Chapter

Wall Street Lays an Egg

Frederick Nolan

in Lorenz Hart

Published in print March 1996 | ISBN: 9780195102895
Published online October 2011 | e-ISBN: 9780199853212 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780195102895.003.0018
Wall Street Lays an Egg

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Undaunted by the relatively short run of Spring Is Here, Alex Aarons and Vinton Freedley produced another Owen Davis show, Me For You, in September. The show went into the Detroit Shubert on Sunday, September 15th, for two weeks, and closed in a shambles. Later, to paraphrase Variety's immortal headline, Wall Street laid an egg. Since 1924, with only one or two hiccups, America had fallen for the legend of the Big Bull Market in which everyone just kept on getting richer and richer. By 1929, so many people were buying on margin that there was six billion dollars outstanding in broker's loans. The toll was stupendous — more than 30 billion dollars in open market values wiped out. Just around the corner was something that would bury the American Dream for a decade: the Depression.

Keywords: Alex Aarons; Vinton Freedley; Owen Davis; Me For You; Variety; Big Bull Market; Depression; America

Chapter.  3359 words. 

Subjects: Popular Music

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