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Historical Summary of The Great Depression

The returns from the stock market seemed so assured that many companies started investing in stocks resulting in the price of the stocks going higher and higher. .
             In March of 1929 there was a mini crash as the price of stocks began to drop. This forced brokers to make margin calls, and those who had bought stocks on margin had their loan come do. The panic was widespread across the country as stock prices took a tumble. Charles Mitchell made the announcement that his bank would continue lending money and with his reassurance the panic stopped. By the spring of 1929 steels production, housing construction, and new car sales were also coming down. This was a sign that things were coming to a head and despite warning people continued to invest in the stock market. The summer of 1929 during the period between June and August stock prices reached their highest to date. Economist Irving Fisher made the comment that stock prices have reached what looks like a permanently high plateau. .
             On September 3, 1929 the stock market reached its peak with the Dow Jones Industrial Average closing at 381.17. Within two days of that prices began to drop. Stock prices would fluctuate through September entering into October with no massive drop until October 24, 1929, commonly referred to as Black Thursday. On this day large amounts of people were selling stocks and margin calls were beginning to be sent out. As stock prices kept dropping, a crowd .
             gathered outside the New York Stock Exchange stunned by the down turn. There were rumors that some people were committing suicide. In all 12.9 million shares of stock were sold and the selling did not stop until a group of bankers pooled their money and made a large investment. By the end of the day most people had recovered from the shock of that morning and were buying stock again. Four days later the market would fall again. .
             When October 29, 1929 finally arrived the sale of stock was so great that the ticker fell behind because it could not keep up with the volume.


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