"

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.