The Stock Market Crash 
Per Cent of 
Secondary Low 
Above Crash 
Low 
Group 
All Industrials 
1st Grade . 
2nd Grade . 
3rd Grade . 
Preferreds . . 
Public Utilities 
Rails. . . 
Steels . 
Coppers . 
Oils . . 
Motors . . . 
Auto Accessories . 
Foods . . . 
Stores . . . . . . . . 
Miscellaneous (All). . . . 
All Bonds . . . . ow 
* Below previous low during crash. 
9.5 
12.4 
7-7 
6.3 
4.8 
9.5 
B.5 
5-3 
2.3% 
7.0 
8.2 
2.1 
9.5 
i1.3 
10.5 
1.7 
Per cent 
Advance from 
Secondary 
Low 
3.6 
4.1 
3.3 
3.7 
0.1 
3.2 
2.4 
3.9 
3.6 
2.8 
5.5 
5.7 
2.0 
3.2 
3.8 
0.0 
19 
By the close of 1929, therefore, the extent of the 
panic and its immediate after-effects could be gauged. 
With fair business prospects, it seemed justifiable to 
look for a rising trend in the stock market. 
Foreign stock exchanges reacted sympathetically 
with the American market. My index of French 
stock prices shows a comparatively moderate rise 
from early January (167.2) to early September 
(179.6) and then relative to the American crash a 
moderate fall to the end of November (134.1). My 
index for Germany showed relatively less fluctuation 
than our own stock price level, being 117.6, 108.9,