In early 1928 the Dow Jones Average went from a low of 191 to a high of 300 in December of 1928 and peaked at 381 in September of 1929. 1929…) It was anticipated that the increases in earnings and dividends would continue. (1929…) Price to earnings ratio’s rose from 10 to 12 to 20 and higher for the market’s favorite stocks. (1929…) Observers believed that stock market prices in the first 6 months of 1929 were high, while others saw them to be cheap. (1929…) On October 3rd, the Dow Jones Average began to drop, declining through …showed first 85 words of 1380 total…
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…showed last 85 words of 1380 total…ran out of money. Four years later, congress passed the Glass-Steagall Act, which essentially banned any connection between commercial banks and investment banking, to ensure that is would never happen again. The Federal Reserve and other banking regulators have softened some of the Act’s separation of securities and banking functions by letting banks sell certain securities through affiliated companies. (1929…)
Bibliography
1. c Black Thursday: The 1929 Stock Market Crash. www.letsfindout.com. 2. 1929 Stock Market Crash. www.arts.unimelb.edu. 3. 1929-1931. Annals of America. Encyclopaedia Britannica Inc. Volume 15: 32-39
