September 25: ON THIS DAY IN HISTORY
ON THIS DAY IN 1920, the Brooklyn Daily Eagle reported, “Babe Ruth made his 50th home run of the 1920 American League season yesterday in the first half of a doubleheader when Washington beat New York, and his 51st homer in the second game, which was won by New York. The split about put the Yankees out of the running for good and all.”
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ON THIS DAY IN 1929, the Eagle reported, “Millions of dollars of paper profits were again wiped out and many cash losses sustained in the stock market today. Leading stocks dropped from 2 to 20 points, with many stable issues down 5 points or more. Trading was at a furious pace, with the ticker 20 minutes or more behind the trading on the floor. Brokerage houses were filled with anxious speculators, and downtown telephone exchanges were swamped with calls. The heaviest part of the reaction came at midday, following an increase in the call money rate to 9 percent from a renewal figure at 8. Stocks up to that time had fared quite well, with some up a little. The selling in the early afternoon suggested in part a further bear raid, but also some forced liquidation by speculators who were unable to meet the margin calls of their brokers. Prices tended to rally a little in the later part of the trading, following further advance of the call money rate to 10 percent.”