Timeline Following the Wall Street Crash Essay Example

1929 |February 2nd, Federal Reserve announces a ban on bank loans for margin trades • March 4th, Herbert Hoover is inaugurated as President • June 15th, Agricultural Marketing Act passed • August, economic expansion peaks • September 3rd, stock market prices peak, with New York Times index of industrial stocks at 452 • October 24th, "Black Thursday," recorded sales of shares hits 12,895,000 • October 25th, market rallies, briefly • October 29th, "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 13th, stock market prices reach low for the year, with New York Times index of industrial stocks at 224 | |
|1930 |May 30th, New York Times prints petition of 1,028 economists (PDF) who oppose Smoot Hawley Tarrif Act |
| |June 17th, Smoot-Hawley Tariff Act is signed into law |
| |October, Committee for Unemployment Relief formed |
| |Treatise on Money, by John Maynard Keynes, published |
| |By year's end, 1350 banks have suspended operations during 1930 |
|1931 |January 7th, the Committee for Unemployment Relief releases a report on unemployment showing that 4 to 5 million |
| |Americans were out of work. |
| |January 19th, Hoover's Wickersham Commission reports that enforcement of Prohibition has become almost impossible. |
| |March 31st, Davis-Bacon Act becomes law, requiring "prevailing" (union) wages to be paid on federal construction |
| |contracts