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63-530: Initially established as Park Field , it was one of thirty-two Air Service training camps established after the United States entry into World War I in April 1917. The NSA has over 7,500 enlisted and officer personnel, civilians, and full-time contract personnel, who provide all essential logistic and operational support to the commands and activities on board. As the base has evolved and changed, so has its impact on

126-506: A daily rate of 133 in 1931). The 1929 crash brought the Roaring Twenties to a halt. As tentatively expressed by economic historian Charles P. Kindleberger , in 1929, there was no lender of last resort effectively present, which, if it had existed and been properly exercised, would have been key in shortening the business slowdown that normally follows financial crises. The crash instigated widespread and long-lasting consequences for

189-620: A mass of 250 million bushels of wheat to be "carried over" when 1929 opened. By May there was also a winter wheat crop of 560 million bushels ready for harvest in the Mississippi Valley. The oversupply caused such a drop in wheat prices that the net incomes of farmers from wheat were threatened with extinction. Stock markets are always sensitive to the future state of commodity markets, and the slump in Wall Street that had been predicted for May by Sir George Paish arrived on time. In June 1929,

252-570: A permanent naval installation during the Korean War , and during the 1950s, it supported approximately 13,000 uniformed and civilian Naval personnel. During the Vietnam War , 23,000 trainees were assigned to NAS Memphis, which continued to provide service to the U.S. Navy into the 1990s. The 1993 Base Realignment and Closure Commission (BRAC) directed the realignment of NAS Memphis. The largest segments of this BRAC action were as follows: NAS Memphis

315-482: A practice of suspending trading when prices fell rapidly to limit panic selling . Scholars differ over crash's effect on the Great Depression, with some claiming that the price fluctuations were insufficient on their own to trigger a major collapse of the financial system, with others arguing that the crash, combined with the other economic problems in the U.S. at the end of the 1920s, should be jointly interpreted as

378-508: A serious setback to industry when industrial production is for the most part in a healthy and balanced condition?" They argued that there must be some setback, but there was not yet sufficient evidence to prove that it would be long or would necessarily produce a general industrial depression. However, The Economist also cautioned that some bank failures were also to be expected and some banks may not have had any reserves left for financing commercial and industrial enterprises. It concluded that

441-445: A stage in the business cycles which affect all capitalist economies. The " Roaring Twenties ", the decade following World War I that led to the crash, was a time of wealth and excess. Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector. Scholars believe that declines in

504-536: A strategy used during the Panic of 1907 . This encouraged a brief recovery before Black Tuesday. Further action failed to halt the fall, which continued until July 8, 1932; by then, the stock market had lost some 90% of its pre-crash value. The United States Congress responded to the events by passing the Banking Act of 1933 (Glass–Steagall Act), which separated commercial and investment banking . Stock exchanges introduced

567-491: A student capacity of 300. After completion of their primary training, flight cadets were then transferred to another base for advanced training. Training units assigned to Park Field were: By February 1918, flight operations were in full swing, but with the sudden end of World War I on 11 November 1918, the future operational status of Park Field was unknown. Cadets in flight training on 11 November were allowed to complete their training, but no new cadets were assigned to

630-470: Is considered the most devastating in the country's history. It is most associated with October 24, 1929, known as "Black Thursday", when about 12.9 million shares were traded on the NYSE in a single day (as compared to an average of 4 million), and October 29, 1929, "Black Tuesday", when some 16.4 million shares were traded. The " Roaring Twenties " of the previous decade had been a time of industrial expansion in

693-622: Is sponsoring the Navy Ten Nautical Miler, the first and only race measured in nautical miles instead of statute miles. The world-class foot race, intended to take the place of the Navy’s previous premiere race, the Blue Angels Marathon , attracts runners from all over the world. Initially known as Park Field , the facility was established as a World War I training base in 1917. It was named after First Lieutenant Joseph D. Park , who

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756-573: The Great Crash or Crash of '29 , was a major stock market crash in the United States in late 1929, beginning in late October with a sharp decline in prices on the New York Stock Exchange (NYSE) and ending in mid-November. The crash, which began a rapid erosion of confidence in the U.S. banking system and marked the beginning of the worldwide Great Depression , which lasted until 1939,

819-544: The National City Bank , would provide $ 25 million in credit to stop the market's slide. Mitchell's move brought a temporary halt to the financial crisis, and call money declined from 20 to 8 percent. However, the American economy showed ominous signs of trouble. Steel production declined, construction was sluggish, automobile sales went down, and consumers were building up large debts because of easy credit. Despite all

882-479: The National City Bank of New York . They chose Richard Whitney , vice president of the Exchange, to act on their behalf. With the bankers' financial resources behind him, Whitney placed a bid to purchase 25,000 shares of U.S. Steel at $ 205 per share, a price well above the current market. As traders watched, Whitney then placed similar bids on other " blue chip " stocks. The tactic was similar to one that had ended

945-502: The Panic of 1907 and succeeded in halting the slide. The Dow Jones Industrial Average recovered, closing down only 6.38 points (2.09%) for the day. On October 28, " Black Monday ", more investors facing margin calls decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 38.33 points, or 12.82%. On October 29, 1929, " Black Tuesday " hit Wall Street as investors traded some 16 million shares on

1008-520: The Pecora Commission was established by the U.S. Senate to study the causes of the crash. The following year, the U.S. Congress passed the Glass–Steagall Act mandating a separation between commercial banks , which take deposits and extend loans , and investment banks , which underwrite , issue, and distribute stocks , bonds , and other securities . Afterwards, stock markets around

1071-690: The United States Department of War sent a cadre of officers to the Memphis area to survey sites for an aviation school. The group decided on a location in the Millington area, about 16 miles (26 km) northeast of Memphis, an agreement to lease the land for the Army was concluded, and the United States Army Signal Corps — which managed U.S. Army aviation in its early days — established

1134-629: The United States Navy commissioned the Naval Reserve Aviation Base on the south side of the station. On 1 January 1943, the Naval Reserve Aviation Base was renamed Naval Air Station Memphis . During the war, Naval Air Station (NAS) Memphis was a primary flight training center for aviators. It had a training capacity of about 600 flight cadets, and could support up to 10,000 cadets for ground crew training. The facility

1197-468: The ticker tape in brokerage offices around the nation was hours late, and so investors had no idea what most stocks were trading for. Several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor. The meeting included Thomas W. Lamont , acting head of Morgan Bank ; Albert Wiggin , head of the Chase National Bank ; and Charles E. Mitchell, president of

1260-486: The uptick rule , which allowed short selling only when the last tick in a stock's price was positive, was implemented after the 1929 market crash to prevent short sellers from driving the price of a stock down in a bear raid . The stock market crash of October 1929 led directly to the Great Depression in Europe. When stocks plummeted on the New York Stock Exchange , the world noticed immediately. Although financial leaders in

1323-536: The 160th, Most of the Curtiss JN-4 Jennys to be used for flight training were shipped in wooden crates by railcar. Park Field served as a base for flight training for the United States Army Air Service. In 1917, flight training occurred in two phases: primary and advanced. Primary training took eight weeks and consisted of pilots learning basic flight skills under dual and solo instruction with

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1386-638: The Bridge Company at NSA Mid-South. It was the first time since the BRAC-directed changes of 1993 that a U.S. Marine Corps unit had resided on the base. On 24 October 2013 a gunman shot and injured two Army National Guard soldiers at NSA Mid-South. The suspect was taken into custody after the shooting. The two injured soldiers had no life-threatening injuries. [REDACTED]  This article incorporates public domain material from the Air Force Historical Research Agency List of airfields of

1449-427: The Dow closing at 198.60. The market then recovered for several months, starting on November 14, with the Dow gaining 18.59 points to close at 217.28, and reaching a secondary closing peak ( bear market rally ) of 294.07 on April 17, 1930. The Dow then embarked on another, much longer, steady slide from April 1930 to July 8, 1932, when it closed at 41.22, its lowest level of the 20th century, concluding an 89.2% loss for

1512-509: The Great Depression. True or not, the consequences were dire for almost everybody. Most academic experts agree on one aspect of the crash: It wiped out billions of dollars of wealth in one day, and this immediately depressed consumer buying. The failure set off a worldwide run on US gold deposits (i.e., the dollar) and forced the Federal Reserve to raise interest rates into the slump. Some 4,000 banks and other lenders ultimately failed. Also,

1575-467: The London Stock Exchange. In the days leading up to the crash, the market was severely unstable. Periods of selling and high volumes were interspersed with brief periods of rising prices and recovery. Selling intensified in mid-October. On October 24, " Black Thursday ", the market lost 11% of its value at the opening bell on very heavy trading. The huge volume meant that the report of prices on

1638-603: The New York Stock Exchange in a single day. Around $ 14 billion of stock value was lost, wiping out thousands of investors. The panic selling reached its peak with some stocks having no buyers at any price. The Dow lost an additional 30.57 points, or 11.73%, for a total drop of 68.90 points, or 23.05% in two days. On October 29, William C. Durant joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks to demonstrate to

1701-655: The Park Field site in May 1917. The construction of some 50 buildings began. Park Field covered over 700 acres (280 ha) and could accommodate up to 1,000 personnel. Dozens of wooden buildings served as headquarters and maintenance facilities and officers’ quarters. Enlisted men had to bivouac in tents . The first unit stationed there was the 160th Aero Squadron, which was transferred from Kelly Field , Texas , in November 1917. A few United States Army Air Service aircraft arrived with

1764-661: The Training Section of the United States Army Air Service Too Many Requests If you report this error to the Wikimedia System Administrators, please include the details below. Request from 172.68.168.151 via cp1112 cp1112, Varnish XID 386783919 Upstream caches: cp1112 int Error: 429, Too Many Requests at Fri, 29 Nov 2024 05:39:21 GMT Wall Street Crash of 1929 The Wall Street crash of 1929 , also known as

1827-675: The U.S., and much of the profit had been invested in speculation , including in stocks. Many members of the public, disappointed by the low interest rates offered on their bank deposits, committed their relatively small sums to stockbrokers . By 1929, the U.S. economy was showing signs of trouble; the agricultural sector was depressed due to overproduction and falling prices, forcing many farmers into debt, and consumer goods manufacturers also had unsellable output due to low wages and thus low purchasing power . Factory owners cut production and fired staff, reducing demand even further. Despite these trends, investors continued to buy shares in areas of

1890-520: The UK, protests often focused on the so-called means test , which the government had instituted in 1931 to limit the amount of unemployment payments made to individuals and families. For working people, the means test seemed an intrusive and insensitive way to deal with the chronic and relentless deprivation caused by the economic crisis. The strikes were met forcefully, with police breaking up protests, arresting demonstrators, and charging them with crimes related to

1953-647: The United Kingdom, as in the United States, vastly underestimated the extent of the crisis that ensued, it soon became clear that the world's economies were more interconnected than ever. The effects of the disruption to the global system of financing, trade, and production and the subsequent meltdown of the American economy were soon felt throughout Europe. In 1930 and 1931, in particular, unemployed workers went on strike, demonstrated in public, and otherwise took direct action to call public attention to their plight. Within

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2016-554: The United States entered World War II in December 1941. Just as the onset of World War I had given Park Field its birth in 1917, the declaration of war on 8 December 1941, had similar results, heralding the arrival of naval aviation in the Memphis area. In February 1942, the Navy Shore Station Development Board recommended approval of a reserve aviation base on the former site of Park Field. On September 15, 1942,

2079-427: The United States. Historians still debate whether the 1929 crash sparked the Great Depression or if it merely coincided with bursting a loose credit-inspired economic bubble. Only 16% of American households were invested in the stock market within the United States during the period leading up to this depression, suggesting that the crash carried somewhat less weight in causing it. However, the psychological effects of

2142-482: The area. It plays an important part in the community and is one of the largest single employers in the state of Tennessee. Of the more than 30 tenant commands that are located aboard Naval Support Activity Mid-South, these are some of the major commands: Throughout the year, NSA Mid-South partners with the Millington and Memphis communities to put on several projects: Beginning in 2010, Naval Support Activity Mid-South

2205-562: The base. The separate training squadrons were consolidated into a single Flying School detachment in December 1918, as many of the personnel assigned were being demobilized. Flight training activities ceased in July 1919. In March 1920 the Department of War officially purchased Park Field, and a small caretaker unit was assigned to the facility for administrative reasons. At that time the airfield began pioneering airmail routes throughout Tennessee and

2268-543: The crash reverberated across the nation as businesses became aware of the difficulties in securing capital market investments for new projects and expansions. Business uncertainty naturally affects job security for employees, and as the American worker (the consumer) faced uncertainty with regard to income, naturally the propensity to consume declined. The decline in stock prices caused bankruptcies and severe macroeconomic difficulties, including contraction of credit, business closures, firing of workers, bank failures, decline of

2331-409: The crash, economist Irving Fisher famously proclaimed "Stock prices have reached what looks like a permanently high plateau". The optimism and the financial gains of the great bull market were shaken after a well-publicized September 8 prediction from financial expert Roger Babson that "a crash is coming, and it may be terrific". The initial September decline was thus called the "Babson Break" in

2394-632: The economic warning signs and the market breaks in March and May 1929, stocks resumed their advance in June, and the gains continued almost unabated until early September 1929 (the Dow Jones average gained more than 20% between June and September). The market had been on a nine-year run that saw the Dow Jones Industrial Average increase in value tenfold, peaking at 381.17 on September 3, 1929. Shortly before

2457-505: The economy where output was declining and unemployment was increasing, so the purchase price of stocks greatly exceeded their real value. By September 1929, more experienced shareholders realized that prices could not continue to rise and began to get rid of their holdings, which caused share values to stall and then fall, encouraging more to sell. As investors panicked, the selling became frenzied. After Black Thursday, leading bankers joined forces to purchase stock at prices above market value,

2520-507: The end of September, the market had dropped 10% from the peak (the "Babson Break"). Selling intensified in early and mid-October, with sharp down days punctuated by a few up days. Panic selling of massive proportion started the week of October 21 and intensified and culminated on October 24, October 28, and especially October 29 ("Black Tuesday"). The president of the Chase National Bank, Albert H. Wiggin , said at

2583-575: The ensuing Great Depression breathed new life into Park Field. During the 1930s the field served as a transient camp for unemployed workers. In 1937 the Resettlement Administration (succeeded by the Farm Security Administration in 1937) took over the land and developed model farms used to demonstrate what could be achieved with correctly managed land. Park Field remained under Farm Security Administration's jurisdiction until

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2646-431: The face value of the stocks that they were buying. Over $ 8.5 billion was out on loan, more than the entire amount of currency circulating in the United States at the time. The rising share prices encouraged more people to invest on the hope that share prices would rise further. Speculation thus fueled further rises and created an economic bubble . Because of margin buying , investors stood to lose large sums of money if

2709-411: The first six months of 1929, of 36.6% over 1928, itself a record half-year. Iron and steel led the way with doubled gains. Such figures set up a crescendo of stock-exchange speculation that led hundreds of thousands of Americans to invest heavily in the stock market. Many people were borrowing money to buy more stocks. By August 1929, brokers were routinely lending small investors more than two-thirds of

2772-481: The index in less than three years. Beginning on March 15, 1933, and continuing through the rest of the 1930s, the Dow began to slowly regain the ground it had lost. The largest percentage increases of the Dow Jones occurred during the early and mid-1930s. In late 1937, there was a sharp dip in the stock market, but prices held well above the 1932 lows. The Dow Jones did not return to its peak close of September 3, 1929, for 25 years, until November 23, 1954. In 1932,

2835-496: The largest financial crisis of the 20th century. The panic of October 1929 has come to serve as a symbol of the economic contraction that gripped the world during the next decade. The falls in share prices on October 24 and 29, 1929 were practically instantaneous in all financial markets, except Japan. The Wall Street Crash had a major impact on the U.S. and world economy, and it has been the source of intense academic historical, economic, and political debate from its aftermath until

2898-646: The market turned down or even if it failed to advance quickly enough. The average price to earnings ratio of S&P Composite stocks was 32.6 in September 1929, clearly above historical norms. According to the economist John Kenneth Galbraith , the exuberance also resulted in a large number of people placing their savings and money in leverage investment products like Goldman Sachs 's "Blue Ridge trust" and "Shenandoah Trust", which crashed in 1929 as well, resulting in losses to banks of $ 475 billion in 2010 dollars ($ 663.68 billion in 2023). Good harvests had built up

2961-549: The money supply caused by Federal Reserve decisions had a severely contractionary effect on output. Despite the inherent risk of speculation , it was widely believed that the stock market would continue to rise forever. On March 25, 1929, after the Federal Reserve warned of excessive speculation, a small crash occurred as investors started to sell stocks at a rapid pace, exposing the market's shaky foundation. Two days later, banker Charles E. Mitchell announced that his company,

3024-406: The money supply, and other economically depressing events. The resultant rise of mass unemployment is seen as a result of the crash, although the crash is by no means the sole event that contributed to the depression. The Wall Street Crash is usually seen as having the greatest impact on the events that followed and therefore is widely regarded as signaling the downward economic slide that initiated

3087-609: The operations of the command were consolidated there in 1947. In April 1949, the base's functions completely changed, and a new NAS was established, different in both scope and function. The new NAS assumed logistic support for all the commands at Navy Memphis, except the Naval hospital. The boundaries included all Navy property on both sides of the Millington-Arlington Road (Navy Road). NAS Memphis continued its support and logistics role for approximately 50 years. The faculty became

3150-602: The position was saved by a severe drought in the Dakotas and the Canadian West, as well as unfavorable seed times in Argentina and eastern Australia. The oversupply was now wanted to fill the gaps in the 1929 world wheat production. From 97¢ per bushel in May, the price of wheat rose to $ 1.49 in July. When it was seen that figure would make American farmers get more for their crop that year than in 1928, stocks went up again. In August,

3213-529: The present day. Some people believed that abuses by utility holding companies contributed to the Wall Street Crash of 1929 and the Great Depression that followed. Many people blamed the crash on commercial banks that were too eager to put deposits at risk on the stock market. In 1930, 1,352 banks held more than $ 853 million in deposits; in 1931, one year later, 2,294 banks failed with nearly $ 1.7 billion in deposits. Many businesses failed (28,285 failures and

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3276-588: The press. That was the start of the Great Crash, but until the severe phase of the crash in October, many investors regarded the September "Babson Break" as a "healthy correction" and buying opportunity. On September 20, 1929, top British investor Clarence Hatry and many of his associates were jailed for fraud and forgery, leading to the suspension of his companies. This may have weakened the confidence of Americans in their own companies, although it had minimal impact on

3339-453: The price had fallen to $ 1.31 per bushel. Other important economic barometers were also slowing or even falling by mid-1929, including car sales, house sales, and steel production. The falling commodity and industrial production may have dented even American self-confidence, and the stock market peaked on September 3 at 381.17 just after Labor Day, and it started to falter after Roger Babson issued his prescient "market crash" forecast. By

3402-407: The public their confidence in the market, but their efforts failed to stop the large decline in prices. The massive volume of stocks traded that day made the ticker continue to run until about 7:45 p.m. After a one-day recovery on October 30, when the Dow regained 28.40 points, or 12.34%, to close at 258.47, the market continued to fall, arriving at an interim bottom on November 13, 1929, with

3465-519: The surrounding states . The airfield declined until it was little more than a storage area for aircraft and parts. By 1921, the decision was made to phase down all activities at the base in accordance with sharply reduced military budgets. The Department of War ordered the small caretaker force at Park Field to dismantle all remaining structures and to sell them as surplus. The field was closed and abandoned in January 1922. The Stock Market Crash of 1929 and

3528-401: The time: We are reaping the natural fruit of the orgy of speculation in which millions of people have indulged. It was inevitable, because of the tremendous increase in the number of stockholders in recent years, that the number of sellers would be greater than ever when the boom ended and selling took the place of buying. Together, the 1929 stock market crash and the Great Depression formed

3591-468: The violation of public order. There is a debate among economists and historians as to what role the crash played in subsequent economic, social, and political events. The Economist argued in a 1998 article that the Depression did not start with the stock market crash, nor was it clear at the time of the crash that a depression was starting. They asked, "Can a very serious Stock Exchange collapse produce

3654-467: The wheat price fell when France and Italy were bragging about a magnificent harvest, and the situation in Australia improved. That sent a shiver through Wall Street and stock prices quickly dropped, but word of cheap stocks brought a fresh rush of "stags" (amateur speculators) and investors. Congress voted for a $ 100 million relief package for the farmers on the hope of stabilizing wheat prices, but by October,

3717-506: The world instituted measures to suspend trading in the event of rapid declines, claiming that the measures would prevent such panic sales. However, the one-day crash of Black Monday , October 19, 1987, when the Dow Jones Industrial Average fell 22.6%, as well as Black Monday of March 16, 2020 (−12.9%), were worse in percentage terms than any single day of the 1929 crash (although the combined 25% decline of October 28–29, 1929,

3780-511: Was expanded to about 3,500 acres (1,400 ha) in size, and it supported 16 naval outlying landing fields for training and emergency landings in the area. In 1943, the training facility was designated as the Naval Air Technical Training Center (NATT). The Cold War followed the conclusion of World War II. As part of the consolidation of facilities after World War II, HQ NATT was transferred to NAS Memphis in 1946 and all

3843-403: Was killed on 9 May 1913 when a military biplane which he was flying plunged nose-first into a gulley, turned a somersault, and crashed against a tree at Olive , California , 39 miles (63 km) southeast of Los Angeles . The aviator fell only 15 feet (4.6 m), but the radiator crushed his head, and then fell upon his body. The United States entered World War I on 6 April 1917, and

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3906-463: Was larger than that of October 19, 1987, and remains the worst two-day decline as of October 7, 2024 ). The crash followed a speculative boom that had taken hold in the late 1920s. During the latter half of the 1920s, steel production, building construction, retail turnover, automobiles registered, and even railway receipts advanced from record to record. The combined net profits of 536 manufacturing and trading companies showed an increase, in

3969-460: Was redesignated Naval Support Activity Memphis on 30 September 1995. The name was changed again to Naval Support Activity Mid-South on 1 October 1998 to more accurately identify the base's mission requirements and to reflect the Navy's approach to regionalization. In September 2015, Bridge Company C, part of the 6th Engineer Support Battalion , 4th Marine Logistics Group , dedicated a new building for

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