" 
STOCK PRICES ror LAST HALF of 1929 TWO WARNING SIGNALS AND STOCK CRASH 
350) 
204 
X EXCHANGE CLOSED 
oF 
2G 
2 
if 
55k 
[4 
REO 
a0 
HE 
£683 
7d 
— - * gr ow ww 
}] ls 38 Jeo [27 | 0 17 2a 3 oc 14 21 [28 (5 ye |@ [26 |2 [9 IB 
. JULY AUGUST SEPTEMBER _ OCTOBER I NOVEMBER 
ei Bo 
DECEMBER ] 
CHART 2.—The first sharp drop was after the raising of the New York Federal Reserve rediscount 
rate from § to 6 per cent on August 8. The Hatry failure in London started the British crash on August 30. 
During September there was heavy liquidation on the New York Stock Exchange. The American crash 
began October 12, lasting until November 13, when stock prices touched bottom.