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Only Yesterday

Hailed as a classic even when it was first published in 1931, Only Yesterday remains one of the most vivid and precise accounts of the volatile stock market and the heady boom years of the 1920's. A vibrant social history that is unparalleled in scope and accuracy, it artfully depicts the rise of post - World War I prosperity, the catalytic incidents that led to the Crash of 1929, and the devastating economic decline that ensued—all set before a colorful backdrop of flappers, Al Capone, the first radio, and the "scandalous" rise of skirt hemlines. Now, this mesmerizing chronicle is reintroduced to offer readers of today an unforgettable look at one of the most dynamic periods of America's past.

With a novelist's eye for detail and a historian's attention to the facts, Frederick Lewis Allen tells a story that will ignite your imagination as its rich pageant of characters and events comes alive. Peppering his narrative with actual stock quotes and financial news, Allen tracks the major economic trends of the decade and explores the underlying causes of the Crash. Here are fresh accounts of Harding's oil scandals and the growth of the automobile industry, as well as the decline of the family farm, the Coolidge prosperity, and the long bull market of the late twenties. Allen's virtual hour-by-hour account of the Crash itself, told from multiple perspectives with mounting suspense, is as gripping as anything you are likely to read in fiction.

In addition to his power as a storyteller, Allen was a living witness to the events he describes; there is a thrilling you-are-there feeling about the unfolding history. After a brief "return to normalcy" following the War, the pace of life in America quickly escalated to a full gallop. New forces were being unleashed: prosperity with serious inflation, larger-than-life figures such as J. Pierpont Morgan and Henry Ford, and the Big Red Scare of the early twenties. Allen documents the new inventions, fads, and scandals as they affected the daily life of the country, including the impact of Freud and Einstein, Prohibition and Al Capone, Babe Ruth and Jack Dempsey, the trial of Sacco and Vanzetti, and the shocking changes in manners and morals. In Only Yesterday we hear America talking to itself from coast to coast, furiously debating its own rapidly evolving destiny.

An engaging narrative that describes the harried, often tumultuous events of Wall Street in the twenties, as well as the infectious spirit of the times, Only Yesterday is not only a compelling account of years gone by, but a true classic that will be appreciated for years to come.

"When this fascinating social history of America in the 1920's was first published in 1931, the twenties were indeed Only Yesterday. But, as Mr. Allen makes clear, they were so much more than the clich— would have it. . . . Frederick Allen's marvelous book brings back an exciting time in the life of the nation. I am quite sure you will enjoy reading it as much as Mr. Allen and I enjoyed living it." —from the Foreword by Roy R. Neuberger.

Recognized as a classic even when it was first published in 1931, Only Yesterday is a fascinating and revealing chronicle of the volatile stock market and heady boom years of the 1920's. Written by an esteemed historian who witnessed firsthand the explosive atmosphere and events of the time, this compelling narrative takes its place as one of the most important and invaluable contributions to investment literature.

Acclaim for Only Yesterday

"Marvelously absorbing . . . Only Yesterday tells the story of the 1920's from the collapse of Wilson and the New Freedom to the collapse of Wall Street and the New Era." —Stuart Chase, Books.

"A perfectly grand piece of historical record and synthetic journalism." —Fanny Butcher, Chicago Tribune.

"A style that is verve itself . . . Besides telling the story of the bull market in fine perspec

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Written in 1931, this new installment in the Wiley Investment Classics series offers a well-written historical and anecdotal account of the volatile stock market of the 1920s. It traces the rise of post World War I prosperity up to the crash of 1929 before a colorful backdrop that includes Al Capone, Prohibition, the first radio, and the rise and fall of the skirt length.

Only Yesterday

An Informal History of the 1920's

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By Frederick Lewis Allen

John Wiley & Sons

Copyright © 1997 Frederick Lewis Allen
All right reserved.
ISBN: 0471189529

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Chapter One

Prelude: May, 1919

If time were suddenly to turn back to the earliest days of the Post-war Decade, and you were to look about you, what would seem strange to you? Since 1919 the circumstances of American life have been transformed--yes, but exactly how?

Let us refresh our memories by following a moderately well-to-do young couple of Cleveland or Boston or Seattle or Baltimore--it hardly matters which--through the routine of an ordinary day in May, 1919. (I select that particular date, six months after the Armistice of 1918, because by then the United States had largely succeeded in turning from the ways of war to those of peace, yet the profound alterations wrought by the Post-war Decade had hardly begun to take place.) There is no better way of suggesting what the passage of a few years has done to change you and me and the environment in which we live.

From the appearance of Mr. Smith as he comes to the breakfast table on this May morning in 1919, you would hardly know that you are not in the nineteen-thirties (though you might, perhaps, be struck by the narrowness of his trousers). The movement of men's fashions is glacial. It is different, however, with Mrs. Smith.She comes to breakfast in a suit, the skirt of which--rather tight at the ankles--hangs just six inches from the ground. She has read in Vogue the alarming news that skirts may become even shorter, and that "not since the days of the Bourbons has the woman of fashion been visible so far above the ankle"; but six inches is still the orthodox clearance. She wears low shoes now, for spring has come; but all last winter she protected her ankles either with spats or with high laced "walking-boots," or with high patent-leather shoes with contrasting buckskin tops. Her stockings are black (or tan, perhaps, if she wears tan shoes); the idea of flesh-colored stockings would appall her. A few minutes ago Mrs. Smith was surrounding herself with an "envelope chemise" and a petticoat; and from the thick ruffles on her undergarments it was apparent that she was not disposed to make herself more boyish in form than ample nature intended.

Mrs. Smith may use powder, but she probably draws the line at paint. Although the use of cosmetics is no longer, in 1919, considered prima facie evidence of a scarlet career, and sophisticated young girls have already begun to apply them with some bravado, most well brought-up women still frown upon rouge. The beauty-parlor industry is in its infancy; there are a dozen hair-dressing parlors for every beauty parlor, and Mrs. Smith has never heard of such dark arts as that of face-lifting. When she puts on her hat to go shopping she will add a veil pinned neatly together behind her head. In the shops she will perhaps buy a bathing-suit for use in the summer; it will consist of an outer tunic of silk or cretonne over a tight knitted undergarment--worn, of course, with long stockings.

Her hair is long, and the idea of a woman ever frequenting a barber shop would never occur to her. If you have forgotten what the general public thought of short hair in those days, listen to the remark of the manager of the Palm Garden in New York when reporters asked him, one night in November, 1918, how he happened to rent his hall for a pro-Bolshevist meeting which had led to a riot. Explaining that a well-dressed woman had come in a fine automobile to make arrangements for the use of the auditorium, he added, "Had we noticed then, as we do now, that she had short hair, we would have refused to rent the hall." In Mrs. Smith's mind, as in that of the manager of the Palm Garden, short-haired women, like long-haired men, are associated with radicalism, if not with free love.

The breakfast to which Mr. and Mrs. Smith sit down may have been arranged with a view to the provision of a sufficient number of calories--they need only to go to Childs' to learn about calories--but in all probability neither of them has ever heard of a vitamin.

As Mr. Smith eats, he opens the morning paper. It is almost certainly not a tabloid, no matter how rudimentary Mr. Smith's journalistic tastes may be: for although Mr. Hearst has already experimented with small-sized picture papers, the first conspicuously successful tabloid is yet to be born. Not until June 26, 1919, will the New York Daily News reach the newsstands, beginning a career that will bring its daily circulation in one year to nearly a quarter of a million, in five years to over four-fifths of a million, and in ten years to the amazing total of over one million three hundred thousand.

Strung across the front page of Mr. Smith's paper are headlines telling of the progress of the American Navy seaplane, the NC-4, on its flight across the Atlantic via the Azores. That flight is the most sensational news story of May, 1919. (Alcock and Brown have not yet crossed the ocean in a single hop; they will do it a few weeks hence, eight long years ahead of Lindbergh.) But there is other news, too: of the Peace Conference at Paris, where the Treaty is now in its later stages of preparation; of the successful oversubscription of the Victory Loan ("Sure, we'll finish the job!" the campaign posters have been shouting); of the arrival of another transport with soldiers from overseas; of the threat of a new strike; of a speech by Mayor Ole Hanson of Seattle denouncing that scourge of the times, the I.W.W.; of the prospects for the passage of the Suffrage Amendment, which it is predicted will enable women. . .

Continues...

Continues...

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Excerpted from Only Yesterday by Frederick Lewis Allen Copyright © 1997 by Frederick Lewis Allen. Excerpted by permission.
All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.

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FREDERICK LEWIS ALLEN was a noted author and historian whose other widely acclaimed works include Since Yesterday: The Nineteen Thirties in America and Great Pierpont Morgan.