On Tuesday, October 29, 1929, the American stock market collapsed, sending industrialized countries into an economic depression that lasted nearly ten years.Banks closed, businesses failed, and millions were left jobless.
Black Tuesday
On Tuesday, October 29, 1929, the American stock market collapsed, sending industrialized countries into an economic depression that lasted nearly ten years.Banks closed, businesses failed, and millions were left jobless.
During the mid- to late-1920s, the United States stock market underwent rapid expansion. Despite a decline in September and early October, speculation continued. The first day of real panic occurred on October 24, known as "Black Thursday." On that day a record 12,894,650 shares were traded. In an effort to stem the panic, major banks and investment companies bought up great blocks of stocks. Their attempts soon proved to be in vain. By Tuesday, October 29, 16,000,000 shares were traded, and prices collapsed completely.
Artist James Rosenberg's depiction of the fateful day shows dark storm clouds above Wall Street, as the buildings crash onto the doomed people in the street below. The title Rosenberg chose for his lithograph, Dies Irae, means "day of wrath" in Latin.
Source: Encyclopędia Britannica Online at http://www.eb.com.
Pictured: James N. Rosenberg, 1874–1970, Dies Irae (Oct 29), 1929, lithograph, 13 11/16 x 10 1/2 in., Smithsonian American Art Museum, Museum purchase.