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 Sep- 
tember 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. Trans- 
actions for October reached the total of 141,664,900