American businessman and philanthropist John D. Rockefeller is born in Richford, New York. The founder of Standard Oil, Rockefeller ran the company during the unprecedented growth in demand for oil and kerosene, amassing incredible personal wealth. After he retired from Standard Oil Rockefeller used much of his wealth to fund universities and medical research institutions.
Dow Jones falls to lowest point of Great Depression
Three years after the crash of 1929, the Dow Jones Industrial Average falls to its lowest point of the Great Depression. The drop reflected the wider economic decline facing the country, which saw investments wiped out and production and consumption levels plummet. The number of unemployed Americans, many of them impoverished World War I veterans, also grew dramatically.
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