The Effects of the Stock Market Crash had on Baltimore

One of the luckiest things could happen, I came across a Baltimore Sun news paper clipping about two weeks old on the stock market crash of 1929. It's a little by shear luck because my brother had held it for me remembering, I was researching the depression era and Baltimore's role in it. It was written by columnist Fred N. Rasmussen who did a great job in telling the cause and effects that it had on Baltimore. Also, giving the credit for Baltimore being able to succeed during that crazy time.

It was a time of turmoil in which the President of the United States was Herbert Hoover during this crash that brought businesses to there knees. Stocks being at half the price that they were worth. It was on October the 23, that the stock exchange it self felt like falling apart. That day was a unknown of shares in liquidation unheard to businessman. When Winston Churchill him self who at the time was visting New York see's a collapsed of 12,894,650 shares go down to record low not good. The very next day in the Baltimore Sun called it "Money Kings Halt Stocks Wildest Plunge In Worst Selling Scare In 15 Years" (Rasmussen 10). During the depression that was a day to never forget for Wall Street known to most as Black Tuesday. The economy was really in bad shape and didn't look good for most cities.

Baltimore city had a advantage over most cities was its diverse economy. With other cities relying on one industry they didn't fared as well during the crash. Baltimore felt the effects of this crash afterwards in 1930 when Chesapeake Bank and Baltimore Trust Company went under. Governor of Maryland at the time Albert C. Ritchie had no choice to closed all banks in Maryland. Baltimore's managers of most the city's banks didn't go under because they saved consertatively. Any one who was home owner in the city some how avoided foreclosure mostly. Not to leave out how unemployment in Baltimore was growing and African Ameicans were among the highest. Baltimoreans in 1931 accounted for forty two thousand with out work. Company's such as the Electric Company and Unit Railways because of this chaotic time went under to become Baltimore's Transit Company. The situation was desperate especially when in 1932 the B&0 Railroad had to be brought back from receivership by a eighty eight million dollars loan from federal reconstruction Finance Corp. Baltimore took some bumps in the road at this period of trnasition.

It wan't until 1932 when Rosevelt was elected that things started to look up. He brought forth a new funds deal to put alot of people back to work with city projects. For example, new schools, play grounds leading to Howard Street, and the Baltimore city very first public housing development. It sure looked like Baltimore was starting to get passed this chaotic time of the Depression. According to Rasmussen "However it was the coming of World War II and the need to produce war material thatn finally pulled Baltimore and the nation out of the Depression" (Rasmussen 10). Baltimore by many probably wasn't looked at as other many cities to pop out of the Depression with historic credentials but it was changed from this overwhelming period.

Interview of A Centurion

To know more about how it was like for Baltimore during the 1929 Depression, I couldn't get a better source than some one who actually experienced this critical time. She is a friend of my family who in which has so much experience on Baltimore's history. Mrs. Anne Veditz is ninety nine years old and with in four days will become a centurion. A centurion is who when some one has lived for a century. A remarkable achievement because you don't hear too many people living that long especially in this day and age.

At age twenty Anne Veditz experienced the 1929 Depression in north west Baltimore. She lived on Pimlico Road at intersection of Quantico Ave. It was a time in which, she experienced various situations most people couldn't handle. The year before this chaotic time in Baltimore history her mother passed away. During the Depression Anne's thirteen brothers and sister in law moved in with her, father, and sister. She had to go at nights towards getting her high school education. Ms. Veditz had to endure alot especially in a hard time of purchasing food and items. As the interview went on, she explained that being able to go home wasn't safe because security was sketchy at best. Paricularly in which this chaotic time every body was just about desperate and in need.

One of the questions, I asked her, was transportation difficult? Yes, it was difficult for her to get on buses and street cars not quite as available. She had to go through Baltimore's law being strict because of the Depression. The police according to Anne were on the streets in neighborhoods making it hard to be out. The reason because of crime going up at the time and alot of uneasiness on who to trust. There were curfews in placed but, she couldn't remember exactly the time. The job situation very hard for people to keep there jobs. Some Baltimoreans had to take jobs working in laundry mats. Ms. Veditz her self worked in Regal laundry office at Gilmore and Mosher Street off Fulton Ave.

I also asked her, how difficult was it for kids to attend school? She responded with kids being afraid in finding away to school and back home. Anne her self had to take three buses just getting back and forth getting there. That was at night getting to school. Another questioned, I aked was there a money shortage? Yes, with money going towards paying for bills and the city just trying to survive.

The One question, I thought was important, how long did it actually take for Baltimore to fully recover from the Depression? Anne said that in 1936 things were not much better. She was married in 1934 and her husband them both combined making only thirty five thousand dollars. It wasn't until a year later she and her husband were able to purhcase there own house with car. She also explained that purchasing groceries was even harder. Anne and her Husband were able to visit Hollins Market but purchasing vegetables and groceries was aloud seven dollars and fifty cents or eight dollars. The hard part for her she was only making twelve dollars a week paid board eight dollars and balance.

I asked Ms. veditz this question. In your opinion, what advice would you give if any body had to go through a similar situation? I wished, I could have completed my education before going to the work force. What she trying to say get your education first before getting your self deep into the wrong job.

I thought this question really brought forth a real good interview. Looking back if you could change any thing, what would it be? Equal rights for all and enforcing the law & order for all citizens. Anne recalls shops on Gay Street had the front glass windows and doors broken. The inside of stores looted. Some merchants could not recover and had to close there business.

I couldn't asked for a better interview than that especially at her age able to rememmber the information, she did. Some times the best kinds of information on history comes from the elderly. Particularly people who have so much to offer us future generations not in forgetting about the past but learn from it.