Otis Elevator Stock Price After 1929 Stock Market Crash
The Otis Elevator Company is the world’s largest manufacturer of vertical transportation systems today, principally focusing on elevators and escalators. The “Crash of ’29” and 1929-1932 Bear Market had wiped out over 97% of “Otis Elevator” stock value.
Founded in Yonkers, New York, USA in 1853 by Elisha Otis, the company pioneered the development of the safety elevator, invented by Otis in 1852, which used a special mechanism to lock the elevator car in place should the hoisting ropes fail.
Otis has installed elevators in some of the world’s most famous structures, including the Eiffel Tower, Empire State Building, World Trade Center, The Twilight Zone Tower of Terror, Petronas Twin Towers, Burj Khalifa, CN Tower and the Skylon Tower.
By October 27, 1929 Otis Elevator was trading at $350.00 per share when the first wave of selling on “Black Monday“, October 28, 1929 brought the shares down ($60.00) to close at $290.00 per share on the day. By August 11, 1932, Otis Elevator was trading at $18.50 and hit a 1932 low of $9.00 per share.
Statistically, Otis is the world’s most popular transportation company. It is estimated that the equivalent of the world’s population travel in Otis elevators, escalators and moving walkways every three days. According to United Technologies, Otis elevators carry the equivalent of the world’s population every nine days.
Otis was acquired by United Technologies (stock symbol: UTX) in 1976 and is a wholly owned subsidiary and the company headquarters are located in Farmington, Connecticut.