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,