panic selling that beset the New York Stock Exchange, lost over 25 percent of its value in two days of frenzied trading. The BSE, nearly 100 years old at the time, had helped raise the capital that had funded many of the Commonwealth's factories, railroads, and businesses. " Governor of Massachusetts Frank G. Allen appointed John C. Hull the first Securities Director of Massachusetts. Hull would assume office in January 1930. His term would end in 1936. With the departure of several manufacturing companies, the area's industrial economy began to decline during the early 20th century. By the 1920s, competition from the South and Midwest, followed by the Great Depression, led to the collapse of the three main industries in Massachusetts: textiles, shoemaking, and precision mechanics. This decline would continue into the latter half of the century; between 1950 and 1979, the number of Massachusetts residents involved in textile manufacturing declined from 264,000 to 63,000. The 1969 closure of the Springfield Armory, in particular, spurred an exodus of high-paying jobs from Western Massachusetts, which suffered greatly as it de-industrialized during the last 40 years of the 20th century. Massachusetts manufactured 3.4 percent of total United States military armaments produced during World War II, ranking tenth among the 48 states. In Eastern Massachusetts, following World WarII, the economy was transformed from one based on heavy industry into a service-based economy. Government contracts, private investment, and research facilities led to a new and improved industrial climate, with reduced unemployment and increased per capita income. Suburbanization flourished, and by the 1970s, the Route 128 corridor was dotted with high-technology companies who recruited graduates of the area's many elite institutions of higher education. In 1987, the state received federal funding for the Central Artery/Tunnel Project. Commonly known as "the Big Dig", it was, at the time, the biggest federal highway project ever approved. The project included making the Central Artery a tunnel under downtown Boston, in addition to the re-routing of several other major highways. Often controversial, with numerous claims of graft and mismanagement, and with its initial price tag of $2.5billion increasing to a final tally of over $15billion, the Big Dig nonetheless changed the face of Downtown Boston. It connected areas that were once divided by elevated highway (much of the raised old Central Artery was replaced with the Rose Fitzgerald Kennedy Greenway), and improved traffic conditions along with several routes. Notable