This Week in the Great Depression -- New Year's Blues: Echoes

December, not April, was the cruelest month in 1931. U.S. stock markets cratered, and railway shares were “breaking to the lowest levels in the history of the Dow-Jones averages,” the Wall Street Journal noted on New Year’s Day, 1932. Shares of industrial companies followed them down. In the bond market, “new financing reached the vanishing point in the final quarter.”

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