September 1929 "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."
"So, this week, the stock markets broke for the third time and for three days defied every effort to stop the haste to sell. The prosperity had been too good, too local to last. The 10,000 million dollars by which stocks have dwindled in market value are largely paper losses cancelling the paper gains of Wall-street professionals, manoeuvring for financial control of big businesses. More significant are the losses, probably much smaller, made by "stags" who rushed in and have lost their antlers. These must be losses on a large scale. For a year New York banks have been trying hard to prevent their loans being used to finance speculation, but in vain. Money, once in circulation is likely to go wherever the demand for it is greatest. It has gone."
September 2024 Boeing Co-The NYSE:BA 161.02 USD -6.01 (-3.60%)
