|Updated November 1, 2005|
|Fall of the House of Mackay, 1929-1938|
|The chart below shows the meteoric rise and fall of the Dow Jones Industrial Average (DJIA) month by month between 1921 and 1940. The impact of the stock market crash in October 1929 and the following Great Depression had an immensely negative impact upon Clarence Mackay, his family, his business holdings, his employees, his Harbor Hill estate and his personal fortune.
In 1932, Clarence Mackay was forced to sell some of his most valuable and beloved art. In 1933, Clarence and his wife Anna were forced to close the Harbor Hill mansion and reduce saleries and staff. In November 1938, at the time of Mr. Mackay's death, his estate was valued at only 2-3 million dollars (at one time his net worth was 50-100 times that amount).
For an excellent explanation of why the 1929 stock market crashed, click here: Stock-Market-Crash.