Spectral data on a white light wave occurring during the explosive phase of the August 7 flare were obtained simultaneously with three telescopes at the Sacramento Peak Observatory. Spectrograms in the region ,~23530 to 5895 and sequences of filtergrams (~200 A halfwidth) at 4950 A, and 5900 A~ constitute the most complete record of white light flare emission obtained to date. Analysis of the iron line spectrum and of the CN and CH molecular lines shows that the maximum depth of the emission in the flare wave is about 200 km above the photosphere of the Harvard-Smithsonian Reference Atmosphere. Analysis of the Balmer lines gives an electron density of 3• 10 la cm -a where the continuum emission is present. From the Balmer line analysis, it is concluded that, in agreement with Canfield (1974) and Shmeleva and Syrovatskii (1973), the flare occurs in a thin layer and that the heating and ionization of the flaring layers are due to the injection of 100 keV electrons. There is no need to postulate filamentary structure in the flaring layer in order to explain the observations. Analysis of the continuum emission in the wave indicates that it is produced by free-bound transitions of hydrogen at a temperature of ~ 8500 K. In the impulsive phase of the flare emission arose from short-lived bluish knots which could not be studied in detail. In the following phase, the one to which the conclusions in this paper refer, the continuum emission coincided with the Ha ribbon expansion (the explosive phase). We identify it with the 'yellowish-white' flares reported by Trouvelot (1891) and others.