The 1929 Stock Market Crash In early 1928 the Dow Jones Average went from a low of 191 early in the year, 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 ) The price to earnings ratings 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 the week of October 14th. (1929 ) On the night of Monday, October 21st, 1929, margin calls were heavy and Dutch and German calls came in from overseas to sell overnight for the Tuesday morning opening. (1929 ) On Tuesday morning, out-of-town banks and corporations sent in $150 million of call loans, and Wa....

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