Thursday the 24th October 1929, known as Black Thursday, is generally accepted as the first day of the Wall Street Crash. The day saw panic selling of shares on the New York Stock Exchange on an unprecedented scale, with over 12.8 million being sold and the market’s value plummeting by 11%. The market didn’t return to its pre-crash level until 1954.

Signs of an impending crisis had been identified many months before the crash, with the Federal Reserve warning on the 25th March of the dangers of speculation on the stock market. The warning coincided with a slowing down of ...