this stuff remind you of anything?
Dec 27, 1927 Stalin becomes Soviet dictator.b
1928 Wall Street is shaken as stock prices swing wildly.c
Jan 7, 1928 "Coolidge optimism" spurs a Wall Street boom.c
May 3, 1928 Congress passes the Surplus Control Act to alleviate depressed conditions on the farm.e
May 27, 1928 Congress passes the Jones-White Act providing subsidies to U.S. shipping.c
Jul 2, 1928 Interest rates on short-term loans reach a record high of 10 percent.e
Nov 28, 1928 Herbert Hoover is elected as President.
Feb 2, 1929 Federal Reserve Board urges banks not to support stock speculation on margin purchases.b
Aug-Sep 1929 Steel and automobile production are declining and the whole economy shows signs of weakening. Yet stock market prices rise.d
Oct 1929 There have been heavy withdrawals of capital from America as England raised its interest rate to 6.5 percent.d
Oct 23, 1929 Stock prices drop in New York. (Decline accelerated on "Black Thursday," Oct. 24, and "Black Tuesday," Oct.29)c
Nov 13, 1929 $30 billion in value of listed stocks has been wiped out in the New York Stock Exchange.d
Dec 16, 1929 President Hoover signs an income tax reduction bill that would save taxpayers $160 million on their 1929 Federal taxes.e
Jan 2, 1930 With the economy sinking, agricultural and commodity prices falling, national income collapsing and unemployment approaching 4 million.d
Jun 1930 Stock market declines sharply.
Jun 17, 1930 Hawley-Smoot Tariff Act raises duties on hundreds of goods to record highs.e
Dec 11, 1930 Bank of the United States in New York closes, most significant bank failure of year.c
Dec 20, 1930 Congress authorizes expenditure of $116 million on projects to relieve unemployment. The number of unemployed is estimated at 7,000,000.e
Dec 23-26, 1930 The Chelsea Bank and Trust Company is forced to close. Three days later 20 small banks in six Southern and Midwestern states are closed.e
1931 The U.S. produces a record wheat crop, driving prices down and precipitating further financial crisis in the farm belt.c 2,294 bank failures during the year, at least 9 million unemployede
May 11, 1931 Kredit-Anstalt, Austria's largest bank, fails with worldwide repercussion.b
Jun 20, 1931 Hoover proposes and other nations accept one-year moratorium on all intergovernmental debts, including reparation, effective in July.c
Sep-Oct 1931 The bank panic increases as over 800 banks are closed in two months.e
Sep 21, 1931 Britain abandons gold standard.b
Sep 22, 1931 U.S. Steel announces that it will cut the wages of 220,000 workers by 10 percent.e
Dec 8, 1931 Hoover calls for increased taxation to make up for the deficit of $900 million.e
1932 Farm prices are 60 percent below 1929, and industrial production is 46 percent below 1929.
Feb 27, 1932 Glass-Steagall Act allows federal securities as well as eligible paper to be used to back Federal Reserve Notes, up to 60 percent.b
Feb 29, 1932 Britain raises protective tariff, including new "Corn Law."b
Jul 2, 1932 Franklin Roosevelt pledges "New Deal" in accepting Democratic nomination for President.b
Jul 7, 1932 The Dow Jones Industrial Average reaches an all-time low of 41.22.c
Jul 21, 1932 President Hoover signs the Emergency Relief Act to provide for $300 million in loans to states unable to raise money for relief purposes.e
Aug 26, 1932 Comptroller of the Currency orders moratorium on foreclosures of first-mortgage loans.b
Nov 8, 1932 Franklin Roosevelt is elected as President.
Dec 1932 Treasury Certificates are sold at record low of 0.75 percent.b
Dec 15, 1932 Six nations, including France and Belgium, default on war debt payments to the U.S.c
1933 Unemployment rates reach 25 percent of labor force.b
Feb 6, 1933 Governor Comstock of Michigan orders bank holiday. (About 20 other states follow.)b
Mar 5, 1933 Roosevelot declares national "bank holiday" and embargoes exports of gold. (Banks reopen on Mar. 13)c
Mar 9, 1933 Emergency Banking Act empowers the Treasury Department to control various transactions in currency, credit, and bullion.e
Apr 19, 1933 The Roosevelt administration abandons the gold standard for American currency in the international transactions.c
May 12, 1933 Thomas Amendment to Emergency Banking Act allows direct purchase of federal securities by Federal Reserve Banks and allows Federal Reserve Board to double reserve requirements of member banks.b
Aug 17, 1933 Employment has reached the level of Oct. 1931.e
Nov 8, 1933 The Civil Works Administration is set up to create jobs for 4 million workers.e
1934 The worst drought and subsidy increase farm prices markedly. The stock market turns upward, and industrial production increases slowly.e
Jan 30, 1934 Gold Reserve Act authorizes President to revalue dollar in terms of gold. (On Jan. 31 Roosevelt raises price of gold from $21 to $35 per oz.)b
Feb 15, 1934 Congress appropriates $950 million for civil works and direct relief.b
Apr 12, 1934 Senator Nye begins investigation of corporate profits in World War I.b
Jun 6, 1934 Securities and Exchange Commission is established, providing penalties for manipulation of stock prices and authority to set margin requirements on stock purchases.c
Jun 12, 1934 The Reciprocal Trade Agreement Amendment to the Smoot-Hawley Tariff is passed by Congress, reducing tariffs by up to 50 percent.c
Jul 16, 1934 Strike of International Longshoremen in San Francisco leads to nation's first "general strike."b
Jan 4, 1935 Roosevelt outlines his plans for expanding the New Deal into areas of social reform.e
Feb 16, 1935 Congress passes the Connally Hot Oil Act, regulating the production of crude oil and providing penalties for excess oil production.c
Apr 8, 1935 Congress appropriates $5 billion to provide "work relief".d
Aug 14, 1935 Roosevelt signs the Social Security Act, including pensions and unemployment insurance.d
Aug 30, 1935 Inheritance and gift taxes, and personal and corporate income taxes are increased.b
Jan 1, 1936 One percent payroll tax is imposed to provide unemployment insurance.b
Sep 25, 1936 The U.S. agrees to fix the exchange rates between the pound, the franc, and the dollar.e
Nov 3, 1936 Roosevelt is reelected as President.
Apr 20, 1937 Roosevelt asks Congress to appropriate $1.5 billion for relief, which represents a considerable drop from previous expenditures.e
May 30, 1937 In "Memorial Day Massacre", Chicago police kill ten people during demonstration by steel workers.b
Aug 1937 Discount rate at New York Federal Reserve Bank is reduced to 1 percent, where it remains until Jan. 1948.b
Sep 1937 Business activity starts to decline and stock prices drop.e
Apr 14, 1938 In response to the continuing recession begun in 1937, Roosevelt asks Congress for $3 billion to spend on relief.e
May 27, 1938 Congress reduces the corporation profits tax.c
Jun 1938 Federal bank supervisory agencies agree to allow banks to carry high grade bonds at amortized book value regardless of market prices.b
Oct 30, 1938 "Martian" invasion, radio drama presented by Orson Welles, causes widespread panic.b
Jan 4, 1939 Roosevelt asks Congress to approve a defense budget of $1.3 billion.e
Jun 29, 1939 Flat 18 percent tax rate set for corporations; undistributed profits tax repealed.b
Jun 30, 1939 The Emergency Relief Appropriating Act provides $1.5 billion for WPA.e
Sep 1, 1939 Germany invades Poland, starting World War II. (Britain and France declare war on Germany on Sept. 3)c
Sep 1, 1939 Federal Reserve Banks announce willingness to lend to all banks on federal securities at regular discount rates.b
Jan 3, 1940 Budget asks $1.8 billion for defense.b
Jun 10, 1940 Italy declares war on Britain and France.b
Jun 25, 1940 Revenue Act increases taxes substantially.b
Jul 10, 1940 Roosevelt asks Congress for additional $4.8 billion for defense.b
Oct 8, 1940 Second Revenue Act of 1940 raises corporate tax rate to 24 percent, and imposes excess profits tax.b
Nov 5, 1940 Roosevelt is reelected as President.
May 21, 1941 U.S. merchant vessel Robin Moor is sunk by German U-boat and Roosevelt declares Unlimited National Emergency on May 27.b
Jul 24, 1941 Japan invades Indo-China and Roosevelt freezes Japanese assets in U.S. and virtually stops trade.b
Sep 20, 1941 Tax increases sharpely.b
Oct 1, 1941 Ten percent luxury tax is imposed on many items.b
Dec 7, 1941 Japanese bombers attack Pearl Harbor, sinking or disabling several old battleships.b
Dec 8, 1941 U.S. declares war on Japan.b
Dec 11, 1941 Germany and Italy declare war on U.S.; U.S. then declares war on them.b
Dec 15, 1941 The Supplemental Defense Act appropriates $10 billion.d
Apr 30, 1942 Federal Reserve Banks are required to buy all Treasury bills offered at 3/8 percent.b
May 1942 Treasury offers first "tap" issue of 2.5 percent bonds to investor other than commercial banks.b
May 18, 1942 Retail price ceiling is imposed.b
Jun 30, 1942 Congress appropriates $42.8 billion for the armed services.d
Oct 21, 1942 Taxes are increased by $9 billion and five percent Victory tax is introduced on all incomes over $624.d
Dec 1, 1942 Nationwide gas rationing begins.c
Mar 29, 1943 Meat, fat, and cheese rationing begins.c
Apr 8, 1943 Executive order freezes wages and salaries.b
Apr 12, 1943 Second War Loan drive sells $18.6 billion of securities, as much as all five bond drives of World War I.b
May 12, 1943 German resistance ends in North Africa.b
Jun 9, 1943 Current Tax Payment Act provides for withholding of income taxes on wages and salaries and this withholding begins on July 1.b
Jul 25, 1943 Italian coup removes Mussolini from power.b
Sep 8, 1943 Italy surrenders unconditionally.b
Jul 1-30, 1944 United Nations Monetary and Financial Conference at Bretton Woods, 44 nations attending, blueprints International Bank for Reconstruction and Development, and International Monetary Fund.c
Nov 7, 1944 Roosevelt is reelected as President.
Apr 29, 1945 German forces in Italy surrenders to Allies. (Hitler commits suicide in Berlin on Apr. 30 and German surrender unconditionally to Allies on May 7.)b
Jun 12, 1945 Congress reduces gold reserve requirements for Federal Reserve Banks from 40 percent on notes and 35 percent on deposits to 25 percent on both. Also power to issue Federal Reserve Bank Notes (without gold backing) ended.b
Aug 14, 1945 Japan's surrender is proclaimed by Truman.b
Aug 18, 1945 President Truman orders the full restoration of civilian consumer production, collective bargaining, and the return of free markets.c
Nov 8, 1945 Revenue Act reduces wartime taxes by $6 billion, and ends excess profits tax.b
1946 By far worst year in history for strikes, with 116,000,000 man-days lost (Unions, unable to strike during the war years, do so now on a massive scale).e |
