L-29 Wheels

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06 Mar 2015 19:17 #29256 by Mike Dube
Mike Dube replied the topic:

Dare to Dream wrote: Hi I am new to this forum, are the wire wheels the only option ? the Hayes coupe and a few other L-29's I have seen a disc wheels or are these a cover over the wires, ?? I have also seen an old photo of what looks like an unrestored Brooks Steven speedster with very different wheels.


In the case of L-29s (and quite a few others) you are looking at covers over the wire wheels.

Mike
8-100A

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07 Mar 2015 20:58 #29262 by johnmereness
johnmereness replied the topic:
I have seen a copy of the company letter regarding the spoke change and I want to say the date is within a few days one way or another of the stock market crash.

This is a Dick Greene question to answer (or in the below case it looks like Mike Huffman has the answer).

I pulled this off Wikipedia:

In September 20, the London Stock Exchange officially crashed when top British investor Clarence Hatry and many of his associates were jailed for fraud and forgery.[9] The London crash greatly weakened the optimism of American investment in markets overseas.[9] In the days leading up to the crash, the market was severely unstable. Periods of selling and high volumes were interspersed with brief periods of rising prices and recovery. Economist and author Jude Wanniski later correlated these swings with the prospects for passage of the Smoot?Hawley Tariff Act, which was then being debated in Congress.[10]

On October 24 ("Black Thursday"), the market lost 11 percent of its value at the opening bell on very heavy trading. The huge volume meant that the report of prices on the ticker tape in brokerage offices around the nation was hours late, so investors had no idea what most stocks were actually trading for at that moment, increasing panic. Several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor.[11] The meeting included Thomas W. Lamont, acting head of Morgan Bank; Albert Wiggin, head of the Chase National Bank; and Charles E. Mitchell, president of the National City Bank of New York. They chose Richard Whitney, vice president of the Exchange, to act on their behalf.
With the bankers' financial resources behind him, Whitney placed a bid to purchase a large block of shares in U.S. Steel at a price well above the current market. As traders watched, Whitney then placed similar bids on other "blue chip" stocks. This tactic was similar to one that ended the Panic of 1907. It succeeded in halting the slide. The Dow Jones Industrial Average recovered, closing with it down only 6.38 points for the day. The rally continued on Friday, October 25th, and the half day session on Saturday the 26th but, unlike 1907, the respite was only temporary.

Over the weekend, the events were covered by the newspapers across the United States. On October 28, "Black Monday",[12] more investors facing margin calls decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 38.33 points, or 13%.

The next day, "Black Tuesday", October 29, 1929, about 16 million shares traded as the panic selling reached its crescendo. Some stocks actually had no buyers at any price that day ("air pockets"). The Dow lost an additional 30 points, or 12 percent,[13][14][15] amid rumors that U.S. President Herbert Hoover would not veto the pending Smoot?Hawley Tariff Act.[16] The volume of stocks traded on October 29, 1929 was a record that was not broken for nearly 40 years.[14]

On October 29, William C. Durant joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks to demonstrate to the public their confidence in the market. But, their efforts failed to stop the large decline in prices. Due to massive volume of stocks traded that day, the ticker did not stop running until about 7:45 p.m. that evening. The market had lost over $30 billion in the space of two days which included $14 billion on October 29 alone.

JMM

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08 Mar 2015 03:13 #29265 by mikespeed35
mikespeed35 replied the topic:
The first Cord service bulletin regarding the change from .175 to .225 spokes was issued Oct. 29, 1929. But this was not the only change. On Mar. 27, 1930 another Bulletin was released stating that most of the L-29 wheels had been retrofitted with the new .225 spokes. It also stated that Dayton Wheel had developed a new special taper head spoke which will be used on all L-29 Cords starting with serial No. 2927341. So there was three different spokes used in L-29 production.
Cordially Mike

Mike Huffman

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