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The price of stock for the Union Cigar Company collapsed from $113.50 to $4 in just one day following the Crash of the Stock Market in 1929. The President of the company jumped to his death from a hotel room. That incident helped fuel a legend that the rich were shouting "Ruined!'" as they leaped from high buildings during 1929 and 1930. Cartoons and newspapers had a field day, but the truth was not many wealthy jumped, but tried to work to save their companies. A study found more suicides in the month prior to the crash than after.
While the middle class saw many of their numbers ruined financially, the very rich suffered little more than a loss in paper wealth and not poverty. Still, the monied class was stunned by the Depression. The rich feared FDR more than the Depression. By 1936 "That man in the White House" was being called a traitor to his class. By 1937, most of the wealthy were living comfortably again. Stock prices had started going up and the rich found new entertainment in the "Speakeasies" brought about by prohibition. In "Cafe Society" the rich, young, and beautiful took center stage in the wealthy society. Like today's fascination with the young, "beautiful" movie stars and musicians and singers, the middle and lower class of the 1930s became fascinated with the wealthy foreigners who came to America to join the upper classes in wedding, dining, clubbing, and enjoying their wealth during the Depression.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoYes, rich people suffered as a result of investing too much in the Stock Market. Many lost everything they owned, right down to their houses.
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What industry did not suffer during the Great Depression?
The movie industry
What group of people did not do well economically speaking during the great depression?
Farmers were not doing good during the Great Depression.
How many people jumped off of skyscrapers during the Great Depression?
Not very people at all jumped off of skyscrapers during the Great Depression. Building new skyscrapers were put on hold after the Great Depression but no because people were jumping off of them.
What did people smell during the Great Depression?
During the great depression people smelled tar paper from what they built when they became homeless and they smelled many cars that passed by.
How were the hoovervilles important to the Great Depression?
Hoovervills were important to the great depression because when people's homes went to foreclosure, they had no where to go. Hoovervills gave people shelter and food during the great depression when people had no where to go.
What illnesses did children during The Great Depression suffer from?
Starvation.
What industry did not suffer during the Great Depression?
The movie industry
How many people where Homless people during the Great Depression?
How many people were homeless during the Great Depression? Between one and two million people.
What group of people did not do well economically speaking during the great depression?
Farmers were not doing good during the Great Depression.
Who lives in Hooverville?
homeless people during the great depression Over 1,200 people were homelss.
Did people have the freedom of speech during the great depression?
no
What did people have for dessert during the great depression?
They did not have dessert
What did people live in during the Great Depression?
HooverVilles
How many people jumped off of skyscrapers during the Great Depression?
Not very people at all jumped off of skyscrapers during the Great Depression. Building new skyscrapers were put on hold after the Great Depression but no because people were jumping off of them.
How many people committed suicide during the Great Depression?
The Great Depression was an important part of American History. Many people died due to illness, malnutrition, and suicide. It is estimated that about 40,000 people committed suicide during the Great Depression.
What did people smell during the Great Depression?
During the great depression people smelled tar paper from what they built when they became homeless and they smelled many cars that passed by.
Where there radios during the Great Depression?
Yes, radios were one of the main sources of communication between the government and the people during the Great Depression
