Faces of the Great Depression (expand below)
_______________________________________
TIMELINE OF THE GREAT DEPRESSION
October 29, 1929--"Black Tuesday," recorded sales of shares hits 16,410,000. New York Times index of industrial stocks drops nearly forty points, the worst drop in Wall Street history to that point.
November 13, 1929--Stock market prices reach low for the year, with the New York Times index of industrial stocks at 224
May 30, 1930--The New York Times prints petition of 1,028 economists (PDF) who oppose Smoot Hawley Tarrif Act.
June 17, 1930--Smoot-Hawley Tariff Act is signed into law. By year's end, 1350 banks have suspended operations during 1930.
January 7, 1931--The Committee for Unemployment Relief releases a report on unemployment showing that 4 to 5 million Americans were out of work.
March 31, 1931--Davis-Bacon Act becomes law, requiring "prevailing" (union) wages to be paid on federal construction contracts.
July 23, 1931--Macmillan report on Britain's international finances released, pointing out that Britain's short-term liabilities to foreigners is several times the size of Britain's gold reserves.
September 21, 1931--Britain goes off the gold standard, the first major power to do so.
October 16, 1931--The New York Federal Reserve Bank's discount rate raised from 1.5 percent to 2.5 percent.
October 23, 1931--The New York Federal Reserve Bank's discount rate raised from 2.5 percent to 3.5 percent.
December 11, 1931--The New York Bank of the United States collapses. By year's end, 2,293 banks have suspended operations during 1931.
January 22, 1932--Reconstruction Finance Corporation created.
June 6, 1932--Revenue Act of 1932 passed, the largest peacetime tax increase in the nation's history to that date raised top tax rates from 25% to 63%.
July 21, 1932--Emergency Relief and Construction Act passed.
November 8, 1932--Franklin D. Roosevelt defeats Herbert Hoover to become the 32nd President of the United States. By year's end, 1,493 banks have suspended operatins during 1932.
March 4, 1933-- Franklin D. Roosevelt is sworn in as President of the United States.
March 9, 1933--Emergency Banking Relief Act passed, providing for federal bank inspections.
March 20, 1933-- FDR signs Economy Act.
March 20, 1933--Credit Act passed, indentifying those veterans and dependents of veterans who were entitled to a pension.
April 19, 1933-- The United States discontinues the gold standard.
May 12, 1933--Agricultural Adjustment Act passed, authorizing paying farmers not to grow crops.
May 12, 1933--Federal Emergency Relief Adminstration created.
May 12, 1933--Farm Relief Act passed, creating the Farm Credit Administration and the Agricultural Adjustment Adminstiration.
May 27, 1933--Federal Securities Act passed.
June 13, 1933--Home Owners' Loan Act passed.
June 16, 1933--Farm Credit Act passed.
June 16, 1933--National Industrial Recovery Act passed. By year's end, approximately 4,000 banks have suspended operations in 1933.
January 30, 1934--Gold Reserve Act passed. This allows the U. S. Treasury to seize all gold held by Federal Reserve banks.
January 31, 1934-- FDR issues an executive decree, changing the price of gold from $20.67 an ounce to $35 an ounce.
January 31, 1934--Congress creates Federal Farm Mortgage Corporation.
February 15, 1934--Civil Works Emergency Relief Act passed.
June 6, 1934--Securities Exchange Commission established.
June 19, 1934--Silver Purchase Act passed, empowering FDR to increase the Treasury's silver holdings to 1/3 the value of gold, nationalizing silver stocks and purchases.
April 8, 1935--Emergency Appropriations Relief Act passed, creating the Works Progress Administration.
June 3, 1935-- Farm Credit Act passed.
July 5, 1935-- National Labor Relations Act passed.
August 14, 1935--Social Security Act passed.
August 23, 1935--Banking Act passed.
August 28, 1935--Public Utility Holding Company Act passed.
August 30, 1935--Revenue Act (Wealth Tax Act ) passed.
January 23, 1936--Adjusted Compensation Act passes, over Roosevelt's veto. The Act provides for the immediate payment of veterans' bonuses.
November 3, 1936-- Franklin D. Roosevelt defeats Alfred M. Landon, Governor of Kansas, to win a second term as President of the United States. (electoral count 523 to 8)
January 20, 1937-- Franklin D. Roosevelt delivers his second inaugural address: "I see one-third of a nation ill-housed, ill-clad, ill-nourished."
July 22, 1937--Bankhead-Jones Farm Tenant Act passed, creating the Farm Security Agency (FSA).
January 2, 1938-- FDR establishes the March of Dimes.
February 16, 1938--2nd Agricultural Adjustment Act passed.
June 25, 1938--Fair Labor Standards Act passed, enacting first national minimum wage law.
<< Back to article
