Residents of Upper Michigan were not immune to a world-wide catastrophic event that occurred on this day in 1929: the stock market crash. Also known as Black Tuesday, October 29 concluded a 2-day slide that saw the loss of one fourth of the market’s value.
With so many businesses over-leveraged here in the U.P. as elsewhere – the sudden loss of wealth forced many to liquidate other assets to cover margin calls, triggering an economic collapse of industrialized nations, plunging the world into the Great Depression.
Upper Michigan was especially hard hit during this time, with drastically reduced demand for its minerals and lumber, in that downturn triggered on this day in 1929.