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Stock Market Crash (1920's)
Transcript of Stock Market Crash (1920's)
everybody wants to invest; get loans from banks
most investors HAPPY :) BUT others think market has to go down eventually EXAMPLES: Henry Ford starts assembly line and makes BIG $$!
James Cash Penney (JC Penney) founds department store chain in Wyoming. James Cash Penney at age 20, started work as local store clerk.
opens first JC Penney store in 1913.
by 1928, over 1,000 stores across nation
1929, goes public on stock exchange October 29, 1929
market prices shoot down
just the beginning of prices falling
marks beginning of Great Depression "Black Tuesday" IMPACT! investors lose money and can't pay off loans
New York Stock Exchange loses $4 billion by end of year.
business cycle: prosperity recession depression recovery KILLED U.S. economy SIGNIFICANCE 1.) people (who invested) - no money $$
2.) banks - fail
leads to GREAT DEPRESSION end of Black Tuesday, investors had traded more than 16 million shares
estimate of $40 million of stock value lost FAST FACTS! examples:
1.) General Electric - from $396 to $168
2.) U.S. Steel - from $261 to $150 GENERAL INFO 1.)"The Stock Market Crash." library.thinkquest.
Think Quest, n.d. Web. 12 Sep 2012.
2.) Condon, Michelle. "J.C. Peney." stfrancis.edu.
University of St. Francis, n.d. Web. 12 Sep 2012. <http://www.stfrancis.edu/content/ba/ghkickul/stuwebs/bbios/biograph/jcpenney.html
3.)"1920's Business and Economy." 1920-30.com.
1920-30.com, 2005. Web. 12 Sep 2012.
<http://www.1920-30.com/business/ WORKS CITED 1920'S STOCK MARKET BY: KATIE JACOBY