In the fall of 1933, the nation's securities dealers seemed all but defeated. Theirs was not "the stock market" most Americans equated with 1920s prosperity leading up to the Great Crash, but in manning telephones in brokerages across the nation, they had operated an "over-the-counter" (OTC) market worth at least $4 billion annually throughout the 1920s. In 1929, receipts exceeded $11 billion.
After the crash, OTC dealer income dropped more than tenfold. In October 1933, besieged in a Blue Ridge mountain retreat, the harried dealers bowed to the charges of journalists, vowing that henceforth they would play it straight with the public and heed government calls for better regulation of the OTC business for its own good.45
(45.) August 1974 The NASD - Origins, Recent Developments and Future Goals, 10; New York Times, October 30, 1933.
The virtual museum and archive is copyrighted by the SEC Historical Society. The Society reserves the right to restrict access to or use of the museum by any user at any time.
Users are prohibited from sharing or downloading any material for publication or commercial purposes without written permission from the Executive Director. Requests for permission must be submitted by email and specify the material requested and for what purpose.
Material used with the Society's permission should be credited to: www.sechistorical.org.