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the day in U.S history in which the stock market completely crashed
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president herbert hoover says " any lack of confidence in the economic future or the basic strength of business in the United States is foolish".
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More than 3.2 million people are unemployed up from 1.5 million before the October 1929 crash. President Hoover remains optimistic however stating that "all the evidences indicate that the worst effects of the crash upon unemployment will have passed during the next 60 days."
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The street corners of New York City are crowded with apple-sellers. Nearly 6,000 unemployed individuals work at selling apples for five cents apiece.
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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 allots 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 is against payment of these funds, saying it would cost the Treasury $4 billion.
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"Food riots" begin to break out in parts of the U.S. In Minneapolis, several hundred men and women smash the windows of a grocery market and make off with fruit, canned goods, bacon, and ham. One of the store's owners pulls out a gun to stop the looters, but is leapt upon and has his arm broken. The "riot" is brought under control by 100 policemen. Seven people are arrested.
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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.
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Congress establishes the Reconstruction Finance Corporation. The R.F.C. is allowed to lend $2 billion to banks, insurance companies, building and loan associations, agricultural credit organizations and railroads. Critics of the R.F.C. call it "the millionaires' dole.
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Three thousand unemployed workers march on the Ford Motor Company's plant in River Rouge, Michigan. Dearborn police and Ford's company guards attack the workers, killing four and injuring many more.
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More than 750,000 New Yorkers are reported to be dependent upon city relief, with an additional 160,000 on a waiting list. Expenditures average about $8.20 per month for each person on relief.
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More than 300 World War I veterans leave Portland, Oregon en route to Washington, D.C. to urge Congress to pass the Bonus Bill. It will take them 18 days to reach Washington, D.C.
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Determined to collect their "bonus" pay for service, 15,000 - 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 passes Congressman Wright Patman's "bonus bill" by a vote of 209 to 176. The bill falls to defeat in the Senate, however, 62 to 18. The vets maintain their determination to stay camped out until they get their pay.
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The Reconstruction Finance Corporation is authorized to lend needy states sums from the National Treasury. The money is to target relief and public works projects.
