1929 Stock Market Crash On October 3, 1929, the Dow Jones began to decline from a recent high of 381. The Dow Jones average then continued to decline throughout the week of October 14. Monday Night On October 21, 1929, margin calls were heavy and many Dutch and German sell calls came in overnight for the Tuesday morning open. On Tuesday morning, out-of-town banks and businesses applied for $150 million in demand loans, and Wall Street was in panic before the New York Stock Exchange opened. On October 24, 1929, people began selling their stocks as fast as they wanted. could be able. Sell ​​orders flooded the stock exchanges. On a normal day, only 750 to 800 members of the New York Stock Exchange opened the exchange. However, there were 1,100 members present for the morning opening. The Exchange then ordered all employees to be on site as many margin calls and sell orders were being placed overnight and additional telephone staff were stationed in members' boxes around the floor. The Dow Jones industrial index closed at 299 that day. October 29 marks the start of the crash. From the first hours of the stock market opening, prices fell to the point of erasing all the gains made the previous year. The Dow Jones industrial index closed at 230. With the stock market considered the leading indicator of the U.S. economy, public confidence was shattered. Between October 29 and November 13, more than $30 billion disappeared from the American economy. It took almost twenty-five years for many stocks to recover. The causes of the stock market crash were overvalued stocks, margin buying, Federal Reserve policy, and repeated statements by public officials. Many people think that stocks were too expensive and that the crash brought them back to normal. New Federal Reserve Chairman Adolph Miller tightened monetary policy and moved to lower stock prices because he believed that speculation was leading to overvaluation of stocks, thereby causing damage to the economy. In addition, from the beginning of 1929 the interest rate charged on brokers' loans increased significantly. This policy reduced the amount of loans to brokers from banks and reduced the liquidity of non-financial companies and others that financed brokers and dealers. Herbert Hoover also publicly stated that stocks were overvalued and that speculation was hurting the economy..