The spectacular 1920’s St. Petersburg land boom slowed dramatically by late 1926, and came to a grinding halt 90 years ago this month when the New York Stock Exchange collapsed on October 29, 1929. The Sunshine City sold itself on providing northern visitors a paradise – an alternative to reality. But as the Great Depression worsened, it was difficult to hide the destitute and hard times. Local politician and business leaders even banished the term “Depression” from the local vocabulary, but when the City couldn’t meet its payroll, there was no fooling anyone.
The value of total bank deposits in St. Petersburg fell from $46-million in 1925 to $4.3-million in 1931. The total value of construction, via building permits, fell from $24-million in 1925 to $278,000 in 1932. Beautiful North Shore homes that cost $40,000 to build, were being sold for $7,000.
Pictured here are panicked depositors trying to get their money out of the Central National Bank in early 1931. This bank, located on the corner of Central Avenue and 4th Street was next to the Pheil Hotel and Theater. The Central National Bank shut it doors shortly after the photo was taken. Every bank in St. Petersburg went under from mid-1931 until 1932.
This historical image of St. Petersburg, and many more, are available in the Museum’s archives. For more information, visit HistoryStPete.org.
