The Crash of 1929
The Stock Market Crumbles
“Bull” Market – like a “bull”
charging ever upward
in Sept., American
stocks began to
decrease in value
Cdn. stocks did, too
Investors start to
lose confidence in
the companies
they’d invested in
“Bull” Market – like a
“bull” charging ever
upward
wanted to sell
stocks before the
stock prices fell
further
Investors panicked
and started
unloading large
quantities of stocks
Black Thurs., Oct. 24
Winnipeg Grain Exchange collapsed
Widespread panic
Black Tues., Oct. 29
widely recognized as THE Crash
NY (Wall Street), Toronto and
Montreal stock exchanges
crashed
stocks are worthless
TSX dropped $1 million/minute
on 16 key companies
Results
financial ruin for investors
investors who bought stocks on margin now
owed money to stockbrokers, couldn’t pay
stockbrokers couldn’t sell stocks to survive
in Canada, relatively few people owned
stocks, but millions were affected by the
results of the Crash of ’29.
1929
Beginning of the Great
Depression
farmers stop buying manufactured
goods
manufacturers cut back on production
workers let go or salaries reduced
less money to buy goods
Less manufactured goods bought
And so on, and so on…