By Philip Scranton at Bloomberg
President Herbert Hoover, meanwhile, was trying to "step in at the eleventh hour to avert disaster," this time a renewed decline in stock values. As the attached graphic shows, the Dow charted a ragged slide -- peaks and valleys that slumped from 381 to 86 by late 1931, and to less than half that by mid-1932. Hoover called for an international agreement to defer payments on war debts and reparations, which he hoped would stop the downward momentum.
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