THE STOCK MARKET CRASH— 
AND AFTER 
CHAPTER 1 
THE STOCK MARKET CRASH 
THE most rapid and precipitous decline of stock 
prices in the history of American security tradings 
commenced on September 6, 1929, and continued, 
with only minor recoveries, until November 13th, 
after extraordinary measures had been taken to check 
the panic. 
The unexpected advance in Federal Reserve redis- 
count rate at New York, from 5 per cent to 6 per 
cent on August 8th, was a percursor of the slump. 
The average of my daily industrial stock index fell 
from 195.3 on the preceding day to 191.4; the aver- 
age of rails descended from 152.9 to 149.6, and of 
utilities from 239.2 to 233.9. Sharp recoveries, how- 
ever, carried the market averages to new high levels, 
as follows: Industrial stock prices climbed to 211.8 
on September 7th; rails to 163.7 on September 4th; 
public utilities reached a new high of 259.3 on Sep- 
tember 3rd, then falling off to a level of 250.4 on 
September 13th, and resuming their climb to a record 
high of 267.3 on September 24th.