The Stock Market Crash—And After
Course of Stock Recession
From September 7th, there was a steady drop for
industrials to a low of 198.9 on the closing of September
 3oth, representing a decline of 12.9 points.

STOCK PRICE INDEX NUMBERS

IRVING FISHER'S INDEX
1926 w~-200



ay

~y

RATIO SCALL
RIS [Fat 1g

-
on
-

MV

/

MM

‘od
350
300
230

200

100
90
80
To
0
0

4

“if

M
A A ~V) A,
| Ve 8
oreo] — eesmreptmellegmrnt
870 75 80 85 90 95 oo W TT25 wo
CHART 4.—~Three Plateaus: 1870-1905, 1905-1913, IQX5-1923;
thence sharp upward climb to September, 1929. Inset chart shows
October-November crash, 1929, not halfway down from rise since
1926.

Railroad shares had dropped to a low of 151.0 on
September 30th, and utilities to 260.0.
Liquidation continued in October, with the volume
of stock trading mounting into record figures. Transactions
 for October reached the total of 141,664,900