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Some background material taken from various websites:
The depression ("the great depression") began with the stock market crash of October 29, 1929 (though the fall in stock prices began early in September. There were rumors of people jumping from buildings in the stock exchange as a result of having lost their fortunes[1].The first chapter of Imrei Shefer speaks of people who committed suicide because they lost all their money, especially people who had been rich. The sefer was printed in Vilna 1929 – if it was published at the end of that year, it is possible that this is the source of the reference.
August 30, 2002
Dear Cecil:
Did investors really jump to their deaths when the stock market crashed in 1929? If so, was it just on Wall Street or all over the country?
— Alex Baxter, Aurora, Illinois
Admit it, you want this to be true. You want to believe there was a time when ruined tycoons, brought low through their own foolishness and greed, would do the decent thing and commit suicide, in contrast to the modern practice of going before a congressional committee and taking the fifth. You want to think that if you'd walked down Wall Street on Black Thursday--October 24, 1929--bankrupt plutocrats would have been falling out of the skies like rain. In short, you want to believe in a better world.
And you know what? People wanted to believe in it at the time. Even while the financial meltdown was in progress, reporters in downtown Manhattan were checking out a rumor that 11 busted brokers had jumped out of windows. London newspapers gleefully told of pedestrians threading their way through the bodies of fallen speculators. Legend has it that the cops dragged one poor guy off a ledge, only to discover that he was just a window washer. Will Rogers observed, "When Wall Street took that tail spin, you had to stand in line to get a window to jump out of, and speculators were selling space for bodies in the East River." One senses in these stories an element of wishful thinking on the part of ordinary folks, many of whom had also lost money in the crash. Who can blame them? "The market has tanked! My life savings are gone! These people DESERVE TO DIE!"
Well, they probably did, but they probably didn't, at least not on October 24 or the even more catastrophic Black Tuesday, October 29. No less an authority than economist John Kenneth Galbraith addressed the subject in his book The Great Crash, 1929, first published in 1955. Studying U.S. death statistics, Galbraith found that while the U.S. suicide rate increased steadily between 1925 and 1932, during October and November of 1929 the number of suicides was disappointingly low.
That's not to say that a few failed investors, executives, etc., didn't kill themselves in the wake of the crash. But the suicides happened all around the country, didn't necessarily involve jumping out the window, and for the most part didn't take place immediately following the crash. For example:
On Friday, November 8, J.J. Riordan, president of the County Trust Company, took a pistol from a teller's cage at his bank, went to his home in downtown Manhattan, and shot himself. The news was suppressed until after the bank closed at noon Saturday, to avoid causing a run on the bank.
A vice president of the Earl Radio Corporation jumped to his death from the window of a Manhattan hotel. His suicide note read, "We are broke. Last April I was worth $100,000. Today I am $24,000 in the red." But this happened in early October, weeks before the crash.
Jesse Livermore, perhaps the most famous of the Wall Street speculators, shot himself--but not until 1940.
Several well-publicized suicides did fulfill the stereotype. Winston Churchill, visiting New York, was awakened the day after Black Tuesday by the noise of a crowd outside the Savoy-Plaza Hotel. "Under my very window a gentleman cast himself down fifteen storeys and was dashed to pieces, causing a wild commotion and the arrival of the fire brigade," he wrote.
In 1929: The Year of the Great Crash (1989) historian William K. Klingaman says asphyxiation by gas was the most common method of doing oneself in, although there was considerable variety. He writes:
The wife of a Long Island broker shot herself in the heart; a utilities executive in Rochester, New York, shut himself in his bathroom and opened a wall jet of illuminating gas; a St. Louis broker swallowed poison; a Philadelphia financier shot himself in his athletic club; a divorcee in Allentown, Pennsylvania, closed the doors and windows of her home and turned on a gas oven. In Milwaukee, one gentleman who took his own life left a note that read, 'My body should go to science, my soul to Andrew W. Mellon, and sympathy to my creditors.'
You have to admire a guy like that. Now if only some of the current crop of pirates would take the hint.
— Cecil Adams
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http://history1900s.about.com/od/1920s/a/stockcrash1929_2.htm
October 29, 1929, "Black Tuesday," is known as the worst day in stock market history. There were so many orders to sell that the ticker quickly fell behind. (By the end of close, it had lagged to 2 1/2 hours behind.) People were in a panic; they couldn't get rid of their stocks fast enough. Since everyone was selling and nearly no one was buying, stock prices collapsed.
Rather than the bankers rallying investors by buying more stocks, rumors circulated that they were selling. Panic hit the country. Over 16.4 million shares of stock were sold - a new record.
The Drop Continues
Not sure how to stem the panic, the decision was made to close the stock market on Friday, November 1 for few days. When it reopened on Monday, November 4 for limited hours, stocks dropped again. The slump continued until November 23, 1929, when prices seemed to stabilize. However, this was not the end. Over the next two years, the stock market continued to drop. It reached its low point on July 8, 1932 when the Dow Jones Industrial Average closed at 41.22.
Aftermath
To say that the Stock Market Crash of 1929 devastated the economy is an understatement. Although reports of mass suicides in the aftermath of the crash were most likely exaggerations, many people lost their entire savings. Numerous companies were ruined. Faith in banks was destroyed.
The Stock Market Crash of 1929 occurred at the beginning of the Great Depression. Whether it was a symptom of the impending depression or a direct cause of it is still hotly debated.
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See file attached at bottom of webpage: MIDRASH DEGEL OF SHVATIM SOURCE AND EXPLANATORY MATERIAL..DOC
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Besides the passion with which Zeide infused Imrei Shefer, his writing style is beautiful, and every page contains quaint literary phrases, and scattered here and there through it are poems!
Although the Hebrew is not the same as in contemporary Israeli usage the first editor/typist I chose told me she didn't think the language should be changed at all:
