Wall Street crash

Question 1

causes

Answer 1

• 20 million shareholders by summer of 1929
• Prices reached an all-time high
• Experts started to worry
• Car and steel production fell
• Profits fell
• People started to sell

Question 2

impacts of the crash

Answer 2

• Between sat 19th and thurs 24th October millions of shares sold
• Friday 25th October – top bankers decided to support the market
• Banking firms buy millions of shares for more than they are worth
• Sat 26th October – president Hoover said, “the fundamental business of the country, is on a sound and secure basis”
• Monday 28th October – massive selling
• 3 million shares sold in last hour of trading, 9 million sold in total
• Banks stop supporting prices

Question 3

Black Tuesday

Answer 3

• Tuesday 29th October
• 16 million shares sold
• No buyers found
• Tucker tape machines break due to pressure
• Many investors are ruined