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I think the tales of Wall Street financiers plunging to their deaths in 1929 are probably well known.

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From Random Facts - The Great Depression:

After the initial crash, there was a wave of suicides in the New York’s financial district.
It is said that the clerks of one hotel even started asking new guests if they needed a room for sleeping or jumping. 1

1. Feinstein, Stephen. 2006. The 1930s: From the Great Depression to the Wizard of Oz.
Revised Ed. Berkeley Heights, NJ: Enslow Publishers, Inc.

But according to John Kenneth Galbraith's The Great Crash, 1929 this is a myth.

In the wake of Black Thursday London newspapers reported that ruined speculators were throwing themselves from windows, but Galbraith asserts there was no substance to these claims of widespread suicides.

My Questions:

  • Was there a crash related wave of suicides in New York City?
  • Was there a high(er) number of people plunging to their deaths?
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Oliver_C
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2 Answers2

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The heavy lifting has been done by The Straight Dope.

To start with, let's look at the quality of your two conflicting sources. One is a respected academic book by a world-class economist. The other is a website that by admission devotes itself to "random facts and trivia". Guess which is going to be more reliable. Interestingly Galbraith's book is one of the main sources used by The Straight Dope.

Let's pull some summary quotes from The Straight Dope:

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. [...] 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.

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 defense of Randomfacts, it is entirely possible that a few notable jumpers would have been reported as 'a wave' in contemporary sources, but would not make a significant difference to suicide statistics.

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DJClayworth
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    In __RandomFacts__'s defense, they do list the source of every fact they cite. – Oliver_C Jun 23 '12 at 18:13
  • using a source citing a work the op is asking about seems counter intuitive to providing a correct answer. – Ryathal Jun 25 '12 at 13:22
  • It may seem counterintuitive, but the book is (as I say) a widely-respected book by a world class economist. Why would it not be considered a reliable reference? It's also used as a source by The Straight Dope. – DJClayworth Jun 25 '12 at 13:28
  • @Ryathal - Since "The Straight Dope" also uses other references I'm fine with this answer. – Oliver_C Jun 25 '12 at 20:50
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    @DJClayworth Its an independent verification issue, not the reliability of the source, imagine a question "John says 2+2=4 is this true?" with an answer "Yes, Bill says according to John 2+2=4." Focusing on other sources more would be beneficial because it validates your answer without circular logic. – Ryathal Jun 25 '12 at 21:27
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    "One is a respected academic book by a world-class economist." -- Appeal to authority much? – Russell Steen Jun 26 '12 at 01:46
  • @RussellSteen Feel free to do your own research and write your own answer. – DJClayworth Jun 26 '12 at 03:12
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    @DJClayworth -- Me not answering (or answering) does not make your appeal to authority more valid. – Russell Steen Jun 26 '12 at 03:25
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    @RussellSteen So to be clear, you are objecting to me using Galbraith as a source why? Because he's too respected? Because he's too well known? Because he's an academic? Because he actually studied the US death statistics and reached a conclusion? – DJClayworth Jun 26 '12 at 13:54
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    @RussellSteen: History is, unfortunately 100% appeal to authority (OK maybe 99% since we can do things like ice-core analysis - just not in this case). All historical documents (newspapers, court records, letters) are written by humans after all. So history (and law?) are some of the only fields where appeal to authority is acceptable because it's necessary. – slebetman Aug 01 '14 at 09:49
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    I think your last point is very important. A wave of investor suicides would not even make an overall difference in suicides. What are they, .01% of the population? In my mind something as low as 5 investor suicides could be called a wave and would be significantly high for their population size. – Jonathon Aug 01 '14 at 17:19
  • @DJClayworth - I'm late to the game here, but it appears that Russell Steen does not actually understand what the FALLACY of "appeal to authority" is - "argumentum ad verecundiam. (also known as: argument from authority, appeal to false authority, argument from false authority, ipse dixit, testimonials [form of]) Definition: Using an authority as evidence in your argument when the authority is not really an authority on the facts relevant to the argument." Citing an authority as an authority on a topic where they have expertise is not the fallacy he claims to be citing. – PoloHoleSet Feb 28 '17 at 21:45
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eight people jumped off buildings in [New York] city between the crash and the end of 1929

Quoting from My grandfather killed himself in the '29 crash', the title referring to a grandfather of Roger Graef.

According to the 1970 book A Nation in Torment: The Great American Depression, 1929-1939

Comedian Eddie Cantor evoked guffaws from audiences when he impersonated a hotel clerk asking a broker whether he wanted a room for sleeping or jumping

Actually, the joke is in Eddie Cantor's own 1929 book Caught short!: A saga of wailing Wall street

So that portion of the quote in the OP is not accurate history.

DavePhD
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