Information

Proteus III AS-19 - History


Proteus III AS-19

Proteus III

(AS-19: dp. 9 250,1. 529'6", b. 73'4", dr. 23'6", s. 15 k., cpl.
1 076, a. 4 5", 8 40mm; cl. Fulton).

The third Proteus (AS-19) was laid down by the Moore Shipbuilding and Dry Dock Co., Oakland, Calif., 15 September 1941; launched 12 November 1942, sponsored by Mrs. Charles M. Cooke, Jr., and commissioned 31 January 1944, Capt. Robert W. Berry in command.

After shakedown off San Diego, she stood out of San Francisco 19 March for Midway to tend submarines of Submarine Squadron 20. She arrived 3 May, and operating there until 1 December completed 51 voyage repairs and 14 refits for submarines. She returned to Pearl Harbor 4 December, and on 5 February got underway for Guam where she completed 4 voyage repairs and 24 refits by 7 August.

Assigned to occupation duty after the end of the war Proteus rendezvoused with units of the 3rd Fleet and hecame the flagship of a 26 ship support group which steamed off the coast of Honshu until 26 August. On the 28th she anchored in Sagami Wan to begin supporting Submarine Squadron 20 as it demilitarized submarines, human torpedoes, torpedo carrying boats, and suicide boats at Yokosuka and other locations in the Sagami Wan—Tokyo Bay areas.

Also assigned to repair Japanese submarines, she remained until 1 November, when she headed home. Transiting the Panama Canal 6 December, she reached New London 16 December. A trip to the Canal Zone preceded cold weather operations with SubRon 8 at Argentia during November, after which she returned to New London. Decommissioned and placed in service 26 September 1947, she provided vital service to the submarine base at New London until January 1959. On the 15th she entered Charleston Naval Shipyard for conversion to a tender for the Polaris Fleet Ballistie Missile submarines, including the addition of a 44-foot section amidships.

Proteus recommissioned 8 July 1960, and after shakedown at Guantanamo Bay, she accomplished her first SSBN refit 20 January-21 February at New London. She then crossed to Holy Loeh, Seotland arriving 3 March 1961. There for the next two years she completed 38 refits of Fleet Ballistic Missile submarines, for which she received the Navy Unit Commendation. Baek at Charleston for overhaul in 1963, on 2 January 1964 she resumed oPerationS at Holy Loch to provide support and refits to the Fleet Ballistic Missile submarines of Submarine Squadron 14.

On 24 February Proteus arrived at Rota, Spain to establish the second overseas replenishment site for Fieet Ballistic Missile submarines, returning to Holy Loeh 12 April. On 29 June she put in at Charleston and on 16 October was enroute to Guam. Arriving Apra Harbor 29 November, she established the third overseas replenishment site for the Fleet Ballistie Missile submarines. She continued to operate at Apra Harbor and in the Pacific for the next five years, and remains with the Pacific Fleet into 1970.


Service history

1944–1959

After shakedown off San Diego, she stood out of San Francisco 19 March for Midway to tend submarines of Submarine Squadron 20. She arrived 3 May, and operating there until 1 December completed 51 voyage repairs and 14 refits for submarines. She returned to Pearl Harbor 4 December, and on 5 February got underway for Guam where she completed 4 voyage repairs and 24 refits by 7 August.

Assigned to occupation duty after the end of the war, Proteus rendezvoused with units of the 3rd Fleet and became the flagship of a 26-ship support group which steamed off the coast of Honshū until 26 August. On the 28th she anchored in Sagami Wan to begin supporting Submarine Squadron 20 as it demilitarized surrendered Japanese submarines, human torpedoes, torpedo carrying boats, and suicide boats at Yokosuka and other locations in the Sagami Wan-Tokyo Bay areas. Future actors Tony Curtis – whose birth name was Bernard Schwartz – and Larry Storch were aboard Proteus at Tokyo Bay in August–September 1945 – and watched much of the formal surrender activities aboard USS Missouri from Proteus ' s signal bridge. [1]

Also assigned to repair Japanese submarines, she remained until 1 November, when she headed home. [2]

Transiting the Panama Canal on 6 December, she reached New London 16 December. A trip to the Canal Zone preceded cold weather operations with SubRon 8 at NS Argentia, Newfoundland during November, after which she returned to New London. Decommissioned and placed in service 26 September 1947, she provided vital service to the submarine base at New London until January 1959. On the 15th she entered Charleston Naval Shipyard for conversion to a tender for the Polaris Fleet Ballistic Missile submarines, including the addition of a 44-foot section amidships.

1960–1992

Proteus recommissioned 8 July 1960, and after shakedown at Guantanamo Bay, she accomplished her first SSBN refit 20 January–21 February at New London. She then crossed to Holy Loch, Scotland, arriving 3 March 1961. There for the next two years she completed 38 refits of Fleet Ballistic Missile submarines, for which she received the Navy Unit Commendation. Back at Charleston for overhaul in 1963, on 2 January 1964 she resumed operations at Holy Loch to provide support and refits to the Fleet Ballistic Missile submarines of Submarine Squadron 14.

On 24 February Proteus arrived at Rota, Spain, to establish the second overseas replenishment site for Fleet Ballistic Missile submarines, returning to Holy Loch 12 April. On 29 June she put in at Charleston and on 16 October was en route to Guam. Arriving Apra Harbor 29 November, she established the third overseas replenishment site for the Fleet Ballistic Missile submarines. She continued to operate at Apra Harbor and in the Pacific for the next seven years, taking a five-month time off for self-overhaul in 1968 - relieved by Hunley (AS-31).

In 1971, after a brief R&R visit to Pearl Harbor, Proteus proceeded to Mare Island for an extensive overhaul, including a significant propulsion upgrade. A boiler accident forced her to stay at Ford Island, Hawaii for two months then a shake-down was accomplished out of Pearl Harbor, and after an R&R port call to Sydney Australia, Proteus returned to Apra Harbor for the now routine exchange with Hunley.

The exchange was completed by mid-January, 1973, and Proteus resumed her duties. In 1974 personnel from SRF, Guam, removed the remaining 5-inch gun turret and munitions were removed as unnecessary for her primary mission - leaving only the four 20mm mounts as her main defensive weapons. When Saigon fell in 1975, thousands of Vietnamese fled their country, and many made the crossing to Guam - some 100,000 of them. In a massive undertaking called "Operation New Life" [3] - every able-bodied individual who could be spared was "volunteered" to help provide facilities to care for this "tidal wave" of humanity. As part of that effort - over 1,000 officers and men from Proteus worked with Seabee construction personnel to erect the refugee city "Tent City" on Orote Point, Guam - leaving only a hand-picked skeleton crew of individuals aboard to see to her safety and security as well as handle emergencies from the boats that were in. But for that week, Proteus was out of "business as usual" - for which the Secretary of the Navy awarded Proteus her second Meritorious Unit Commendation in 1975 and she (along with other participating Navy Units) were awarded the first award of the Navy Humanitarian Service Medal (established by Executive Order January 1977 for actions beginning 1 April 1975).

In 1976 Proteus received her third consecutive Engineering "E" and second Humanitarian Medal for Typhoon Pamela Disaster Relief and the Battle Efficiency "E" in 1978. That year, Proteus was sent to overhaul at Long Beach Naval Shipyard rather than the expected retirement and decommissioning.

In 1980, Proteus was home-ported at Apra Harbor, Guam, where her missile silos had been deactivated and the missiles removed and converted to tender submarines. On 21 October 1981, the Proteus was awarded the Battle "E" Efficiency. In November 1981, Proteus deployed on a six month deployment to Diego Garcia in the Indian Ocean. December 22, 1981, Proteus crossed the equator and received Neptunis Rex and Davy Jones aboard for Shellback ceremonies. In March 1982 while Proteus was still in Diego Garcia, her Majesty's Naval vessel HMS Sheffield docked with Proteus to requisition required parts before deploying to the Falkland Islands War where she was sunk on 10 May 1982 after Argentine air attack on 4 May 1982, Proteus was the last friendly ship to have any contact with Sheffield before the sinking. Proteus returned to Guam May of 1982, crossing the equator a second time.

Proteus was decommissioned again in September 1992 and soon thereafter struck from the Naval Register.

1994–2007

1994 Proteus was re-commissioned yet again as a Berthing Auxiliary and placed in service at Puget Sound Naval Shipyard, Bremerton, Washington. At this time Proteus took on the new naval designation Miscellaneous Unclassified IX-518.

In September 1999 the ship was placed out of active service and laid up at the National Defense Reserve Fleet at Suisun Bay, California. Late 2007 she was towed to Esco Marine, Brownsville, Texas for scrapping which was completed in early 2008.


Proteus III AS-19 - History

1. “I must have said no a thousand times.”

Being raped by a woman isn’t cool and you aren’t “lucky”.

When I was 21 I was raped by the girl who was my girlfriend at the time. … The worst day of my life was when she decided to tie me up. She told me all the dirty things she was going to do to me while she kissed my neck and whispered into my ear as she tied my arms and legs down to the bed. Everything she said she was going to do was normal to me (suck me, ride me) so I let her tie me up. After I was tied up she asked me to try to break free and offered a reward to me if I could. She said she would be back and if I wasn’t free then I would miss out on the reward.

She came back and stood at the door and stared at me. She then told me how I wasn’t going to be rewarded because I couldn’t get out. She then told me she was going to punish me. Long story short, she ended up sodomizing me with her vibrator. I must have said no a thousand times. I was crying and begging her to stop which in hindsight probably made it worse. I was anally fucked, then she tried to ride me but I couldn’t even get up. I was so broken emotionally and in pain physically. She then got very mad that I couldn’t get it up which was never a problem. I was beaten for a while. Then the vibrator again while being hit. It lasted about 6 or 7 hours but felt like it was a dozen. For a while she just left it in me while she went in the other room to watch TV.

It was mid day when she tied me up and had been dark for a few hours after it was over. I ended up falling asleep tied up. I think I just passed out more from exhaustion of trying to break free/get her to stop. I woke up and I was untied in bed by myself. …

I ended up calling the police, which was the best decision I had ever made. The second I called them she calmed down and started to behave. They got there pretty quickly. Of course once they were there she played the damsel in distress and claimed that I was beating her up and choking her, etc. I told the cop everything that happened, which was embarrassing but worth it. They arrested her and she was jailed. … I had the option to press charges but ended up choosing not to after consulting with my lawyer.

Being raped has ruined my life for the time being.

2. “They said since it was a girl doing it to a guy, it was just ‘experimentation.'”

I’m a man. I was raped as a child. She was my cousin. About 15 or so, while I was four. I don’t remember a lot, either because I was so small or because I mentally blocked it, but I remember that she performed oral sex on me. Made me do the same to her. Stuck various things up my butt.

My mom called the police when I told her a few weeks later. They didn’t even investigate. They said since it was a girl doing it to a guy, it was just “experimentation.” Said it was okay.


PROTEUS AS 19

This section lists the names and designations that the ship had during its lifetime. The list is in chronological order.

    Fulton Class Submarine Tender
    Keel Laid September 15 1941 - Launched November 12 1942

Struck from Naval Register September 30 1992
Reacquired February 1 1994

Naval Covers

This section lists active links to the pages displaying covers associated with the ship. There should be a separate set of pages for each incarnation of the ship (ie, for each entry in the "Ship Name and Designation History" section). Covers should be presented in chronological order (or as best as can be determined).

Since a ship may have many covers, they may be split among many pages so it doesn't take forever for the pages to load. Each page link should be accompanied by a date range for covers on that page.

Postmarks

This section lists examples of the postmarks used by the ship. There should be a separate set of postmarks for each incarnation of the ship (ie, for each entry in the "Ship Name and Designation History" section). Within each set, the postmarks should be listed in order of their classification type. If more than one postmark has the same classification, then they should be further sorted by date of earliest known usage.

A postmark should not be included unless accompanied by a close-up image and/or an image of a cover showing that postmark. Date ranges MUST be based ONLY ON COVERS IN THE MUSEUM and are expected to change as more covers are added.
 
>>> If you have a better example for any of the postmarks, please feel free to replace the existing example.


Second-Generation Cephalosporins

In general, second-generation cephalosporins are more active against gram-negative organisms, making them more useful in many clinical situations.

For example, second-generation cephalosporins are active against strains of Proteus and Klebsiella. Second-generation cephalosporins also combat H. influenza—a cause of pneumonia, sepsis, and meningitis. Nevertheless, first-generation cephalosporins are generally still better at treating gram-positive infections.

Examples of second-generation cephalosporins include the following:

Second-generation cephalosporins treat the following:

  • Sinusitis
  • Otitis media (ear infection)
  • Mixed anaerobic infections including peritonitis and diverticulitis
  • Prophylaxis after colorectal surgery

Second-generation cephalosporins have no activity against Pseudomonas aeruginosa.


Reactivation 2001 [ edit | edit source ]

In a reactivation ceremony onboard USS FRANK CABLE (AS 40) on 23 February 2001, Captain Jose R. Corpus, USN assumed command of Commander, Submarine Squadron Fifteen, formerly Commander Submarine Group Seven Representative Guam. On this day, Submarine Squadron Fifteen became an operational command, providing administrative, logistics and intelligence support for submarines and submarine support ships assigned to Seventh and Fifth Fleets in response to Naval and JCS tasking.

During 2002, the Staff of Submarine Squadron Fifteen provided oversight and quality assurance monitoring during maintenance performed by the assigned tender on three forward deployed submarines prior to their emergent deployments to the Gulf region during Operations Enduring Freedom and Noble Eagle. Submarine Squadron Fifteen was also actively involved in the force protection decisions and efforts of the Naval Station onboard COMNAVMARIANAS immediately following the 11 September 2001 attacks.

On 17 October and 18 December 2002, respectively, USS CITY OF CORPUS CHRISTI (SSN 705) and USS SAN FRANCISCO (SSN 711) arrived in Guam as the Navy’s first forward-deployed and homeported submarines. Sailors, families, and residents of Guam welcomed the first and second of three U.S. Navy submarines to be homeported on Guam as both ships completed their 14,000 NM inter-fleet transfer that started at Portsmouth Naval Shipyard in Kittery, ME. The USS CITY OF CORPUS CHRISTI (SSN 705), commanded by CDR Robert Schmidt at the time of the ship’s arrival in Guam, is the eighteenth Los Angeles class fast attack submarine. The USS SAN FRANCISCO (SSN711), commanded by CDR Paul Povlock at the time of the ship’s arrival in Guam, is the twenty-fourth Los Angeles class fast attack submarine.

On 5 July 2002, Typhoon Chataan, with sustained winds of 115 mph and gusts to 145 mph, struck Guam causing substantial property damage. Submarine Squadron Fifteen personnel, assisted greatly by some Sailors from the USS FRANK CABLE (AS 40), participated in post-typhoon recovery actions.

On 8 December 2002 Super-typhoon Pongsona struck Guam for a period of over 12 hours with destructive winds in excess of 200 knots. The President of the United States declared Guam a disaster area shortly after the storm passed. This storm, one of the two largest to ever strike Guam, significantly impacted the island’s infrastructure and damaged both civilian and military facilities. A major fire at the island’s gasoline storage facility delayed the recovery effort by limiting the availability of fuel for vehicles and emergency generators. Structures throughout the island, including homes, hospitals, businesses, governmental and military facilities, airports and seaports were damaged or destroyed. Loss of life was minimized and basic services were rapidly restored due to the timely, aggressive and selfless effort of military personnel assigned to units of Submarine Squadron Fifteen. USS FRANK CABLE (AS 40) steamed at Polaris Point for two weeks and completely supported the homeported submarines.

Submarine Squadron Fifteen, USS FRANK CABLE (AS 40) and both assigned submarines received the Humanitarian Service Medal for assistance provided to Guam and the Naval Installations following Typhoon Chataan and Super-typhoon Pongsona.

On 23 December 2003 USS CITY OF CORPUS CHRISTI (SSN 705) completed the first-ever mission deployment in support of Commander, Seventh Fleet operations by a forward based attack submarine homeported in Guam.

On 8 January 2005 at 02:43 GMT, USS SAN FRANCISCO (SSN 711) collided with an undersea mountain about 675 kilometers (364 Nautical Miles, 420 statute miles) south-east of Guam while operating at flank (maximum) speed and more than 500 feet (150 m) deep. The collision was so serious that the vessel was almost lost, accounts detail a desperate struggle for positive buoyancy to surface after the forward ballast tanks were ruptured. Twenty-three crewmen were injured, and Machinist's Mate Second Class Joseph Allen Ashley, 24, of Akron, Ohio, died on 9 January from head injuries. Other injuries to the crew included broken bones, lacerations, and a back injury. San Francisco’s forward ballast tanks and her sonar dome were severely damaged, but her inner hull was not breached, and there was no damage to her nuclear reactor. She surfaced and, accompanied by the USCGC Galveston Island (WPB-1349), USNS GYSGT Fred W. Stockham (T-AK-3017), and USNS Kiska (T-AE-35), as well as MH-60S Knighthawks and P-3 Orion maritime patrol aircraft, arrived in Guam on 10 January. The U.S. Navy immediately stated that there was "absolutely no reason to believe that it struck another submarine or vessel. Later, an examination of the submarine in drydock showed unmistakably that the submarine had indeed struck an undersea mountain which had only vague references on the charts available to San Francisco.

Due to the accident with the USS SAN FRANCISCO (SSN 711) the USS HOUSTON (SSN 713) was scheduled to replace the USS SAN FARNCISCO (SSN 711). The USS HOUSTON (SSN 713) arrived in December 2004 and the third submarine, USS BUFFALO (SSN 715) arrived in July 2007.

Early 2011 USS Oklahoma City (SSN-723) relieved USS CITY OF CORPUS CHRISTI (SSN 705) kicking-off the Guam SSN rotation with Hawaii. USS Chicago (SSN-721) Relieved USS HOUSTON (SSN 713) in April 2012. Ώ] The rotation will be complete sometime in 2013 with the USS KEY WEST (SSN 722) replacing the USS BUFFALO (SSN 715).

Today, the squadron consists of the Los Angeles class submarines USS Oklahoma City (SSN-723), USS Chicago (SSN-721), and USS Buffalo (SSN-715), with 76 personnel on staff, and with Commodore John Russ at the helm. While the submarine tender USS Frank Cable (AS-40) is also homeported at Guam, she is directly responsible to ComSubPac. The squadron also supports every deploying SSN in the Pacific Fleet Area of Operations, as well as the SSGNs USS OHIO (SSGN 726) and USS MICHIGAN (SSGN 727), which are home ported in Bangor, WA.


Service history

1944–1959

After shakedown off San Diego, she stood out of San Francisco 19 March for Midway to tend submarines of Submarine Squadron 20. She arrived 3 May, and operating there until 1 December completed 51 voyage repairs and 14 refits for submarines. She returned to Pearl Harbor 4 December, and on 5 February got underway for Guam where she completed 4 voyage repairs and 24 refits by 7 August.

Assigned to occupation duty after the end of the war, Proteus rendezvoused with units of the 3rd Fleet and became the flagship of a 26-ship support group which steamed off the coast of Honshū until 26 August. On the 28th she anchored in Sagami Wan to begin supporting Submarine Squadron 20 as it demilitarized surrendered Japanese submarines, human torpedoes, torpedo carrying boats, and suicide boats at Yokosuka and other locations in the Sagami Wan-Tokyo Bay areas. Future actors Tony Curtis - whose birth name was Bernard Schwartz - and Larry Storch were aboard USS Proteus at Tokyo Bay in August-September 1945 - and watched much of the formal surrender activities aboard USS Missouri from Proteus ' signal bridge. [ 1 ]

Also assigned to repair Japanese submarines, she remained until 1 November, when she headed home. [ 2 ]

Transiting the Panama Canal on 6 December, she reached New London 16 December. A trip to the Canal Zone preceded cold weather operations with SubRon 8 at NS Argentia, Newfoundland during November, after which she returned to New London. Decommissioned and placed in service 26 September 1947, she provided vital service to the submarine base at New London until January 1959. On the 15th she entered Charleston Naval Shipyard for conversion to a tender for the Polaris Fleet Ballistic Missile submarines, including the addition of a 44-foot section amidships.

1960–1992

Proteus recommissioned 8 July 1960, and after shakedown at Guantanamo Bay, she accomplished her first SSBN refit 20 January–21 February at New London. She then crossed to Holy Loch, Scotland, arriving 3 March 1961. There for the next two years she completed 38 refits of Fleet Ballistic Missile submarines, for which she received the Navy Unit Commendation. Back at Charleston for overhaul in 1963, on 2 January 1964 she resumed operations at Holy Loch to provide support and refits to the Fleet Ballistic Missile submarines of Submarine Squadron 14.

On 24 February Proteus arrived at Rota, Spain, to establish the second overseas replenishment site for Fleet Ballistic Missile submarines, returning to Holy Loch 12 April. On 29 June she put in at Charleston and on 16 October was en route to Guam. Arriving Apra Harbor 29 November, she established the third overseas replenishment site for the Fleet Ballistic Missile submarines. She continued to operate at Apra Harbor and in the Pacific for the next seven years, taking a five-month time off for self-overhaul in 1968 - relieved by Hunley (AS-31).

In 1971, after a brief R&R visit to Pearl Harbor, Proteus proceeded to Mare Island for an extensive overhaul, including a significant propulsion upgrade. A boiler accident forced her to stay at Ford Island, Hawaii for two months then a shake-down was accomplished out of Pearl Harbor, and after an R&R port call to Sydney Australia, Proteus returned to Apra Harbor for the now routine exchange with Hunley.

The exchange was completed by mid-January, 1973, and Proteus resumed her duties. In 1974 personnel from SRF, Guam, removed the remaining 5-inch gun turret and munitions were removed as unnecessary for her primary mission - leaving only the four 20mm mounts as her main defensive weapons. When Saigon fell in 1975, thousands of Vietnamese fled their country, and many made the crossing to Guam - some 100,000 of them. In a massive undertaking called "Operation New Life" [ 3 ] - every able-bodied individual who could be spared was "volunteered" to help provide facilities to care for this "tidal wave" of humanity. As part of that effort - over 1,000 officers and men from Proteus worked with Seabee construction personnel to erect the refugee city "Tent City" on Orote Point, Guam - leaving only a hand-picked skeleton crew of individuals aboard to see to her safety and security as well as handle emergencies from the boats that were in. But for that week, Proteus was out of "business as usual" - for which the Secretary of the Navy awarded Proteus her second Meritorious Unit Commendation in 1975 and she (along with other participating Navy Units) were awarded the first award of the Navy Humanitarian Service Medal (established by Executive Order January 1977 for actions beginning 1 April 1975).

In 1976 Proteus received her third consecutive Engineering "E" and second Humanitarian Medal for Typhoon Pamela Disaster Relief and the Battle Efficiency "E" in 1978. That year, Proteus was sent to overhaul at Long Beach Naval Shipyard rather than the expected retirement and decommissioning. During the summer of 1987, naval author Robert Clark Young worked as a civilian PACE Instructor on the Proteus, researching some of the material for his controversial book, One of the Guys. Proteus was decommissioned again in September 1992 and soon thereafter struck from the Naval Register.

1994–2007

1994 Proteus was re-commissioned yet again as a Berthing Auxiliary and placed in service at Puget Sound Naval Shipyard, Bremerton, Washington. At this time Proteus took on the new naval designation Miscellaneous Unclassified IX-518.

In September 1999 the ship was placed out of active service and laid up at the National Defense Reserve Fleet at Suisun Bay, California. Late 2007 she was towed to Esco Marine, Brownsville, Texas for scrapping which was completed in early 2008.


Safety

The most common adverse events reported in clinical trials of ceftaroline fosamil for the treatment of cSSSI and CAP were diarrhoea, nausea and headache. 61, 62 Treatment was discontinued because of an adverse event in 4% of patients receiving ceftaroline fosamil and 5% of patients receiving comparator therapy the most common adverse event leading to discontinuation of study drug was hypersensitivity (0.3% in patients treated with ceftaroline fosamil and 0.5% in patients treated with comparator). Serious adverse events occurred in 8% of patients in each treatment group.

Ceftaroline fosamil has been classified as pregnancy category B, and has not been studied in paediatric populations.


Conclusions

The field of AMR is dynamic and rapidly evolving, and the treatment of antimicrobial resistant infections will continue to challenge clinicians. As newer antibiotics against resistant pathogens are incorporated into clinical practice, we are learning more about their effectiveness, and propensity to resistance. This AMR Treatment Guidance document will be updated through an iterative review process that will incorporate new evidence-based data. Furthermore, the panel will expand recommendations to include other problematic Gram-negative pathogens in future versions of the document.


The Market Crashes


The Roaring '20s came to a screeching halt when the stock market took a historic nosedive at the end of the decade. Here, a nervous crowd gathers in front of the New York Stock Exchange on October 29, 1929.

It was a boom time for the stockholder . Stock prices soared to record levels. Millionaires were made overnight. Sound like the stock market of the 1990s? Try the New York Stock Exchange on the eve of the Great Crash in 1929.

Although the 1920s were marked by growth in stock values, the last four years saw an explosion in the market. In 1925, the total value of the New York Stock Exchange was $27 billion. By September 1929, that figure skyrocketed to $87 billion. This means that the average stockholder more than tripled the value of the stock portfolio he or she was lucky enough to possess.

In his Ladies' Home Journal article, "Everyone Ought to Be Rich," wealthy financier John J. Raskob advised Americans to invest just $15 dollars a month in the market. After twenty years, he claimed, the venture would be worth $80,000. Stock fever was sweeping the nation, or at least those that had the means to invest.

Fueling the rapid expansion was the risky practice of buying stock on margin. A margin purchase allows an investor to borrow money, typically as much as 75% of the purchase price, to buy a greater amount of stock. Stockbrokers and even banks funded the reckless speculator . Borrowers were often willing to pay 20% interest rates on loans, being dead certain that the risk would be worth the rewards. The lender was so certain that the market would rise that such transactions became commonplace, despite warnings by the Federal Reserve Board against the practice. Clearly, there had to be a limit to how high the market could reach.


What causes stock prices to fall? Although the workings of the New York Stock Exchange can be quite complex, one simple principle governs the price of stock. When investors believe a stock is a good value they are willing to pay more for a share and its value rises. When traders believe the value of a security will fall, they cannot sell it at as high of a price. If all investors try to sell their shares at once and no one is willing to buy, the value of the market shrinks.


Wealthy investors like J.P. Morgan hoped to stop the crash by pooling their resources and buying up large amounts of stock.

On October 24, 1929, " Black Thursday ," this massive sell-a-thon began. By the late afternoon, wealthy financiers like J.P. Morgan pooled their resources and began to buy stocks in the hopes of reversing the trend.

But the bottom fell out of the market on Tuesday, October 29. A record 16 million shares were exchanged for smaller and smaller values as the day progressed. For some stocks, no buyers could be found at any price. By the end of the day, panic had erupted, and the next few weeks continued the downward spiral. In a matter of ten short weeks the value of the entire market was cut in half. Suicide and despair swept the investing classes of America.

Events
Key People

The Election of 1928

Despite the booming U.S. economy of the late 1920 s, Calvin Coolidge decided not to run for president again. In his place, Republicans nominated the president’s handpicked successor, popular World War I humanitarian administrator Herbert Hoover, to continue America’s prosperity. Democrats chose New York Governor Alfred E. Smith on an anti-Prohibition platform. Hoover won with ease, with 444 electoral votes to Smith’s 87 and with a margin of more than 6 million popular votes.

The Crash of 1929

Soon after Hoover took office, the good times and successful run of the bull market came to an abrupt halt. Stiffer competition with Britain for foreign investment spurred speculators to dump American stocks and securities in the late summer of 1929 . By late October, it was clear that the bull had been grabbed by the horns, and an increasing number of Americans pulled their money out of the stock market. The Dow Jones Industrial Average fell steadily over a ten-day period, finally crashing on October 29 , 1929 . On this so-called Black Tuesday, investors panicked and dumped an unprecedented 16 million shares.

The rampant practice of buying on margin (see The Politics of Conservatism, p. 17 ), which had damaged Americans’ credit, made the effects of the stock market crash worse. As a result, within one month, American investors had lost tens of billions of dollars. Although the 1929 stock market crash was certainly the catalyst for the Great Depression, it was not the sole cause. Historians still debate exactly why the Great Depression was so severe, but they generally agree that it was the result of a confluence of factors.

Consumer Goods and Credit

Ever since the turn of the century, the foundation of the American economy had been shifting from heavy industry to consumer products. In other words, whereas most of America’s wealth in the late 1800 s had come from producing iron, steel, coal, and oil, the economy of the early 1900 s was based on manufacturing automobiles, radios, and myriad other items that Americans could buy for use in their own homes.

As Americans jumped on the consumer bandwagon, an increasing number of people began purchasing goods on credit, promising to pay for items later rather than up front. When the economic bubble of the 1920 s burst, debtors were unable to pay up, and creditors were forced to absorb millions of dollars in bad loans. Policy makers found it difficult to end the depression’s vicious circle in this new consumer economy: Americans were unable to buy goods without jobs, yet factories were unable to provide jobs because Americans were not able to buy anything the factories produced.

Margin Buying

Consumer goods were not the only commodities Americans bought on credit buying stocks on margin had become very popular during the Roaring Twenties. In margin buying, an individual could purchase a share of a company’s stock and then use the promise of that share’s future earnings to buy more shares. Unfortunately, many people abused the system to invest huge sums of imaginary money that existed only on paper.

Overproduction in Factories

Overproduction in manufacturing was also an economic concern during the era leading up to the depression. During the 1920 s, factories produced an increasing amount of popular consumer goods in an effort to match demand. Although factory output soared as more companies utilized new machines to increase production, wages for American workers remained basically the same, so demand did not keep up with supply. Eventually, the price of goods plummeted when there were more goods in the market than people could afford to buy. The effect was magnified after the stock market crash, when people had even less money to spend.

Overproduction on Farms

Farmers faced a similar overproduction crisis. Soaring debt forced many farmers to plant an increasing amount of profitable cash crops such as wheat. Although wheat depleted the soil of nutrients and eventually made it unsuitable for planting, farmers were desperate for income and could not afford to plant less profitable crops. Unfortunately, the aggregate effect of all these farmers planting wheat was a surplus of wheat on the market, which drove prices down and, in a vicious cycle, forced farmers to plant even more wheat the next year. Furthermore, the toll that the repeated wheat crops took on the soil contributed to the 1930 s environmental disaster of the Dust Bowl in the West.

Income Inequality

Income inequality, which was greater in the late 1920 s than in any other time in U.S. history, also contributed to the severity of the Great Depression. By the time of the stock market crash, the top 1 percent of Americans owned more than a third of all the nation’s wealth, while the poorest 20 percent owned a meager 4 percent of it. There was essentially no middle class: a few Americans were rich, and the vast majority were poor or barely above the poverty line. This disparity made the depression even harder for Americans to overcome.

Bad Banking Practices

Reckless banking practices did not help the economic situation either. Many U.S. banks in the early 1900 s were little better than the fly-by-night banks of the 1800 s, especially in rural areas of the West and South. Because virtually no federal regulations existed to control banks, Americans had few means of protesting bad banking practices. Corruption was rampant, and most Americans had no idea what happened to their money after they handed it over to a bank. Moreover, many bankers capitalized irresponsibly on the bull market, buying stocks on margin with customers’ savings. When the stock market crashed, this money simply vanished, and thousands of families lost their entire life savings in a matter of minutes. Hundreds of banks failed during the first months of the Great Depression, which produced an even greater panic and rush to withdraw private savings.

A Global Depression

The aftermath of World War I in Europe also played a significant role in the downward spiral of the global economy in the late 1920 s. Under the terms of the Treaty of Versailles, Germany owed France and England enormous war reparations that were virtually impossible for the country to afford. France and England, in turn, owed millions of dollars in war loans to the United States. A wave of economic downturns spread through Europe, beginning in Germany, as each country became unable to pay off its debts.

Hoover’s Inaction

At first, President Herbert Hoover and other officials downplayed the stock market crash, claiming that the economic slump would be only temporary and that it would actually help clean up corruption and bad business practices within the system. When the situation did not improve, Hoover advocated a strict laissez-faire (hands-off) policy dictating that the federal government should not interfere with the economy but rather let the economy right itself. Furthermore, Hoover argued that the nation would pull out of the slump if American families merely steeled their determination, continued to work hard, and practiced self-reliance.

The Smoot-Hawley Tariff

Hoover made another serious miscalculation by signing into law the 1930 Smoot-Hawley Tariff, which drove the average tariff rate on imported goods up to almost 60 percent. Although the move was meant to protect American businesses, it was so punitive that it prompted retaliation from foreign nations, which in turn stopped buying American goods. This retaliation devastated American producers, who needed any sales—foreign or domestic—desperately. As a result, U.S. trade with Europe and other foreign nations tailed off dramatically, hurting the economy even more.

The Reconstruction Finance Corporation

When it became clear that the economy was not righting itself, Hoover held to his laissez-faire ideals and took only an indirect approach to jump-starting the economy. He created several committees in the early 1930 s to look into helping American farmers and industrial corporations get back on their feet. In 1932 , he approved the Reconstruction Finance Corporation (RFC) to provide loans to banks, insurance companies, railroads, and state governments. He hoped that federal dollars dropped into the top of the economic system would help all Americans as the money “trickled down” to the bottom. Individuals, however, could not apply for RFC loans. Hoover refused to lower steep tariffs or support any “socialistic” relief proposals such as the Muscle Shoals Bill, which Congress drafted to harness energy from the Tennessee River.

“Hoovervilles”

The economic panic caused by the 1929 crash rapidly developed into a depression the likes of which Americans had never experienced. Millions lost their jobs and homes, and many went hungry as factories fired workers in the cities to cut production and expenses. Shantytowns derisively dubbed “Hoovervilles” sprang up seemingly overnight in cities throughout America, filled with populations of the homeless and unemployed.

In 1932 , Congress took the first small step in attempting to help American workers by passing the Norris–La Guardia Anti-Injunction Act, which protected labor unions’ right to strike. However, the bill had little effect, given that companies were already laying off employees by the hundreds or thousands because of the worsening economy.

The Dust Bowl

Farmers, especially those in Colorado, Oklahoma, New Mexico, Kansas, and the Texas panhandle, were hit hard by the depression. Years of farming wheat without alternating crops (which was necessary to replenish soil nutrients) had turned many fields into a thick layer of barren dust. In addition, depressed crop prices—a result of overproduction—forced many farmers off their land. Unable to grow anything, thousands of families left the Dust Bowl region in search of work on the west coast. The plight of these Dust Bowl migrants was made famous in John Steinbeck’s 1939 novel The Grapes of Wrath.

The “Bonus Army”

Middle-aged World War I veterans were also among the hardest hit by the depression. In 1924 , Congress had agreed to pay veterans a bonus stipend that could be collected in 1945 as the depression worsened, however, more and more veterans demanded their bonus early. When Congress refused to pay, more than 20 , 000 veterans formed the “Bonus Army” and marched on Washington, D.C., in the summer of 1932 . They set up a giant, filthy Hooverville in front of the Capitol, determined not to leave until they had been paid. President Hoover reacted by ordering General Douglas MacArthur (later of World War II fame) to use force to remove the veterans from the Capitol grounds. Federal troops used tear gas and fire to destroy the makeshift camp in what the press dubbed the “Battle of Anacostia Flats.”

Hoover’s Failure

Hoover’s inability to recognize the severity of the Great Depression only magnified the depression’s effects. Many historians and economists believe that Hoover might have been able to dampen the effects of the depression by using the federal government’s authority to establish financial regulations and provide direct relief to the unemployed and homeless. However, Hoover continued to adhere rigidly to his hands-off approach. This inaction, combined with Hoover’s treatment of the “Bonus Army” and his repeated arguments that Americans could get through the depression simply by buckling down and working hard, convinced Americans that he was unfit to revive the economy and destroyed his previous reputation as a great humanitarian.

The Election of 1932

When the election of 1932 rolled around, all eyes focused on the optimistic Democratic governor of New York, Franklin Delano Roosevelt. A distant cousin of former president Theodore Roosevelt, FDR promised more direct relief and assistance rather than simply benefits for big business. Republicans renominated Hoover, and the election proved to be no contest. In the end, Roosevelt won a landslide victory and carried all but six states.

Here are some interesting facts about the Great Depression.

General Great Depression Information

* The Great Depression peaked between 1932 and 1933.

* Some 6,000 street vendors walked the streets of New York City in 1930 trying to sell apples for 5 cents each.

* President Herbert Hoover's name became synonymous with the hardships faced by many. Soup was called "Hoover Stew," and shantytowns made of cardboard and sheets were called "Hoovervilles."

* Zippers became widely used because buttons became too expensive.

* Because the circulation of money was so low, the U.S. didn't mint nickels in 1932 or 1933.

* The biggest hit song of 1932 was "Brother, Can You Spare a Dime?" by Bing Crosby.

* Thousands of homeless families camped out on the Great Lawn at Central Park in New York City, which was an empty reservoir during the Great Depression.

* By 1940, 2.5 million people had fled the Great Plains. Roughly 200,000 moved to California.

* The term "skid row" came about during the depression years.

* One of the largest Hoovervilles in the nation was built in 1930 in St. Louis. It had its own mayor, churches and social institutions. The shantytown was funded by private donors and existed until 1936.

* Comic strips like Superman, Flash Gordon and Dick Tracy kept children entertained during the Great Depression.

* John Steinbeck wrote "The Grapes of Wrath" and "Of Mice and Men" about the lives of these people and the devastating effects of the Dust Bowl.

Financial Great Depression Facts

* In the 1920s, the wealthiest one percent owned more than a third of American assets.

* When stock speculator was a prominent practice, banks lent money to investors to buy stock. Nearly $4.00 out of every $10.00 borrowed from the banks was used to buy stock

* The average income of the American family dropped by 40 percent from 1929 to 1932. Income fell from $2,300 to $1,500 per year.

* During the 1930s, manufacturing employees earned about $17 per week. Doctors earned $61 per week.

- See more at: http://great-depression-facts.com/#sthash.8iIszSXS.dpuf

Here are some interesting facts about the Great Depression.

General Great Depression Information

* The Great Depression peaked between 1932 and 1933.

* Some 6,000 street vendors walked the streets of New York City in 1930 trying to sell apples for 5 cents each.

* President Herbert Hoover's name became synonymous with the hardships faced by many. Soup was called "Hoover Stew," and shantytowns made of cardboard and sheets were called "Hoovervilles."

* Zippers became widely used because buttons became too expensive.

* Because the circulation of money was so low, the U.S. didn't mint nickels in 1932 or 1933.

* The biggest hit song of 1932 was "Brother, Can You Spare a Dime?" by Bing Crosby.

* Thousands of homeless families camped out on the Great Lawn at Central Park in New York City, which was an empty reservoir during the Great Depression.

* By 1940, 2.5 million people had fled the Great Plains. Roughly 200,000 moved to California.

* The term "skid row" came about during the depression years.

* One of the largest Hoovervilles in the nation was built in 1930 in St. Louis. It had its own mayor, churches and social institutions. The shantytown was funded by private donors and existed until 1936.

* Comic strips like Superman, Flash Gordon and Dick Tracy kept children entertained during the Great Depression.

* John Steinbeck wrote "The Grapes of Wrath" and "Of Mice and Men" about the lives of these people and the devastating effects of the Dust Bowl.

Financial Great Depression Facts

* In the 1920s, the wealthiest one percent owned more than a third of American assets.

* When stock speculator was a prominent practice, banks lent money to investors to buy stock. Nearly $4.00 out of every $10.00 borrowed from the banks was used to buy stock

* The average income of the American family dropped by 40 percent from 1929 to 1932. Income fell from $2,300 to $1,500 per year.

* During the 1930s, manufacturing employees earned about $17 per week. Doctors earned $61 per week.

- See more at: http://great-depression-facts.com/#sthash.8iIszSXS.dpuf

Here are some interesting facts about the Great Depression.

General Great Depression Information

* The Great Depression peaked between 1932 and 1933.

* Some 6,000 street vendors walked the streets of New York City in 1930 trying to sell apples for 5 cents each.

* President Herbert Hoover's name became synonymous with the hardships faced by many. Soup was called "Hoover Stew," and shantytowns made of cardboard and sheets were called "Hoovervilles."

* Zippers became widely used because buttons became too expensive.

* Because the circulation of money was so low, the U.S. didn't mint nickels in 1932 or 1933.

* The biggest hit song of 1932 was "Brother, Can You Spare a Dime?" by Bing Crosby.

* Thousands of homeless families camped out on the Great Lawn at Central Park in New York City, which was an empty reservoir during the Great Depression.

* By 1940, 2.5 million people had fled the Great Plains. Roughly 200,000 moved to California.

* The term "skid row" came about during the depression years.

* One of the largest Hoovervilles in the nation was built in 1930 in St. Louis. It had its own mayor, churches and social institutions. The shantytown was funded by private donors and existed until 1936.

* Comic strips like Superman, Flash Gordon and Dick Tracy kept children entertained during the Great Depression.

* John Steinbeck wrote "The Grapes of Wrath" and "Of Mice and Men" about the lives of these people and the devastating effects of the Dust Bowl.

Financial Great Depression Facts

* In the 1920s, the wealthiest one percent owned more than a third of American assets.

* When stock speculator was a prominent practice, banks lent money to investors to buy stock. Nearly $4.00 out of every $10.00 borrowed from the banks was used to buy stock

* The average income of the American family dropped by 40 percent from 1929 to 1932. Income fell from $2,300 to $1,500 per year.

* During the 1930s, manufacturing employees earned about $17 per week. Doctors earned $61 per week


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