On Oct. 24, 1929, the complete collapse of the stock market began; about 13 million shares of stock were sold. Tuesday, October 29--known ever since as Black Tuesday --extended the damage; more than 16 million shares were sold. The value of most shares fell sharply, leaving financial ruin and panic in its wake.

There had been financial panics before, and there have been some since, but never did a collapse in the market have such a devastating and long-term effect. Like a snowball rolling downhill, it gathered momentum and swept away the whole economy before it. Businesses closed, putting millions out of work. Banks failed by the hundreds. Wages for those still fortunate enough to have work fell precipitously. The value of money decreased as the demand for goods declined.

Most of the agricultural segment of the economy had been in serious trouble for years. With the arrival of the depression it was nearly eliminated altogether, and the drought that created the 1930s Great Plains Dust Bowl compounded the damage.

Government itself was sorely pressed for income at all levels as tax revenues fell, and government at that time was much more limited in its ability to respond to economic crises than it is today.

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