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Black Tuesday: The Stock Market Crash of 1929 and the Onset of the Great Depression

This chapter notes the events leading up to Black Tuesday, the devastating stock market crash on October 29, 1929. The aftermath, including bank failures, mass unemployment, farm crisis, and global economic effects, are outlined. The Dust Bowl exacerbates hardships, with migration to California and efforts to aid the poor detailed. The text covers societal impacts, pop culture influences, theories and solutions proposed, and the public response to President Hoover's actions.

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Black Tuesday: The Stock Market Crash of 1929 and the Onset of the Great Depression

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  1. The Great Depression Chapter 14 Notes

  2. Black Tuesday

  3. Warning Signs: • Farm crisis • Consumers’ over reliance on credit • Stock speculation • Bull market • Bear market • Margin buying

  4. New York City Stock Exchange:

  5. Black Thursday • October 24, 1929 • Lg. no. of investors (nervous about rising interest rates) began rapidly selling stocks • Stock prices dropped automatically • Huge sell off w/ few buyers • Black Tuesday--more stocks dumped; prices dropped more; loans called in; people go bankrupt

  6. Wall Street

  7. At high noon on Black Thursday, October 24, 1929, all eyes on Wall Street were turned imploringly to the House of Morgan.

  8. Great Depression Begins: • Banks failed • Heavy defaults, margin calls & massive w/drawals (bank runs) • Businesses closed • Mass unemployment (25% or more)

  9. Great Depression Begins: • Prices dropped for farm products • Farms lost to banks

  10. (Continued) • Income gap • Avg. income drops • Reduced purchasing power • Consumer debt • Global depression • Banks call in European war loans • can’t export (European depression) • Smoot-Hawley Tariff (highest in U.S. history)

  11. Hardships: • Unemployment or reduced wages • Immigration decreased • Migrants returned to Mexico • Increased discrimination

  12. Hardships: • Malnutrition--esp. in children • Homelessness • Shantytowns (Hoovervilles) • Hoboes

  13. Families: • Relatives helped one another • Marriage rate fell • Birthrates decline • Suicide rose 28% (1929-1932) • Feelings of guilt & shame

  14. The Dust Bowl, 1931

  15. The Dust Bowl • 1931 began several years of drought • Poor farming practices left land w/out grass

  16. Wind storms blew away topsoil (sometimes as far as Atlantic Coast)

  17. Dust Bowl Region: OK, KS, CO, NM, TX

  18. The Dust Bowl • Many people migrate west along Rt 66 to CA (promised land)

  19. Efforts to help poor: • Salvation Army, gov. agencies, religious groups • Mutualistas • Bread lines • Rent parties • Community rice barrels

  20. Unemployment Offices: Selling Apples

  21. Breadlines and Soup Kitchens

  22. Hoovervilles

  23. Pop Culture: • Entertainment--means of escape • Movies • gangsters, strong women, cartoons • Radio • Woodie Guthrie • Literature • John Stienbeck

  24. Theories/Solutions: • Business Cycle--regular ups & downs of business in a free enterprise system • President Hoover--felt people should help themselves not the govt. • Rugged individualism • Associative state

  25. Hoover Administration:

  26. Public response to Hoover • Protests • Communists, Socialists • Scottsboro Trial • Bonus Army • Legal action

  27. Bonus Army

  28. Scottsboro Boys

  29. Election of 1932: • Rep: Herbert Hoover • Dem: Franklin D. Roosevelt

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