Letter from Andrew M. Law to William Sinkler Manning on economic outlook after stock market crash, 7 March 1931
Andrew M. Law wrote this letter to his uncle William Sinkler Manning in Chick Springs, South Carolina. As president of A.M.Law & Company, a stock, bond, and insurance company, Law writes to his uncle on the textile industry in Spartanburg, South Carolina. Written two years after the great stock market crash on October 29, 1929, his letter reports on the growing optimism among mill officials. He remarks on how “their whole attitude is very different from that existing a few months ago.” He notes the improvement in the amount of goods sold and better prices. According to Law, although stocks are not paying dividends, there is a healthy demand for stocks. He concludes the letter with subtle pessimism about progress in New York stock. This letter demonstrates the lack of confidence in the New York stock exchange prevalent after the crash.
Andrew M. Law to William Sinkler Manning. 7 March 1931. William Sinkler Manning Papers, Manuscripts Division, South Caroliniana Library, University of South Carolina, Columbia, South Carolina.
Standard 5-4: The student will demonstrate an understanding of the economic boom-and-bust in America in the 1920s and 1930s, its resultant political instability, and the subsequent worldwide response.
Indicator 5-4.2 Summarize the stock market crash of 1929 and the Great Depression, including economic weakness, unemployment, failed banks and businesses, and migration from rural areas.
Standard GS-5: The student will demonstrate an understanding of the effects of economic, geographic, and political interactions that took place throughout the world during the early twentieth century.
Indicator GS-5.3 Explain the impact of the Great Depression and political responses in Germany, Britain, and the United States, including Nazism, Fascism, retrenchment, and the New Deal.