Texas & the Great depression Chapter 23. Stock Many people who made money in the 1920s invested heavily in stock. Many people who made money in the 1920s.

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Presentation transcript:

Texas & the Great depression Chapter 23

Stock Many people who made money in the 1920s invested heavily in stock. Many people who made money in the 1920s invested heavily in stock. Stock : Ownership in a corporation, divided into shares & represented by a certificate Stock : Ownership in a corporation, divided into shares & represented by a certificate

Stockholders If the company does well, the stockholders get money back from their investments. If the company does well, the stockholders get money back from their investments. Stockholder : Owner of stock Stockholder : Owner of stock If the company does well, the stockholders get money back from their investments. If the company does well, the stockholders get money back from their investments. Stockholder : Owner of stock Stockholder : Owner of stock

Speculation In the 1920s, people began to speculate on the stock market (where stocks are bought & sold). In the 1920s, people began to speculate on the stock market (where stocks are bought & sold). Speculate : People risked their money hoping that prices would rise quickly so they could sell their stock for a quick profit. Speculate : People risked their money hoping that prices would rise quickly so they could sell their stock for a quick profit.

Stock market crash Thursday, October 24, 1929 : Investors sold 13 million stocks, which dropped prices sharply. Thursday, October 24, 1929 : Investors sold 13 million stocks, which dropped prices sharply. Friday & Saturday (Oct ) : Bankers bought stocks to balance the stock market. Friday & Saturday (Oct ) : Bankers bought stocks to balance the stock market. Monday (Oct. 28) : Prices fell again Monday (Oct. 28) : Prices fell again

Black Tuesday On Tuesday, October 29, 1929, investors sold over 16 million stocks, causing a $26 billion loss. On Tuesday, October 29, 1929, investors sold over 16 million stocks, causing a $26 billion loss. So much money was lost that the day became known as “ Black Tuesday”. So much money was lost that the day became known as “ Black Tuesday”. On Tuesday, October 29, 1929, investors sold over 16 million stocks, causing a $26 billion loss. On Tuesday, October 29, 1929, investors sold over 16 million stocks, causing a $26 billion loss. So much money was lost that the day became known as “ Black Tuesday”. So much money was lost that the day became known as “ Black Tuesday”.

Effects of black tuesday Many people were left with debts they couldn’t pay.Many people were left with debts they couldn’t pay. Banks ran out of money since they couldn’t collect the money they were owed.Banks ran out of money since they couldn’t collect the money they were owed. Factories & stores closed and ¼ of all workers lost their jobs.Factories & stores closed and ¼ of all workers lost their jobs. The Great Depression began.The Great Depression began.

The great depression The Great Depression lasted from 1929 to the beginning of World War II in The Great Depression lasted from 1929 to the beginning of World War II in People roamed from place to place looking for work or built shacks to live in. People roamed from place to place looking for work or built shacks to live in. The Great Depression lasted from 1929 to the beginning of World War II in The Great Depression lasted from 1929 to the beginning of World War II in People roamed from place to place looking for work or built shacks to live in. People roamed from place to place looking for work or built shacks to live in.

Impact on texas The Great Depression spread worldwide, affecting European markets for Texas goods.The Great Depression spread worldwide, affecting European markets for Texas goods. Texas’s crop prices dropped 50% between 1929 & 1933.Texas’s crop prices dropped 50% between 1929 & About 13% of Texans had to ask for government help.About 13% of Texans had to ask for government help.

Drought In the mid-1930s, a terrible drought hit Texas & other states in the Great Plains.In the mid-1930s, a terrible drought hit Texas & other states in the Great Plains. This caused the millions of acres of grassland that had been plowed to produce fierce dust storms called “ black blizzards ”.This caused the millions of acres of grassland that had been plowed to produce fierce dust storms called “ black blizzards ”.

Dust bowl Texas, Oklahoma, Kansas, Colorado & New Mexico were affected by the drought & constant dust storms.Texas, Oklahoma, Kansas, Colorado & New Mexico were affected by the drought & constant dust storms. People called this region the “Dust Bowl”.People called this region the “Dust Bowl”.