This is part of an ongoing series where I review Golden Age Superman, weekly, issue by issue, starting from the very beginning.
Superman and the 'Black Gold' Swindle is a story about the stock market. It also recalls the crash of 1929, with a stock broker comitting suicide after spending all of his money on a worthless stock from the brokerage firm Meek & Bronson. Urban myths suggest that stock brokers threw themselves off of buildings in droves in 1929 as a result of the crash. Although this direct correlation is greatly exaggerated, suicide rates in the US did rise in the years that followed (Klein). It’s a much more sympathetic portrayal of suicide than what we see in Action Comics #9, with the dead man being a victim of greed rather than just a lunatic, but still ultimately is used as an inciting incident in a story that doesn’t have a ton to do with mental health or suicide otherwise.
The stock is in the Black Gold Oil Well, but Meek & Bronson “found stock selling so profitable that they haven’t even bothered to really go after oil”. Clark then buys up all the stocks in a fake identity, and drills for oil himself at the well. After dealing with some hired goons sent after him by Meek & Bronson, Clark visits them in his fake identity to sell back the stocks for a total of 1 million dollars (over 22 million adjusted for inflation). The stocks are now worth millions, so Meek & Bronson grudgingly accept, but before they can reap the rewards Superman returns to the well and destroys it to give them a taste of their own medicine. Superman relishes in punishing rich people here, and it’s a lot of fun to watch.
Clark becoming a millionaire off this is a fun detail that is actually carried over to Action Comics #15, where he needs to raise 2 million to help Kidtown, but we don’t really see him do anything with it until then. With the run of stories in between, it does end up feeling like a forgotten plot point that Shuster suddenly remembered a few months later. I don't know a ton about the behind the scenes of this period, though, it is possible Superman on the High Seas was originally meant to come right after this. It is weird we rarely see Superman raise money for charitable purposes- I suppose helping orphans is less entertaining to read than punching corrupt industrialists, and it does fit in with Superman’s characterisation this far (the man always chooses violence), but stories like this and Superman Joins the Circus show that there is potential for some to be a force of positive economic change. Still, you can only fit so much into 13 pages.
There’s not a ton else to talk about here- Superman races past a train again, this time beating a streamliner, which can go over 110mph. Trains were the fastest mode of transit available to most people at the time, as commercial aviation didn’t really take off until after the war. Showing Superman go faster than our most efficient commercial transit drives home his speed, although the wave of speedsters that would debut over the next year or two would inevitably be much faster than this Superman. Still, at this point in time, there were very few other super-powered characters around at all. Most of the other superheroes of 1939 were mystery-men esque vigilantes, most notably Batman. Later in the year, Doll Man, the Human Torch, and Namor would follow, but Zatara was the only other character with special powers that I know of at the time. Superman is the original, and it would take other comic artists a while to figure out what made this character work so well, and how to emulate that. For now, he stands alone.
Sources
Klein, Christopher. 1929 Stock Market Crash: Did Panicked Investors Really Jump From Windows? 2019






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