Black Thursday, a catastrophic crash on the New York Stock Exchange, occurs when the value of stocks suddenly declines and continues to decline for a month. The event leads to a subsequent crash in world stock prices and precipitates the Great Depression. This after famous economist Irving Fisher had declared that stock prices had reached a permanently high plateau.

In Newark, New Jersey, the organized crime figures Dutch Schultz, Abe Landau, Otto Berman, and Bernard "Lulu" Rosencrantz are fatally shot at the Palace Chophouse restaurant. Schultz, who was the target, lingers in the hospital for about a day before dying. The killings are committed by a group of professional gunmen known as Murder, Inc., and the event becomes known as the Chophouse Massacre.

Vaudeville and screen performer Al Jolson dies of a heart attack in San Francisco after a trip to Korea to entertain troops causes lung problems. Jolson is best known for his film The Jazz Singer, and for his performances in blackface make-up, which were not considered offensive at the time, but have now come to be seen as a form of racial bigotry.

After a performance in Montreal, Hungarian-born magician and escape artist Harry Houdini is approached by a university student named J. Gordon Whitehead, who asks if it is true that Houdini can endure any blow to the stomach. Before Houdini is ready Whitehead strikes him several times, causing internal injuries that lead to the magician's death.