Nelson Iron Works stock certificate dated Oct 29, 1929 (Black Tuesday)
Simple eagle vignette. Stub still attached from the original ledger. Unissued and not cancelled. Voided or cancelled as shown. Dated 29 October 1929.
In probably the worst timed IPO ever, the company's first stock certificates (numbers 1-3)were issued on October 29th, 1929 which is widely regarded as the start of the Great Depression. Bad decision! Great collectible for the stock broker or investment professional. Very rare date of issuance, especially combined with the certificate numbers.
The Wall Street Crash of 1929, also known as Black Tuesday, the Great Crash, or the Stock Market Crash of 1929, began on October 24, 1929, and was the most devastating stock market crash in the history of the United States, when taking into consideration the full extent and duration of its fallout. The crash signaled the beginning of the 10-year Great Depression that affected all Western industrialized countries.
The crash followed a speculative boom that had taken hold in the late 1920s. During the later half of the 1920s, steel production, building construction, retail turnover, automobiles registered, even railway receipts advanced from record to record. The combined net profits of 536 manufacturing and trading companies showed an increase, in fact for the first six months of 1929, of 36.6% over 1928, itself a record half-year. Iron and steel led the way with doubled gains. Such figures set up a crescendo of stock-exchange speculation which had led hundreds of thousands of Americans to invest heavily in the stock market. A significant number of them were borrowing money to buy more stocks. By August 1929, brokers were routinely lending small investors more than two-thirds of the face value of the stocks they were buying. Over $8.5 billion was out on loan, more than the entire amount of currency circulating in the U.S. at the time.