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The Crisis of 29
United state was full of prosperity but everything was not what it seems. The "crash" begins on October 24 , day known as the Black Thursday. The economy collapse. An estimated $30 billion in stock values will "disappear" by mid-November. -
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Chaos
More than 3.2 million people are unemployed, Nearly 6,000 unemployed individuals work at selling apples for five cents.President Hoover remains optimistic -
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Bibliography
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President Herbert Hoover
"Any lack of confidence in the economic future or the basic strength of business in the United States is foolish." -
payment of "bonus" to veterans of World War I
Wright Patman introduces legislation authorizing immediate payment of "bonus" funds to veterans of World War I. $1 a day for each day of service in the U.S.President Hoover is against payment of these bonus, it would cost the Treasury $4 billion. -
Food Riots
"Food riots" were now part of the U.S. In Minneapolis, several hundred men and women smash the windows of markets and steal fruit, canned goods, bacon, and ham. The chaos is brought under control by 100 policemen. Several people are arrested. -
Foreign Cases
In Los Angeles, California, Mexican Americans are accused of stealing jobs from "real" Americans. 6,024 Mexican Americans are deported. -
New York's Bank
New York's Bank of the United States collapses.The bank had over $200 million in deposits, it is known as the largest single bank failure in the nation's history. -
Unemployed Workers March
Three thousand unemployed workers marched on the Ford Motor Company's plant in River Rouge, Michigan. The police and the company guards attack the workers, killing four and injuring many workers. -
Relief
More than 750,000 New Yorkers are reported to be dependent upon city relief, with 160,000 on a waiting list. Expenditures average is about $8.20 per month for each person. -
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World War 1 Veterans
More than 300 World War I veterans leave Portland, Oregon en route to Washington, D.C. to get their Bonus Bill. They are 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. by a vote of 209 to 176 the bill falls to defeat in the Senate . But the veteranss maintain their determination and camped out until they get their pay. -
Reconstruction Finance Corporation ( R.F.C)
The R.F.C. is allowed to lend $2 billion to banks, insurance companies, building and loan associations, agricultural credit organizations and railroads. Critics call it "the millionaires' dole." -
The R.F.C
The R.F.C is authorized to lend needy states sums of money from the National Treasury. The money is used to achieve relief and public works projects. -
Franklin Delano Roosevelt
Franklin Delano Roosevelt is elected president over Herbert Hoover. Roosevelt receives 22.8 million popular votes to Hoover's 15.75 million.
