This picture was taken in October 1929 during the Stock Market Crash in New York which was the starting point of the Great Depression. The stock values dropped initially by over 40% and then continued declining for the following months. Companies were producing at great productivity but supply was substantially more than what people could afford to buy, which partially led to the stock market crash. This day marked chaos for everyone. As a result of the crash, several banks also closed. People lost their savings and were out of work.
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From the reading, I came to realize the depression was actually an accumulated event than just one day’s contingency. According to Foner’s writing, he mentioned “National Economic depression begins” in 1873 (p.522) and many other websites’ statements on the depressions, there were too many factors that lead to the Great Depression in 1929.
It would be great if I can read more about all the accumulated events to the 1929 Stock Market Crash.
Great depiction of what was happening at that time. This was certainly a historical change. I’d like to know who took that picture and was it posted in a newspaper.