More excerpts from The Great Depression: A Diary.

Eighty years ago this week, the United States experienced the worst meltdown of the stock market in the nation's history. As the effects of the crash rippled through the broader economy, banks began shutting their doors in record numbers.

Benjamin Roth, a lawyer in Youngstown, Ohio, recorded the effects as the banks closed in his town. His diary, previously excerpted on The Big Money, is now available as a book—The Great Depression: A Diary.

October 20, 1931. This is a continuation of personal impressions and observations in connection with the first depression or panic that I have gone thru during my business life.

The big stock crash which marked the real beginning of the depression came exactly two years ago. Stocks and prices and wages are still on the down-grade; unemployment has increased and the outlook for the winter is very bleak.

Locally the three large banks which closed last week (The Dollar—The City—The 1^st Nat’l) are being liquidated by the state. This morning about 2000 people watched armed guards load all the City Bank money into armored trucks to be carted away for safe-keeping. Mass meetings are being held every day to consider plans to re-open the banks but so far nothing accomplished. The City Bank depositors are making the hardest fight. Actual money in Youngstown can’t be gotten and business is at a standstill.

October 21, 1931.  It is interesting to note that none of the plans started by Pres. Hoover and other leaders has produced results. Even the National Credit Bank which Hoover started a few weeks ago seems to have been forgotten.