Wall Street Crash Flashcards
24th of October 1929?
Black Thursday. There was panic selling all day with people selling at a huge losses as the new spread around the country more and more people sold their shares. Until this date the stock exchange would handle 4 to 5 million shares on a busy day, however on Black Thursday 13 million shares changed hands. A group of bankers realise what was happening implant to stop this panic selling by buying $250 million worth of shares. This slowed the panic selling
Monday 28th of October 1929?
About 9 million shares are traded. Ordinary people banks and businesses lost thousands of millions of dollars
Tuesday 29th of October 1929?
This day was even worse than Black Thursday, the bankers he tried to stabilise the situation now trying to sell their shares. Prices were dropping so rapidly that the tickertape telegram system connecting brokers across the USA couldn’t keep up. On this afternoon, the committee who ran the stock market met to decide what to do. They decided to keep trading open until Thursday then reopen on Monday. By the end of Tuesday panic selling had subsided and Wednesday and Thursday were normal
Monday 4th of November 1929?
Trading was back to normal
It wasn’t until 13 November that the prices hit the lowest but they began to creep up the next day
September 1929?
some investors decided that the prices of shares have gone as high as they could so they sold their shares and the prices dropped. People are confident that the prices will go back up again however prices continue to fall and instead of buying people sold shares
