IMPRISON TRAITOR, PEDOPHILE, AND CONVICTED FELON TRUMP.
Showing posts with label The Roaring Twenties. Show all posts
Showing posts with label The Roaring Twenties. Show all posts

Thursday, October 24, 2019

90th Anniversary of the 1929 Stock Market Crash


James Stewart's dazed expression at the panicked customers demanding all their deposits in the aftermath of the 1929 stock market crash speaks volumes to the audience who remembered the crash and lived through its aftermath.  His quick decision and energetic parceling out of meager funds saves the bank with two dollars to spare at closing time.  Today we mark the 90th anniversary of the 1929 stock market crash.


Many movies of the 1930s reflected and illustrated the Great Depression with unblinking frankness despite, as Mary Astor noted in her memoir Mary Astor--A Life on Film:

“The national situation was tragic, but it wasn’t our tragedy.  It was something that was happening ‘out there’ and wasn’t it awful, but did you read Variety today?  People stood in line at the employment agencies but they also stood in line at the theaters.”  (p.81)

“These were the years called by the extravagant name of the Golden Years, maybe because nobody ever had it so good as the movie-makers.  In our fortress of films we were safe from dust bowls and grinding poverty, breadlines and alphabet agencies.”  (p. 109)

The buildup to the Crash was also extensively covered by Hollywood in its 1920s pre-Code party mode -- the vamps, the lascivious key-hole views of wild parties, and occasionally, a look at the even more wild spree on Wall Street.  The Marx Brothers capped the madness by adding more of their own in The Cocoanuts from 1929 a few months before the crash, which we covered in this post.


The Roaring Twenties (1939) attempts to cover it all -- the boom, the bust, the gangsters that appeared to usher the era in and out again, but takes the Crash with a clearly clichéd and nostalgic view.  It's easier to put a label on an event or an era when we are looking at it in the rearview mirror.  Here 90 years on from that event, from which we have only a few images of people swarming to the Stock Exchange when the panic began, we still dismiss it with a bemused and somewhat condescending eye.  We cannot imagine ourselves running to our local banks and screaming for our money, and not getting it (not all banks were so fortunate as to have George Bailey and his two dollars left).

We covered The Roaring Twenties here in this post -- ten years ago on the 80th anniversary of the Crash.  Have I really been writing this blog for twelve years?  We were coming down off a financial crisis then, ten years ago.  I have, I confess, feelings of more ominous foreboding for the one we're entering right now, but I can still take comfort in George Bailey's desperate and gusty response to a crisis. 


The timeline of the crisis that ultimately launched us into all those great Great Depression movies was this:

On Wednesday, October 23, 1929, the stock market fell about 4.6 percent, but rallied on Thursday the 24th in heavy trading.  Bankers stepped in and bought up shares, similarly to what the Fed is doing today, to prop up the market.  By Friday the 25th, the crisis seemed to have been averted.

But Monday, October 28th, when the market reopened, stocks dropped again.  Tuesday, October 29th, "Black Friday," the bottom fell out and the stock market collapsed.


That event is what we like to peg the beginning of a new era, but the market did not actually stop falling.  It slid down a bit more through several months and did not actually hit its bottom until July 1932, when 90 percent of its 1929 value had been lost.


Of course, as devoted investors like to point out, if one had bought stocks in August 1932 and held them, they would be rich because the stock market went up after that.  Well, yes, but it did not reach its 1929 level until 1954 -- 25 years later.  Fine if you're young and bought in (not a whole lot of people had the money, let alone confidence in Wall Street, to buy stocks in the depths of the Depression), but if one was middle-aged or a senior, the ball game was over.  What was lost was never to be recouped.


History, as is said, does not repeat itself, but it often rhymes, in a quote often attributed to Mark Twain.  I like to take a lesson from charts and graphs, from the testimony of people who experienced an event -- and from George Bailey, who always seemed to be behind the 8-ball but who thought fast and stayed on his feet.

May we all be here in ten years, marking the 100th anniversary of the start of the Sound Era with curious, bemused, and somewhat condescending commemorations of the Crash of 1929.

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Jacqueline T. Lynch is the author of Ann Blyth: Actress. Singer. Star. and Memories in Our Time - Hollywood Mirrors and Mimics the Twentieth Century. Her newspaper column on classic films, Silver Screen, Golden Memories is syndicated nationally.

Monday, May 3, 2010

Trains in the Movies


This Saturday, May 8th, is the 3rd annual National Train Day, so to celebrate we cast a nod to the importance train travel has had in old movies. As you probably know, the Golden Age of Hollywood was also the era in which most people moved about the country by train.


Bette Davis, impatient to see her bosom buddy Miriam Hopkins, leaps from the train before it comes to a complete stop.  For more on Old Acquaintance (1943), have a look here.








When James Cagney pursues Priscilla Lane, he does it on the train.  For more on "The Roaring Twenties" (1939), have a look here.





When Harold Lloyd goes to  college, he arrives on the train.  For more on "The Freshman" (1925), have a look here.


Whether it's Alan Hale and Barbara Stanwyck behaving in an unseemly manner on a train in "Stella Dallas" (1937), or Barabara Stanwyck and Fred MacMurray throwing her dead husband's body off one in "Double Indemnity" (1944), trains are so much a part of classic film because they were so much a part of American life up until the late 1950s and early 1960s when a network of highways and a generation of muscle cars made them quaint and anachronistic, if not exactly obsolete.  They have never been obsolete.  For many reasons environmental, political, and logistical, passenger train travel may one day grow to be as important as ever in many areas of the country. 

The movies found them irresistable from the start.  Here is "The Great Train Robbery" (1903). 

For more on National Train Day and the history of train travel in the US, have a look at these websites.

Thursday, October 29, 2009

The Roaring Twenties - 1939

The Roaring Twenties (1939) may have even more resonance today than it did when it was produced. The year it premiered was only ten years after the 1929 Stock Market Crash, and the world had entered a new era in 1939 with a vengeance. This end of the Depression look back at how-we-got-to-where-we-are is certainly nostalgic, but it was also a critical success and should be regarded as one of the champion movies in that champion movie year of 1939.

The Roaring Twenties, fast-paced and well directed by Raoul Walsh, is remarkable for all the things it attempts to be and succeeds. It is a docu-drama as much as a melodrama. It is a gangster film, but there are so many musical numbers you could as easily call it a musical. It has some outrageously funny lines, but it contains scenes so heartbreakingly pathetic.

Most especially, it looks back on an era still so recent in 1939 and yet from such a remarkably distant perspective, the way we might pack for college and discover with condescending amusement some old souvenir from grammar school. It is a mere ten years from eight years old to adulthood. It also feels like a lifetime.

The film begins with a rolling title prologue that speaks to us today in our present economic crisis: “It may come to pass that, at some distant date, we will be confronted with another period similar to the one depicted in this photoplay. If that happens, I pray that events as dramatized here, will be remembered.” It is signed Mark Hellinger, the writer of the script, who took the stories of real people and real incidents as a basis for the film.

Then the stern voice of John Deering, the narrator, takes over and through a montage of images, the clock is turned back, year by year, to 1918, the last year of the Great War.

“What’s past is prologue” Shakespeare wrote in The Tempest, and as such it is appropriate to begin a story that concludes with the Crash at a point in time when the seeds for that event were sewn. Perhaps too often we look at a moment in time as if it really stands apart from other moments, but it does not. It cannot.


James Cagney, Humphrey Bogart, and Jeffrey Lynn are doughboys in France. Cagney is the rough-and-ready average Joe. Jeffrey Lynn is the sensitive college boy who struggles with ideas of right and wrong. Bogart is the thug. It would be one of Humphrey Bogart’s last thug roles before he moved on to being the reluctant hero in 1940s films. He’s looking hale and hearty here, fit and much younger than he did even four years later in Casablanca.

In one scene, his thuggishness borders on the psychotic, when Jeffrey Lynn hesitates to shoot a German soldier because he looks only about 15 years old. Bogart plugs him with relish. He loves his gun.

The war ends, and Cagney straggles back home to New York to try to get his old mechanic’s job back, but his job has been given to someone else in the meantime, and he can’t find another one in the post-war recession. This is rather like a foreshadowing of Dana Andrews’ inability to fit in and find a place for himself after World War II in The Best Years of Our Lives (1946). (It was in reaction to such conditions that the government mandated during World War II that returning veterans be guaranteed a job with their former employers.)

One very brief, but funny scene if you catch it, is when Cagney gives his old pal, Frank McHugh, a souvenir from the war. It is a German helmet, and McHugh hides it from would-be thieves by shoving it under his bed. Cagney wordlessly motions McHugh to turn the helmet over, because the way he placed it under his bed looks like a chamber pot.


The narrator comes back with more March of Time stuff about bobbed hair, shorter skirts, and the power that drives the rest of the film, Prohibition. Cagney, working as a cab driver, innocently delivers some bootleg liquor to Gladys George, who plays a gal-who’s-seen-it-all and runs a speakeasy. Cagney gets nabbed, takes the fall for Miss George, who later gets him out of jail and becomes his partner in the bootlegging business.

James Cagney spends the rest of the decade getting richer and richer, and more deeply involved in bootlegging, corruption, and gangland murders. Eventually, Priscilla Lane shows up to expose Cagney’s softer side. She had written him pen-pal letters during the war, but when he returned, he dismissed her as a schoolgirl when he had mistakenly thought she was much older. Reunited when she is a struggling dancer in the chorus, Cagney promotes her career in Gladys George’s speakeasy as a singer.

Priscilla Lane actually shares top billing with James Cagney in this movie, and would continue to have a successful year with Four Daughters where she was reunited in the first of several more films with Jeffrey Lynn. Here, likewise, Lane and Lynn fall for each other. Cagney falls for Lane. Gladys George falls for Cagney. It is an inextricable web of unrequited love.


Jeffrey Lynn, now a lawyer, helps Cagney with the legal aspects of his business empire and rather hypocritically tries to overlook the illegal. Eventually, Humphrey Bogart joins the business, and the intense scenes between Bogart and Cagney trying to assert their power over each other are something terrific.

If you have ever seen the Carol Burnett parody of this film with Carol as Gladys George, Steve Lawrence as Cagney, Harvey Korman as Jeffrey Lynn, and Sally Struthers as Priscilla Lane, then perhaps, like me, you are reminded of it all through watching this movie. Thanks a whole lot, Carol.

Gladys George, who played the world-weary dame with the heart of gold better than anyone (and speaking of The Best Years of Our Lives, pulled off the same magic there in a minor role), has some great lines and delivers them with deadpan humor. She is most effective silently pining after James Cagney. In the scene where Cagney brings Priscilla Lane to audition for Miss George, he fidgets with the excitement of a schoolboy crush, and he absently grips Gladys George’s hand as he listens to Priscilla Lane sing.

Gladys George seems to feel an electric current at Cagney’s touch, and sadly watches his enchantment for another, much younger, much prettier woman. Another actress might have shown a cliché tinge of jealously or resentment in her reaction, but Gladys George plays it inwardly, almost with shyness.

“What a load of ice!” she blurts when he shows her the diamond rings he has bought for Priscilla Lane. We know her heart is breaking, and we know that Cagney’s will, too, when he discovers Priscilla does not love him, despite the fact that he also bought her a new-fangled crystal set radio which she and Cagney listen to on headphones.

Speaking of 1920s paraphernalia, look at the scenes of Cagney and others handling money. The paper bills are much larger and wider than we have today. The government changed to the size bills we use today in July 1929, ostensibly to save paper. As a result, wallet manufacturers had to come up with new, slimmer, models.

We see the crystal sets, the bathtub gin, the rum runners, the Tommy guns, the gangsters, the cops on the make, but the film manages to give us a tour of the Roaring Twenties with only a little feeling of parody. Most of it is a survey class in what can happen when lives are lived to excess, without a thought of tomorrow.

On this 80th anniversary of the Crash of 1929, we may look for parallels between this time and our own. There are inevitably some parallels, but nothing so neat and clear. Time isn’t a blueprint for us to follow. We still have to make up much of it as we go along.

Perhaps at this anniversary, we may watch this movie with something more than just nostalgia. Perhaps we might even be moved to empathy as we understand a bit more about excess and failure with the economy of the last few years.

There are no films of “the Crash.” Newsreel cameras cranked out footage of panicked crowds at Wall Street this day 80 years ago, but that was rather like today when the news media shifts (and wastes) its enormous resources not to cover an event but to cover the public opinion poll about the event. Perhaps filming panicked crowds is more exciting than filming numbers on a chalk board being erased and written over.

This movie covers the Crash by framing it in the context of this whole era, from the end of World War I, through the Noble Experiment, from Main Street to Wall Street, and the resulting Great Depression. In the study of any historic event, it is the months and years preceding the event that really tell us all about the event. We might say our current economic challenges have their roots as far back as the 1980s. We do know, in hindsight, that the 1929 Crash devastated a generation, and forever colored the world of that generation’s children, the ones who would spend their childhoods during the Great Depression and would grow up to fight World War II.

For a long time after this movie, after that generation grew up, the perspective of this 1929 nightmare was growing dim and made somehow quaint by nostalgia crazes. Eighty years on, we might be in perfect position, the first audience for this film in generations, to really identify with the suckers and the straight arrows, the crooks and the gangsters, and the average Joes, and maybe even the omniscient narrator, the whole menagerie that make up The Roaring Twenties.

When this film was released in 1939, though it was a success, the world was moving at breakneck speed into another, even more sinister era. It was as if this film was a last look back at the life they knew before they became engulfed in the complete unknown.


James Cagney loses his shirt in the Crash, and loses much of his business to Bogart. Cagney is on the skids, but he has Gladys George to keep him company, now singing herself (“A Shanty in Old Shantytown” no less) in a cheap saloon. Prohibition is over.

“The days of the rackets are over,” Jeffrey Lynn tells Cagney, but he answers with more truthfulness than even the writer of the script probably knew,
“Don’t kid yourself about that.”

Cagney has one last, very violent, power play with Bogart, and in the memorable final scene on the snow-covered church steps, only Gladys George is left to comfort a dying Cagney. When a cop asks who the bum on the steps is, she replies, “He used to be a big shot.”

It might be a pronouncement upon that whole careless era -- or on any Ponzi schemer, unscrupulous investment manager, or average chump who lost a good chunk of his retirement in ours.
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Jacqueline T. Lynch is the author of Ann Blyth: Actress. Singer. Star. and Memories in Our Time - Hollywood Mirrors and Mimics the Twentieth Century. Her newspaper column on classic films, Silver Screen, Golden Memories is syndicated nationally.

Monday, October 26, 2009

The RMS Berengaria and the Crash


We’re continuing our Halloween fright fest with something truly scary: the economy. This week marks the 80th anniversary of the 1929 stock market crash whose repercussions changed this country and a good part of the world. The above famous headline in Variety, devoted to stage and film, put the matter succinctly and with typical panache. Other papers were grappling with 72-point type headlines that attempted to dramatize numbers of shares sold, points in decline, value lost. Variety summed up the whole nightmare in show-biz terms.

What makes this anniversary special is the similarities people, and pundits, may choose to draw between our current economic challenges and those of eight decades ago. It makes the anniversary more dramatic, to be sure, but perhaps it will give us something more than entertaining intrigue. Possibly, it might give us more understanding about the whole grisly matter, and more empathy for a generation that lost everything.

On Thursday we’ll mark the finale of the fiasco, the so-called “Black Tuesday” event (There was, you’ll remember, Black Thursday, Black Friday, Black Monday, and Black Tuesday) with a look at “The Roaring Twenties” (1939), a fascinating and well-made film that attempts to look back on the event with an objective if nostalgic eye. We may have even better perspective now.

Today, let’s have a brief look at one episode of the 1929 stock market crash that says something about the quirkiness of the Roaring Twenties, and maybe the inevitability of paying the piper, or judgment day, or just the party being over.

In the musical “Funny Girl” (1967), Barbra Streisand, playing the popular comedienne Fanny Brice, goes along with her lover, played by Omar Sharif, on a ship to Europe. He is a professional gambler and intends to ply his trade among the well-to-do on the ship. The ship they travel on is the grand Cunard ocean liner, the RMS Berengaria.

“You are going to Europe so you can play cards on the boat?!” Miss Streisand asks incredulously. A little card playing was the least of a life of excess at sea.

The Berengaria began its life a product of Imperial Germany as the Imperator, but was turned over to Great Britain after World War I for reparations, where it was renamed and reborn as a favorite among wealthy travelers taking the trans-Atlantic route between Britain and the U.S.

F. Scott Fitzgerald noted in the final pages of his 1922 novel “The Beautiful and the Damned”, where his dissipated Lost Generation poster children, Anthony and Gloria Patch, newly wealthy but their souls destroyed, wander the decks of the Berengaria, “That exquisite heavenly irony which has tabulated the demise of so many generations of sparrows doubtless records verbal inflections of the passengers of such ships as The Berengaria.”

Other passengers, like Vanderbilt, DuPont, Astor, and J. P. Morgan may not have wandered the decks in dissipation, but certainly had a reason for choosing the Berengaria over other ships. In August of 1929, a couple of months before the Crash, the Berengaria instituted a new service. A salon on the promenade deck would become a stock brokerage linked by wireless to Wall Street. No more would bored millionaires struggle to amuse themselves with shuffleboard on the crossing. Now, they could continue to trade stocks during the voyage.

I suppose it was a 1920s version of people who just cannot put down the cell phone or BlackBerry.

During the week of the Crash, the Berengaria had left Europe and was heading to New York. When news of the stocks falling spread across the ship, the brokerage room was barraged by the passengers, all trying to get more information, all trying to sell. Helena Rubinstein, the cosmetics manufacturer, sat in a front row leather armchair to watch the prices continuously chalked on the board, and continuously falling. She lost a million dollars in a couple of hours.

Other millionaires on board that trip docked in New York penniless. A kind of voyage of the damned. They were no less helpless than the people who sweated it out in the nervous crowds gathering in front of the New York Stock Exchange, but they had a better view; if they bothered to leave the brokerage salon and take a stroll on the promenade deck.

It makes a dramatic allegory to the Crash of 1929, including the aftermath. The Berengaria’s fortunes faltered during the Great Depression, was referred to as “Bargain Area” and used for cheap cruises to the Caribbean and Bermuda, but failed to turn a profit. By the end of the 1930s, she was retired and eventually scrapped in the mid-1940s.

A poem parodying the outlandish idea of having a brokerage a ship was published in the Spokane Spokesman-Review, and later the Literary Digest August 31, 1929. It is eerily prescient:

We were crowded in the cabin
Watching figures on the Board;
It was midnight on the ocean
And a tempest loudly roared.

We were watching the quotations
With a certain sad appeal:
Some were short in General Motors,
Some were long on U.S. Steel.

And, timidly a tourist
Took a chance on twenty shares --
"We are lost!" the Captain shouted,
As he staggered down the stairs.

"I've got a tip," he faltered,
"Straight by wireless from the aunt
Of a fellow who's related
To a cousin of Durant."

At these awful words we shuddered,
And the stoutest bull grew sick
While the brokers cried, "More margin!"
And the ticker ceased to tick.

But the captain's little daughter
Said, "I do not understand --
Isn't Morgan on the ocean
Just the same as on the land?"


Even the film industry, which ironically did very well during the Depression and proved to be one of the few recession-proof industries (dimes stores was another), suffered a foreboding incident that frightening autumn.

In September 1929 “His Glorious Night” with John Gilbert was released to not only criticism, but howls. The silent-screen lover lost his macho mystique when the audience heard his high, thin voice for the first time. It was indeed an era of new beginnings, new technological marvels, and disastrous endings.

But Mr. Gilbert’s misfortune was Gene Kelly’s gain when the seed was planted for “Singin’ in the Rain” (1952).

By the time that parody was released, the stock market had mostly recovered. It took a couple of decades for those who lost money on their stocks but held onto them to break even. The stock market finally regained its pre-1929 Crash highest level in November 1954 amid a booming economy fueled by consumerism, where the 1929 Crash was starting to fade in memory and fear of it was replaced by either scornful amusement, or total ignorance, for another couple of generations.

“What’s past is prologue” Shakespeare said in “The Tempest.” Come back Thursday for “The Roaring Twenties”. Until then, have a look below at a montage of The Berengaria and the Crash.

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