Only Yesterday: An Informal History of the 1920's (Wiley Investment Classics) [Paperback]

Frederick Lewis Allen (Author)

Book Description

Publication Date: September 8, 1997 | ISBN-10: 0471189529 | ISBN-13: 978-0471189527

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.

Editorial Reviews

Review

"A perfectly grand piece of historical record and synthetic journalism." -- Chicago Daily Tribune --This text refers to an alternate Paperback edition.

From the Publisher

Originally published in 1931, soon after the era ended, this preprinted edition is still considered a classical account of the 1920s. Beginning with the end of World War I (November 11, 1918) on through to the stock market crash on November 12, 1929 and the ensuing Great Depression, the author provides a well-written history of the times. Some of the events of the day included are: Al Capone and Prohibition, scandals surrounding then president Harding, growth of the automobile industry, the first radio, and the "scandalous" rise of skirt hemlines.

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Product Details

• Paperback: 304 pages
• Publisher: Wiley (September 8, 1997)
• Language: English
• ISBN-10: 0471189529
• ISBN-13: 978-0471189527
• Product Dimensions: 8.4 x 5.8 x 0.7 inches
• Shipping Weight: 14.9 ounces (View shipping rates and policies)
• Average Customer Review: 4.7 out of 5 stars  See all reviews (36 customer reviews)
• Amazon Best Sellers Rank: #1,261,033 in Books (See Top 100 in Books)

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Most Helpful Customer Reviews

65 of 68 people found the following review helpful:

5.0 out of 5 stars Read this book! Very entertaining, informative, and relevant, August 7, 2000

By 

Jim Breitinger (Salt Lake City) - See all my reviews

This review is from: Only Yesterday: An Informal History of the 1920's (Wiley Investment Classics) (Paperback)

This engaging account of the 1920's is an especially remarkable book given the year it was written: 1931. With remarkable detachment and prose which has stood up to the test of time, Frederick Lewis Allen wrote about the 1920's just after the decade had ended. Writing in a voice that is half that of a journalist and half that of a historian, Allen covers everything from presidents and presidential politics, to prohibition, the economy, sweeping social changes, the coming of mass media through radio, syndicated columnists, and increased attendance in movie houses; the red scare, the rise of business and science in popular esteem, religion, and a variety of other cultural and social events and trends. The modern era, it could be argued, began on Armistice Day, 11/11/1918.

The trends and issues of the post-World War I decade resound with amazing familiarity today, at the dawn of the 21st Century. Through reading Allen's account the reader is reminded that McCarthyism that oft referred to "ism," was hardly the invention of McCarthy, nor was it unique to the late 1940's and 1950's. A red scare based on hysteria and fear proceeded "McCarthyism" by a good thirty years. The red scare that was brought about by the Bolshevik Revolution was ferocious in its intensity. Fanned by the winds of a handful of true radicals, the red scare that came immediately after the war was characterized by labor unrest, the rise of the Ku Klux Klan, the trampling of any ideas or books that had a hint of "Bolshevism," mass deportations of Communists (or suspected Communists), and the waiving of due process under law with mass arrests.

Allen says the big red scare faded quickly, as it became all too evident that there really wasn't much Communist or Bolshevik subversion to begin with. Also, the country was ready for The Next Big Thing. "Only Yesterday" details a series of manias that swept the country in the twenties. One of these manias was a revolution in morals. Here too, the reader of the year 2000 is reminded that the sixties and early seventies were not the only time period of a sexual revolution in twentieth-century America. The post-war decade of the twenties was a dramatic precursor to what came later, and an important breaking off point, for many at least, from Victorian mores.

Tired of Wilsonian idealism and weary from the First World War, American's were starved for a return to "normalcy." From Marion, Ohio, Warren Harding seemed like just the man to succeed Wilson. Harding was swept into the White House in what would be the beginning of twelve years of Republican rule from Pennsylvania Avenue. No great intellectual, Harding was a genial man and the country took to him. Meanwhile, as it would be revealed after his timely death, Harding ran one of the most corrupt administrations in the nation's history. The scandals came to light after Harding died and the moralistic (although not necessarily idealistic) Calvin Coolidge was just the man for the times. The "Coolidge Prosperity" is aptly named in that most of the 1920's were good times economically for all but a few sectors of the economy. Coolidge ran the country with a maxim of what was good for business was good for the country. If he had any ideology that was probably it.

The most capable of the three Republicans, or at least certainly the brightest, was Herbert Hoover, elected at the height of the Coolidge prosperity. Hoover was in office just over six months when the bubble burst The stock market-fueled by speculation-crashed, followed soon by a general economic collapse.

With the Scopes Trial, sports mania, and the introduction and popularity of radio, the nation went from one craze to the next. Whether it was anti-Bolshevism, or stock market mania, these were all national manias with the help of new forms of communication as well as new ways of mass manipulation by editors and announcers. Allen's "Only Yesterday" gives the reader a good feel for the events and trends of the 1920's, as seen by a man who had just lived through that decade.

21 of 21 people found the following review helpful:

5.0 out of 5 stars During the 'Roaring 20's' they had it all!, September 24, 2002

By 

Rolland W. Amos (Severn, MD United States) - See all my reviews
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This review is from: Only Yesterday: An Informal History of the 1920s (Paperback)

This is a wonderful little book (301 pages) about life in America in the decade between World War I (Armistice Day) and the Panic of October 29, 1929. Frederick Lewis Allen - a career writer-editor for various national publications (Atlantic Monthly, Century, Harper's, etc.) wrote this book in 1931. Thus, he provides a quick, fresh glance back upon this exciting period - the "Roaring 20's" - that he'd personally just experienced.
Allen touches briefly, but poignantly, on all the important political, economical and social aspects of American life in these years. He includes capsule biographies of the
presidents: of Woodrow Wilson and his failure to successfully promote his `14 Point-based peace treaty and a League of Nations; of Warren G. Harding - handsome, personable, decent, but unaware, apparently, of the scandals taking place around him; of `silent' Calvin Coolidge and his era of prosperity; and of Herbert Hoover - well-meaning, but unable to find answers to the deteriorating economy and the approaching depression.
Allen also describes the people, events and activities that impacted the lives of Americans in those years, including the fear of communism and socialism (`The Red Scare'), women's emancipation, the growing proliferation and influence of radio, the impact of new magazines dealing with the movies, adventure, romance and true confessions, the importance of newly created newspaper empires and chains, beauty contests, changing fashions, cosmetics, advertising, and new automobiles (Ford's Model A). He describes the country's heroes and its new obsessions and fads: Babe Ruth and baseball, Charles Lindbergh and aviation, Clarence Darrow and William Jennings Bryan doing verbal battle over religion at the Scopes' Monkey Trial in Dayton, Tennessee, Jack Dempsey, Gene Tunney and boxing, Bobby Jones and golf, Bill Tilden and tennis, flag-pole sitters, flappers, marathon dancing, scandals and crimes.
Allen provides a wonderful chapter on prohibition - one of the really great issues of the era. The oft repeated message that man is destined to repeat past mistakes if he refuses to
heed the lessons of history is demonstrated, I think, in this very chapter. Having succeeded in legislating this specific moral behavior (i.e., abstinence)the federal and state governments quickly learned that the people were not going to obey this law voluntarily, and that no one was going to be able to enforce it (sound like somebody's 'drug war'?!). Prohibition introduced - indeed, precipitated - a fascinating, new period in U.S. history: the country was soon awash with bootleggers, bathtub gin, speakeasies, gangwars, lawbreaking, hipflasks, sex, and exuberant hell-raising. Al Capone arrived in Chicago from New York, hired some 700 goons, armed them with shotguns and machine guns and tasked them with monopolizing Chicago's beer and liquor trade. When enormous profits started rolling in, the gangsters then moved into other lucrative business activities - gambling, horse racing, boxing, dance halls, prostitution, unions, restaurants, distilleries, breweries, etc. Life was good.
Allen's chapter on the `Big Bull Market' and the subsequent `crash' of 1929 reminds one very much of America's more recent adventures involving Wall Street - of a
time when investors were mesmerized by the seemingly perpetual rise of stock prices, while being at the same time oblivious to any possibility that stock prices could fall and thereby wipe out almost overnight their newly acquired fortunes. Of course, that's what happened then, and that's what happened to current investors quite recently. So much for respecting the
lessons of history.
On a happier note - history also shows that readers have been buying, reading, and enjoying this little book for some 7 decades. So, please do heed just this one lesson: read this book yourself! It's history reading at its best!

24 of 29 people found the following review helpful:

5.0 out of 5 stars Only Today?, July 31, 2002

By 

R. Walker - See all my reviews
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This review is from: Only Yesterday: An Informal History of the 1920s (Paperback)

The summer of 2002 is a very interesting time to be thinking about the 1920s, and this book is the perfect way to do that. One of Allen's major themes is the Big Bull Market of that decade -- how it gradually, little by little, seduced many economic thinkers into believing that the business cycle had been permanently changed for the better, and how stocks turned into a nationwide spectator sport. Sound familiar? As with our more recent bull market, the end wasn't pretty. But one of the things the book suggests is that we haven't seen anywhere near the calamity that followed the crash of 1929. (Allen finished the book in 1931.) I don't know that the book offers much guidance about what will happen next for us in 2002, but it does teach a powerful lesson about the ways that history repeats. Allen covers other ground, too, like the Teapot Dome scandal and the rise of Al Capone, as well as some of the more frivolous "hot" stories of the time. Among the other déjà vu themes he hits is how easily distracted we are by trivial stories when the economy is good. Nicely written, still holds up remarkably well.