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Commerce Yearbook 1928

Department of Commerce. C 18.26: 1928.

Given the Stock Market Crash of 1929 and the Great Depression that followed, the summary of banking and finance activities in 1927 (p. 637) is still unnerving after all these years:

"In 1927, there was continued growth in the volume of practically every kind of financial transaction; but, except in the stock market, it was a growth so sound and gradual as to be without great general interest....Stock-market speculation was most pronounced; 1927 was a year of swiftly rising security prices, without any setback worth mentioning. Both stocks and bonds reached new high levels for all time and about one-half of the increased loans by all banks were in the form of brokers' collateral loans."