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| 1929 |
October -- The stock market crashes, marking the end of six years of unparalleled prosperity for most sectors of the American economy. The "crash" began on October 24 (Black Thursday). By October 29, stock prices had plummeted and banks were calling in loans. An estimated $30 billion in stock values "disappeared" by mid-November. |
| November -- "Any lack of confidence in the economic future or the basic strength of business in the United States is foolish."--President Herbert Hoover |
| 1930 |
 March -- More than 3.2 million people are unemployed, up from 1.5
million before the "crash" of October, 1929. President Hoover remained
optimistic however stating that "all the evidences indicate that the worst
effects of the crash upon unemployment will have passed during the next sixty
days." |
| November -- The street corners of New York City are crowded with
apple-sellers. Nearly six thousand unemployed individuals worked at selling
apples for five cents apiece. |
| 1931 |
January -- Texas congressman Wright Patman introduces legislation
authorizing immediate payment of "bonus" funds to veterans of World War I. The
"bonus bill" had been passed in 1924. It allotted bonuses, in the form of
"adjusted service certificates," equaling $1 a day for each day of service in
the U.S., and $1.25 for each day overseas. President Hoover was against payment
of these funds, saying it would cost the Treasury $4 billion.
|
February -- "Food riots" begin to break out in parts of the U.S. In
Minneapolis, several hundred men and women smashed the windows of a grocery market and made off with fruit, canned goods, bacon, and ham. One of the
store's owners pulled out a gun to stop the looters, but was leapt upon and had
his arm broken. The "riot" was brought under control by 100 policemen. Seven
people were arrested.
Resentment of "foreign" workers increases along with unemployment rolls.
In Los Angeles, California, Mexican Americans found themselves being accused of
stealing jobs from "real" Americans. During the month, 6,024 of them were deported. |
 March -- Three thousand unemployed workers march on the Ford Motor Company's plant in River Rouge, Michigan. Dearborn police and Ford's company guards attack, killing four workers and injuring many more. |
| December -- New York's Bank of the United States collapses. At the time of
the collapse, the bank had over $200 million in deposits, making it the largest
single bank failure in the nation's history. |
| 1932 |
January -- Congress establishes the Reconstruction Finance
Corporation. The R.F.C. was allowed to lend $2 billion to banks, insurance
companies, building and loan associations, agricultural credit organizations
and railroads. Critics of the R.F.C. called it "the millionaires' dole."
|
 April -- More than 750,000 New Yorkers are reported to be dependent upon
city relief, with an additional 160,000 on a waiting list. Expenditures
averaged about $8.20 per month for each person on relief. |
| May -- More than 300 World War I vets leave Portland, Oregon en route to
Washington, D.C. to urge Congress to pass the Bonus Bill. It took them eighteen days to reach Washington, D.C. |
| June -- Determined to collect their "bonus" pay for service, between
15,000 to 25,000 World War I veterans gather and begin setting up encampments near the
White House and the Capitol in Washington, D.C. On June 15, the House passed
Congressman Wright Patman's "bonus bill" by a vote of 209 to 176. The bill fell
to defeat in the Senate, however, 62 to 18. The vets maintained their
determination to stay camped out until they got their pay. |
| July -- Hoover signs a $100,000 transportation bill to assist "bonus Army"
demonstrators in getting home. Hoover set a July 24 deadline for the men to
abandon their encampments. On July 28, when some "bonus Army" members resisted
being moved from their camps. Violence erupted, leading to the deaths of two veterans. Hoover ordered Federal troops, under the command
of General Douglas MacArthur, to assist D.C. police in clearing the veterans.
|
| July -- The Reconstruction Finance Corporation is authorized to lend needy
states sums from the national Treasury. The money was to target relief and
public works projects. |
 November -- Franklin Delano Roosevelt is elected President in a landslide
over Herbert Hoover. Roosevelt received 22,800,000 popular votes to 15,750,000
for Hoover. |
1929 - 1932 | 1933 - 1935 | 1936 - 1940
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