General Motors 1929 Stock Market Crash Price
On September 16, 1908, William Crapo Durant incorporated General Motors in New Jersey. Within 12 days of its founding, General Motors had issued $12 million in stock. On September 29, 1908 General Motors purchased Buick, Oldsmobile, Cadillac and Oakland (which was later known as Pontiac).
With the strategy of “A Car for Every Purse and Purpose,” General Motors sought to take cars beyond a luxury item to an irreplaceable household staple.
From the beginning, General Motors path was marked by extreme highs and lows. Within its first 18 months, the company acquired more than 30 automotive companies. But William Durant paid a price for the rapid expansion. General Motors was taken over by the bank in 1910 and changed hands frequently over the next decade.
General Motors stock was first publicly traded on the NYSE (New York Stock Exchange) on December 20, 1916.
During the Stock Market top in 1929, General Motors reached a high of $91.75 per share, then fell to $40.00 after the Black Monday and Black Tuesday meltdown in October of 1929 to finally settle at $10.125 on July 28, 1932 which was towards the bottom of the greatest Bear Market in history.
General Motors was as much a symbol of the “Roaring Twenties” as anything else in America but Alfred Sloan, who later on would become far better known as a marketing genius at General Motors, observed early in October 1929 that there was a sudden dip in car sales and the “End of Expansion” was at hand.
Tags: A Car for Every Purse and Purpose, Alfred Sloan, Bear Market, Black Monday, Black Tuesday, Buick, Cadillac, End of Expansion, General Motors, New York Stock Exchange, October 1929, October of 1929, Oldsmobile, Roaring Twenties, William Crapo Durant