By Paul Julian Smith
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Extra info for Amores Perros (BFI Modern Classics)
25 26 The Stock Market Crash of 1929 reason for the denial involved high electricity rates and the need for the company to drop those rates before raising dividends to investors. This decision caused a drop in Boston Electric’s stock price and an investigation by the governor of the commonwealth into the company’s operating practices. Massachusetts was not the only state experiencing utility company investigations. The governor of New York at the time, Franklin D. Roosevelt, also instituted an investigation into practices among the utility companies of his state.
Charles E. mitchell (1877–1955) Chairman of the National City Organization Charles Mitchell served as president of the National City Bank, the nation’s largest bank, from 1921 until the market crashed in 1929. He was called a hero during the “mini crash” of March 26, 1929, when he vowed to keep interest rates low, no matter what, and to continue to lend money. Before joining National City, he was an assistant to the president of Western Electric in Chicago and then held the same position at the Trust Company of America in New York City.
Other ventures were attempted, including a real long shot: In Colorado in 1932, thousands took an eight-day course offered by the state Vocational Training Board in panning for gold! 43 44 The Stock Market Crash of 1929 Unemployment Becomes Rampant As unemployment rates climbed, wages dropped. Sales clerks in stores might earn $5 a week. Factory workers made 25 cents an hour. Secretaries worked for $10 a week and house servants only $10 a month. In cities, hundreds would line up for jobs in factories or on the docks, where only a handful of workers were needed.