The Roaring 20s [Twitter, also Substack] provides a day-to-day overview of 1920s Wall Street Journal and Financial Times financial news. It’s a fascinating insight into the ups and downs of another era—an era ours is often kept to echo with—and I won’t spoil how interesting it will get if the author makes it through October 2029.
On Thursday, British investors will not be swayed by Vladimir Lenin’s call for help in alleviating a severe famine plaguing the country. A few years ago, millions of pounds were lost when the only Russian stock exchange in St. Petersburg was closed. Lenin fights British business by calling the famine a humanitarian crisis; old debts can be settled later. He believes his Bolsheviks will prevail in the current Russian civil war and promises to repay all goodwill soon.
Historical fact: America ultimately answers Russia’s plea for help, while Britain gives very little. Lenin’s group will soon triumph and found the Soviet Union in 1922. Russia will not have a new stock exchange until 1991.
As of October 1921, the WSJ was 7 cents a copy.