Financial experts warned the public the the American Economy is slowing down. With this warning in mind, investors started selling their shares in large numbers in September 1929. By 24th October 1929, 12.8 million shares were sold and another 16 million shares were sold at a very low price on 29th October 1929. The panic selling of shares lead to the collapse of the stock market in New York.
The aftermath of the wall street crash was very disastrous. Investors lost their money and was not able to pay off their debts. Many banks closed, leaving their depositors with no money nor hope for the future. Ordinary people lost their means to buy foods and other basic needs like shelter and clothes. Companies have to downsize resulting to firing of redundant workers and lowering the wages of the remaining workers. Unemployment rose to very high level.
The Wall Street Crash led to the beginning of the Great Depression in the 1930s.
<span>After the oil boom that happened in Pennsylvania during
1859. 3 other states started to discovered vast oil reserved in their country.
=> 2 of these countries are California and Texas.
=> For Texas, it was a great opportunity to be able to discover vast oil
reserves for their country because it helped a lot with their economic growth.
During 1940, Texas was already considered as the one of the biggest oil producing
state.
Later they were joined by Kansas, Oklahoma and Illinois.
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It made settlement and transportation faster.
The open door policy was principles that was installed in 1899 and then the 1900s to Have a protection of equal or even trading among countries
<span><span> they brought wheat that grew in the climate.</span></span>