This day in history

An unstable world economy reaches its breaking point as investors on Wall Street trade 16 million shares on the New York Stock Exchange in a single day, in what becomes known as the Wall Street Crash. Billions of dollars were lost and the stock ticker ran several hours behind because of the furious level of trading.

Among other causes, the collapse was brought on by a period of wild speculation, the proliferation of debt, and an excess of large bank loans that could not be liquidated.

In the aftermath of Black Tuesday, the industrialised world spiralled into the Great Depression. A decade of epidemic unemployment, bread lines and demonstrations for social revolution followed.

In South Africa, the Truth and Reconciliation Committee issues its report into the apartheid era in the country.

In America, Francisco Martin Duran opens fire on the White House, shooting 29 rounds at the building. Duran is later convicted of trying to assassinate President Bill Clinton. 

Prince Carlos becomes the provisional head of state in Spain, effectively ending General Franco’s 36 year dictatorial rule of the country.

The Suez Crisis begins as Israeli troops cross the Sinai Peninsula into Egypt heading towards the Suez Canal.

The final resolution of the first meeting of the International Red Cross is signed. Amongst many policies, the resolution instigates the creation of national relief societies for wounded soldiers.