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?
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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 deserved to. But they probably didn’t die, 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.
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.
