>>140630, >>140633, >>140634, >>140636, >>140639, >>140640, >>140641 pb
cont...
1929 Stock Market Crash

"But when America found her European debtors were paying her just what Germany had borrowed from her to pay them, she drew in her horns as a lender. With a foreign trade back to 8½ per cent. of her production, as against Britain's 30 and Australia's 34 per cent., she thought to concentrate at home and let Europe solve her own problems. All went well."

"No plan could be devised to curtail crude oil production and an accumulation of stocks. There were uneasy demands for a higher tariff. Finally the pleasant harmony of mutual felicitation between corporation presidents was drowned by a yawp of discord from the farmers."

"Such stocks caused a break in wheat prices so heavy that the net incomes of the farming population from wheat were threatened with extinction. Stock markets are always sensitive to the future state of commodity markets and the slump in Wall-street predicted for May by Sir George Paish, arrived on time."

"Such figures set up a crescendo of stock-exchange speculation during the last two years. Yet a few straws floating wide hinted that the tide was at the flood. Building in 1929 was at a lower level than in 1928. New records set up each month in motor production told of a strenuous struggle to sell between Ford and General Motors, making respectively 35 and 30 per cent, of the new cars."

"but word of cheap stocks brought a fresh rush of "stags," amateur speculators and investors who knew how well business was going under Hoover's presidency..."

"More significant are the losses, probably much smaller, made by "stags" who rushed in and have lost their antlers."
https://trove.nla.gov.au/newspaper/article/85141129