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1906 San Francisco Earthquake
A massive earthquake destroyed the city of San Francisco and caused fires that lasted for 3 days, and ruined 500 city blocks. It cost $235 million to repair in 1906, which is equivalent to $6.3 billion in modern day. -
The Panic of 1907
Also known as the Bankers' Panic, it lasted 6 weeks from October to November and was the bankruptcy of two brokerage firms. This caused the New York Stock Exchange to fall 50% from the previous year. -
The Panic of 1910-11
An economic depression that mostly affected the stock market and business traders. It involved the Sherman Anti-Trust Act, and broke up the Standard Oil Company. -
Inflation Rate Change of 1910
The dollar had an average inflation rate of 3.09%, which then increased the overall inflation rate of 1910 to 4.4%. -
1913 Stabilization of Currency
The country started the Federal Reserve to stabilize currency as much as possible. This enhanced the economy. -
1913 16th Amendment is Approved
The 16th Amendment in the United States Constitution is approved, allowing the Federal government treasury to impose an income tax. The 17th Amendment passed on April 8th, which put in place the policy for a direct election for U.S. Senators. -
1914 Panama Canal
The U.S. helped fund and build the Panama Canal. It opened in 1914, and was passed through. This increased trade between countries. -
1914 Increased Wages
The Ford Motor company increased the basic wage rates for their workers in various factories across the nation. The workers would now receive $5 per day for eight hours of work versus $2.40 per day for nine hours of work before. -
1917 U.S. Enters WW1
The United States entered WW1 declaring war on Germany and later into the year (December 7, 1917) The United States declared war on Austria- Hungary. -
1918 Epidemic Strikes
Worldwide Influenza hits. 20 million people internationally are dead, leaving 500,000 dead in the U.S. This lead to more unfilled jobs, a fear of public gatherings and a dip in the economy.