At dawn on Thursday, October 24, thousands of anxious men crowd Wall Street. Thomas Lamont is astonished by the scene. Richard Whitney, acting exchange president, orders the exchange superintendent to be ready to halt trading. At 10:00 am, the opening bell rings and the floor erupts. Blue chips plummet as margin calls trigger panic selling.

Wall Street “bootblack” Pat Bologna, who invested his life savings in National City Bank stock, watches chaos inside a brokerage. Alarmed, Lamont summons representatives of the six top banks—Charles Mitchell, Albert Wiggin, William C. Potter, Seward Prosser, and George Whitney—to his office. They form a pool, initially committing $120 million (and then $250 million) to stabilize key stocks. Bernard Baruch declines to participate.

At 1:30 pm, Whitney tries to halt panic by loudly bidding $2,500 for 10,000 shares of US Steel, well above the last price. He proceeds to other posts, deploying $20 million and halting the rout. Whitney is hailed as Wall Street’s “White Knight.” Nearly 13 million shares trade that day—a record. The ticker finishes more than four hours late. The Dow closes at 299.47, erasing all yearly gains.

On Sunday, October 27, tourists visit the Financial District as a morbid attraction. On Monday, October 28, frantic selling resumes. Before a bankers’ meeting, Charles Mitchell gives instruction to Baker to support National City’s stock price to protect the pending Corn Exchange Bank merger. The bankers decide they can only plug certain losses. The Dow drops 38 points, equivalent to 13%. Mitchell returns to learn Baker bought 71,000 National City shares for $32 million, a sum the bank cannot afford. This could ruin the institution. Hiding his alarm, Mitchell attends a dinner at Bernard Baruch’s home honoring Winston Churchill. Mitchell ironically toasts his fellow “former millionaires.”

On Tuesday morning, October 29, Mitchell tells president Gordon Rentschler he will use personal resources to save the bank. He visits J.P. Morgan & Co., where Thomas Lamont and George Whitney lend him $12 million to personally purchase the shares. Just before noon, Lamont and Whitney are summoned to a secret NYSE meeting where Richard Whitney argues against closing the exchange. The bankers’ pool has given up.

Over 16 million shares trade in the most disastrous day in Wall Street history. Livermore informs his wife he has earned $100 million by shorting. Churchill witnesses a banker take his own life near Churchill’s hotel, but he remains optimistic about American resilience.

On November 6, Thomas Lamont dictates a memo to Jack Morgan reporting that the merger between Charles Mitchell’s National City Bank and the Corn Exchange Bank has collapsed. Lamont is furious with Mitchell, whom he believes acted duplicitously: Mitchell had assured Lamont the merger would proceed, but with National City’s stock trading at $250 instead of the required $450, Corn Exchange shareholders are now entitled to a massive cash payout. Mitchell never intended to make this payment.

Walter Frew, president of the Corn Exchange Bank, is indignant. A group of bankers meets privately and condemns Mitchell’s proposed withdrawal. Lamont predicts National City’s prestige will be greatly impaired. Morgan replies from London that he is horrified and believes the result will be very serious for Mitchell and his bank.

On the evening of November 8, John Raskob rushes to the home of James Riordan, president of the County Trust Company, who has taken his own life: Riordan’s bank was suffering withdrawals, and he faced personal ruin from margin calls. Raskob, Smith, and Kenny convince the coroner to delay reporting the death until the bank closes the next day to prevent a run.

Raskob calls an emergency board meeting and is named temporary chairman. On Saturday night, he announces Riordan’s death and the auditor’s results, declaring the bank sound. The bank is saved after Raskob arranges a Federal Reserve cash infusion and other wealthy friends pledge support. County Trust’s directors demand Raskob repay a $1 million loan Riordan made to the Democratic National Committee; Raskob reluctantly agrees.

Jesse Livermore receives threatening calls for his role in short selling and hires private security. By mid-November, believing the market oversold, Livermore announces he is turning bullish. The New York Times reports his stance on November 13, the day the Dow falls to 198, its yearly low.

On November 13, Treasury Secretary Andrew Mellon, Federal Reserve Governor Roy A. Young, and Under Secretary Ogden L. Mills meet with President Hoover. Mellon argues for non-intervention, declaring liquidation will “purge rottenness” from the system. The next morning, worried letters from Commerce Secretary Robert P. Lamont and William Randolph Hearst urge Hoover to make a reassuring statement. On November 15, a reluctant Hoover holds a press conference. He cables governors to accelerate public works and invites business leaders to the White House. After a November 21 meeting, Henry Ford surprises Hoover by announcing wage hikes. Newspaper editor William Allen White observes that Hoover, though intelligent, lacks “emotional appeal.” On November 22, the Senate debates responsibility for the crash. Senator Glass launches a fierce attack, calling Mitchell the man most responsible for the disaster.

In December, William Durant gives an interview revealing for the first time his secret April meeting with Hoover, claiming he warned of the impending crash. Durant blames Washington and the Federal Reserve Board for the collapse.

On December 19, Charles Mitchell contemplates his massive paper losses from purchasing National City stock, now trading at $212 instead of his average price of $367. If realized, these losses could offset his 1929 income for tax purposes. He devises a plan to sell 18,300 shares to his wife, Elizabeth, to realize the tax loss while keeping the shares in the family.

The next morning, Mitchell consults his lawyer about the transaction’s legality. They agree on a price of $212 per share, totaling approximately $3.8 million, as documented through letters between the couple. That evening, Mitchell presents the pre-written letters to Elizabeth, assuring her the sale is proper and that he will cover the interest on her purchase loan for nine months before buying them back. Persuaded by her husband that she will profit, she signs the letters.

As Christmas 1929 approaches, construction proceeds on the Empire State and Chrysler Buildings. The New York Times year-end financial analysis is sober but not overly pessimistic, selecting Richard Byrd’s South Pole flight as 1929’s most important story, not the financial crash. Martin Egan, Thomas Lamont’s deputy, captures Wall Street’s uncertain mood, stating no one knows the crash’s specific cause.

On the final trading day, the 369th Infantry Band plays on the NYSE floor. Traders burn the October 24 crash paper record. The exchange president sounds the closing gong and members erupt in celebration. The Dow closes 1929 at 248, down only 17% for the year. Bankers note this compares favorably to 1921’s 33% drop. Yet something feels different: The crash wiped out common peoples’ savings, casting a pall over the country’s future.