and for the most part it seemed to work. However, all of that came crashing down in October 1929 when the stock market began to drop, and drop fast. In "Six Days in October" young readers are able to get an accurate, detailed picture of what life in America was like during this time, what brought on the great depression, and the effect it had on all of America.
My Thoughts:
I think Blumenthal did a really good job at mapping out six important days in American history in a way that is interesting for both young adults and adults. One of the aspects that I liked most about this piece of non-fiction is that it shared stories about individuals, and what their life was like before and after this key event in history. However, one drawback that I found for this novel is that even though it is specifically geared towards young adults, some parts are a little tricky to understand, however that could simply be based on the fact that this is a difficult subject to write about and explain. I do think this book though would be beneficial to read, especially as part of a history class when studying about the Great Depression and the 1920s.
Content Warning:
1-Violence/Death: Talk of people jumping out of buildings to kill themselves

[Vinnie Marseco · Rating 4 out of 5]

I would have to consider this book very pertinent to today due to the fact that we are in a pretty bad recession today, maybe just not as bad. It covers the first six days (as the title says) and it does a wonderful job of giving you an inside look as to what actually took place and how people were affected then, and I think some people today could really learn something from reading this book.

As a reader, the book contained a lot of useful information, but it was pretty boring having to read through it since I am not really interested in finances or wall street.

As a teacher, this book would be wonderful in a history class and a math class. In a history class you could easily relate this material to modern times and relate the recession and depression. In a math class, you could use the amounts of money(which was in the billions) and calculate different numbers and relate them to today's trillion dollar deficit.

[Briggs Tople · Rating 4 out of 5]

This book might fool you it will... but this book is amazing! It's an amazing addition to a kids literature. Kids are learning about one of America's worst moments in the stock market and in our economy in total. This book kept me reading; I will say for some people big words will appear a lot in this book referring to the widely used amounts of ticker tapes being printed and the cartoons that was shown back at this time. I now have the feeling that kids are becoming smarter about our nation from reading this. Overall, this book was really interesting as much as it interested I'd like to see the rest of these books before I read any more from this author.

[P Amoroso · Rating 4 out of 5]

This was indeed an informative and interesting book. I read it in parallel with 2 children, 12 and 10. They liked it less than I did. It did lead to selection of another of the author's books, Grande Expectations: A Year in the Life of Starbucks' Stock. This one had appeal since I had owned the stock for a while and the kids could relate to Starbucks (love those hot chocolates and steamed soy milks). It was a tough read for them as well but a great introduction to the stock market and the fickle nature of market fluctuations. As educational pieces both books were worth the read.

[Scarlett Sims · Rating 5 out of 5]

This book is meant for kids/teens, but I thought it was a really great introduction to the stock market crash. It has information on so many things that I never understood: bulls/bears, insider trading, stock splits. It seemed to me to be an unbiased account of the things that caused the stock market crash. It was written on a very basic level so I could actually understand what was going on. There is a great bibliography and the book is indexed. I would recommend this book to anyone who wants to learn more about this period in history but doesn't have a strong background in it already.

[BiblioBrandie · Rating 3 out of 5]

Provided a lot of information about the stock market crash of 1929, including the days leading up to it and a little of the aftermath. Some of it was pretty dense, not sure that younger children would grasp some of the concepts. It didn't go much into what a stock actually is. The accompanying photos were great.