It will be noticed that the new issues are in large denominations suitable for hoarding.

200

150

100

50

Stock Price Index of 404 Stocks

In Relatives, 1926-100 (Source: Standard Statistics Co., Inc., N. Y.)

Here appears the evidence that dealing with the leading industrial stocks, rails and utilities, the average high in 1929 was 253.5 and the price to-day, December 17, 1931, was 63, a fall in market price in two years of 75 per cent to one-fourth of the high value in 1929.

In other stocks, the fall was still greater, going down to 90 per cent, 95 per cent,

and zero.

Notice the violent decline when the brokers' loans were called in October, 1929.

Here appears the evidence that dealing with the leading industrial stocks, rails and utilities, the average high in 1929 was 253.5 and the price to-day, December 17, 1931, was 63, a fall in market price in two years of 75 per cent to one-fourth of the high value in 1929.

In other stocks, the fall was still greater, going down to 90 per cent, 95 per cent, and zero.

Notice the violent decline when the brokers' loans were called in October, 1929.

Notice of New York bank loans went up a billion dollars when the brokers

90

00

80