Steel production declined, construction was sluggish, automobile sales went down, and consumers were building up large debts because of easy credit. However, the American economy showed ominous signs of trouble. Mitchell's move brought a temporary halt to the financial crisis, and call money declined from 20 to 8 percent. Mitchell announced that his company, the National City Bank, would provide $25 million in credit to stop the market's slide. On March 25, 1929, after the Federal Reserve warned of excessive speculation, a small crash occurred as investors started to sell stocks at a rapid pace, exposing the market's shaky foundation. Despite the inherent risk of speculation, it was widely believed that the stock market would continue to rise forever. Scholars believe that such declines in the money supply caused by Federal Reserve decisions had a severely contractionary effect on output. Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector. The " Roaring Twenties", the decade following World War I that led to the crash, was a time of wealth and excess. The Dow Jones Industrial Average, 1928–1930
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