Great Depression & New Deal Era Chronology
(Document by William Lane Callaway, TRIUMPH OVER TRAGEDY Project Manager)
1929
September 3: Dow Jones Industrial Average reaches historic high of 381.
October: American unemployment is heading towards five percent.
October 24: Black Thursday, nearly thirteen million shares traded with Dow Jones recovering most of the losses by the end of the trading day.
October 29: Black Tuesday, the Dow Jones drops to 230 from 261 with nearly sixteen million shares trading.
November 13: Estimated around $30 billion in the market value of listed stocks had been wiped out.
October-November: The market crash and its immediate consequences is the overt inception of the global economic depression called the Great Depression.
November 21: President Hoover rallies businessmen.
November 23: President Hoover encourages state governors to expand public works and keep employment high.
1930
June 17: President Hoover signs the Smoot-Hawley Tariff Act, raising U.S. tariffs on imports to a historic high and triggering an international tariff war that will severely restrict global trading. Numerous economists had strongly urged the President to veto the Congressionally-initiated raising of tariffs.
June 24: President Hoover denies $102 million of additional funding for veterans characterizing it as “just bad legislation.”
July 8: Through an executive order, President Hoover creates the Veterans Administration consolidating all federal functions for veterans under one agency.
September 9: Department of State begins to curb immigration into the United States due to raising American unemployment.
November 17: League of Nations’ second International Conference on Concerned Economic Action opens in Geneva, Switzerland to discuss the spreading economic depression.
December 2: President Hoover requests an appropriation up to $150 billion for construction of public works. President Hoover opposed direct federal relief for unemployed persons but advocated a decentralized work relief.
December 11: The Bank of the United States with 60 branches in New York and whose primary customers were immigrants closed its doors. In all, some 1,350 banks in the United States failed in 1930.
1931
January 7: President Hoover’s Emergency Committee for Employment Relief reports there were close to five million unemployed Americans.
June 20: President Hoover proposes a one year moratorium on international debts with the hope this helps to ease the effects of the spreading depression. Most of these debts were owed to the United States from European nations borrowed during World War I and just afterwards.
September 18: Imperial Japan launches invasion of the Chinese province of Manchuria.
September: American unemployment reaches 17.4 percent with the Dow Jones Industrial Average around 140.
September 20: The Bank of England goes off the gold standard backing its currency.
October 7: President Hoover proposes creating the National Credit Corporation in an attempt to ease the effects of the spreading economic depression.
October 8: The Federal Reserve Bank of New York – at this time the chief branch of the Federal Reserve system – raises the discount rate from 1.5 to 2.4 percent for those banking institutions borrowing money. A week later, the New York Fed raises the rate again to 3.5 percent, in effect, drying up liquidity in the American money supply making causing it harder for banks to get federal loans.
1932
January 22: President Hoover signs the measure creating the Congressional-approved Reconstruction Finance Corporation (RFC). The RFC is capitalized to provide emergency financing to banks, life insurance companies, building and loan societies, railroads, and farm mortgage associations and within six months the RFC has authorized a total of 1.2 billion in loans.
February 27: President Hoover signs the Glass-Steagall Act to make additional credit available for industrial and business loans.
May 29: American veterans of World War I began to arrive in Washington, D.C. starting the “Bonus March,” a grass-roots movement by veterans to persuade the federal government to pay promised bonuses to war veterans. As thousands of veterans arrive (estimated around 17,000) shanty towns are created on the Anacostia Flats near Washington, D.C. and in vacant federal buildings in the District of Columbia for the veterans many who bring their families with them. By then end of June many veterans have left the capital region.
July 21: President Hoover signs the Relief and Construction Act extending the power of the Reconstruction Finance Corporation to make loans for public works and to assist agriculture.
July 22: President Hoover signs the Federal Home Loan Bank Act establishing the Home Loan Bank Board to provide loans to financial institutions to reduce foreclosures and stimulate residential construction.
July 28-29: President Hoover orders the removal by the military of an estimated 2,000 remaining Bonus Marchers leading to severe criticism of the Hoover Administration.
June: Republican and Democrats chose their presidential tickets, respectively President Hoover and Franklin D. Roosevelt, Governor of New York. The theme of Roosevelt’s campaign centered upon a “new deal” for the American people.
November 8: Franklin D. Roosevelt of New York wins the presidential election against a sitting President Hoover. Roosevelt carries 42 states with the Democrats securing control of both the Senate and House of Representatives. Due to the Constitution, the inaugural will be held on March 4, 1933.
1933
January 30: Adolf Hitler becomes chancellor of Germany.
February 2: Barksdale Field (now Barksdale Air Force Base) dedicated and opened.
February 6: 20th Amendment to the Constitution is proposed to begin the terms of any president and vice president on January 20.
March 4: Franklin D. Roosevelt inaugurated as president and declares a four day banking holiday. From 1930 until Roosevelt’s inaugural, a total of 5,504 banks had shut down.
March 5: President Roosevelt called for a special session of Congress to deal with the banking crisis.
March 12: President Roosevelt initiates his “fireside chat” nationwide radio broadcast to explain the steps taken to meet the financial emergency and restore confidence of average American in the banking system.
March 9: Special session of Congress convenes and President Roosevelt begins his first One Hundred Days which is marked by a furry of legislative accomplishments to implement New Deal programs. The first New Deal legislation was the Emergency Banking Relief Act confirming all the emergency steps taken by the Roosevelt Administration since it took office on March 4.
March 15: Dow Jones Industrial Average climbs 15 percent to 62, a greater percentage than any pervious single-day move.
March 20: President Roosevelt signs the Economy Act cutting government salaries and pensions and reorganizing government agencies to be more efficient. Estimated this Act could save about $243 million in government expenditures.
March 22: President Roosevelt signs the Beer-Wine Revenue Act to provide tax revenue to the federal government and effectively amends prohibition.
March 29: Congress passes the Civilian Conservation Corps Reforestation Relief Act creating jobs for approximately 250,000 young men (ages 18 to 25) engaged in reforestation, road construction, prevention of soil erosion, flood control projects and building national parks and who must send part of their wages to their families.
April 19: President Roosevelt takes the United States off the gold standard thus devaluing the dollar internationally but increasing the prices on American exchanges.
May 12: President Roosevelt signs the Federal Emergency Relief Act creating the Federal Emergency Relief Administration to provide direct relief to states and municipalities. Established a relief administrator in each state.
May 12: Congress passes the Agricultural Adjustment Act creating the Agricultural Adjustment Administration with the aim to raise prices received by farmers through lowering output with a controversial policy of paying farmers to plow under crops (reduce acreage) and kill young farm animals in an attempt to reduce surplus.
May 18: Congress passes the Tennessee Valley Authority legislation in an attempt to raise the social and economic standards of Americans living in seven southern states.
May 27: President Roosevelt signs the Securities Act of 1933, regulating the sale of stocks and bonds for sale to the public.
June 6: Established the U.S. Employment Service, a national employment system based on co-operation with the states.
June 12: The International Economics Conference convenes in London to discuss the global economic depression.
June 13: Home Owners Refinancing Act created the Home Owners Loan Corporation for refinancing home mortgage debts for non-farm owners.
June 16: President Roosevelt signs the Banking Act of 1933 (or Glass-Steagall Act) creating the Federal Bank Deposit Insurance Corporation guaranteeing individual bank deposits up to $5,000; permitted branch banking; and separated deposit from investment banking.
June 16: President signs the Farm Credit Act providing credits for agricultural credits and assisted in refinancing farm mortgages.
June 16: Emergency Railroad Transportation Act was signed to streamline services and facilities to avoid unnecessary duplication and placed railroad holding companies under the supervision of the Interstate Commerce Commission.
June 16: National Industrial Recovery Act created the National Recovery Administration and formalized fair trade codes in an attempt to revive industrial and business activity. Under this legislation, the National Labor Board and the Public Works Administration were created.
June 16: The special session of the 73d Congress adjourns ending the First Hundred Days of the New Deal.
August 5: President Roosevelt establishes the National Labor Board to enforce the right of organized labor to collectively bargain.
October: American unemployment reaches 22.9 percent and the Dow Jones Industrial Average is around 93.
November: American unemployment reaches 23.2 percent but with indicators it is heading down. The Dow Jones Industrial Average stands around 90.
November 8: The short-lived Civil Works Administration was created to provide make-work projects at the federal, state and local levels to cushion the economic distress over the winter of 1933 to 1934.
December 29: Dow Jones Industrial Average closes year at 99.
1934
January 2: American unemployment reduces to 21.2 percent and the Dow Jones Industrial Average begins the year at 100.
January 31: The Federal Farm Mortgage Corporation was created under the Farm Mortgage Refinancing Act to further assist in the refinancing of farm debts.
January 31: President Roosevelt returns the United States to the gold standard with the new price for a troy ounce of gold at $35. Additionally Roosevelt signs the Farm Mortgage Refinancing Act to assist farmers with their mortgage payments.
February 2: President Roosevelt establishes the Export-Import Bank in an effort to facilitate international trade of foreign countries with the United States.
February 15: The Civil Works Emergency Relief Act was signed and provided $950 million to fund civil works and direct relief.
March 28: The Independent Offices Appropriation Act restoring the cuts in salaries and pensions to federal workers imposed by the Economy Act of 1933. The restoration by Congress is considered the first defeat of President Roosevelt by Congress.
April 27: President Roosevelt signs an amendment to the Home Owners Loan Act of 1933 allocating an additional $300 million in loans for the rebuilding of homes and guaranteeing the principle and interest of previously refinanced homes mortgages.
May 24: Municipal Bankruptcy Act permitted cities and other local government units to petition the federal courts to readjusting their debt burden.
May 28: British economist, John Maynard Keynes, meets with President Roosevelt. Keynes advocates national government deficit spending to curb the economic depression.
June 6: President Roosevelt signs the Securities and Exchange Act establishing the Securities and Exchange Commission further regulating financial markets.
June 7: Corporate Bankruptcy Act permitted the reorganization of corporations.
June 12: Farm Mortgage Foreclosure Act provided methods allowing farmers to recove farm properties taken by foreclosure.
June 12: President Roosevelt signs the Reciprocal Trade Agreement Act, giving the president authority to lower tariffs to countries with most-favored-nation status. Modern multilateralism in trade is born.
June 19: President Roosevelt signs the Communications Act establishing the Federal Communications Commission providing federal oversight and regulation of telegraph, telephone, cable and radio in the United States.
June 28: The Federal Farm Bankruptcy Act is signed to prevent foreclosure of farms and providing additional relief to farmers. Later in 1935, this Act will be declared unconstitutional by the U.S. Supreme Court.
June 28: President Roosevelt signs the National Housing Act establishing the Federal Housing Administration to stimulate residential construction, promote improvement in housing standards and create a sound system of home financing.
November 1: American unemployment increases to 23.2 percent with the Dow Jones Industrial Average at 93.
November 6: In the mid-term elections of 1934, the Democrats increase their hold in Congress and winning a two-thirds majority in the Senate and making significant gains in the House of Representatives. This is the first mid-term election in American history where the incumbent majority party increased its numbers. And it is the first Congress to convene in early January under the provisions of the 20th Amendment.
1934-1935: During this time several anti-New Deal coalitions formed including the Liberty League (actively opposed New Deal legislation; Dr. Francis E. Townsend organized an old age pension scheme; Share-Our-Wealth movement is instituted by Senator Huey P. Long of Louisiana; and Reverend Charles E. Coughlin who led groups advocating strong social reform programs.
1935
January 7: The United States Supreme Court upholds Section 9(c) of the National Industrial Recovery Act is unconstitutional and gives legislative power to the executive.
April 8: President Roosevelt signs the Emergency Relief Appropriations Act establishing the Resettlement Administration with the charter to move poor families to more productive Greenbelt regions. This Act also signals the withdrawal of the federal government from direct relief to individuals with this responsibility left to the states. The Act establishes the Works Progress Administration (WPA) which includes employment of artists, writers, actors, and musicians in art-related projects and academics. In 1943 when the WPA is terminated, it had employed more than 8.5 million persons on 1,410,000 individual projects.
April 27: President Roosevelt signs the bill creating the Soil Conservation Service in the U.S. Department of Agriculture.
May 11: President Roosevelt establishes the Rural Electrification Administration to finance the construction of utility projects in areas undeveloped by private utility companies.
May 27: The United States Supreme Court rules the National Recovery Industrial Act is unconstitutional.
June 26: President Roosevelt by executive order establishes the National Youth Administration to oversee work-relief and employment program for young people between the ages of 16 and 25, especially providing part-time work for college students to help them continue their studies.
July 5: President Roosevelt signs the Wagner Act establishing the National Labor Relations Board to ensure the right to collective bargaining and paves the way for millions of workers to join labor unions.
July: American unemployment stands at 21.3 percent with the Dow Jones Industrial Average at 119.
August 9: The Motor Carrier Act placed buses and trucks engaged in interstate commerce under the authority of the Interstate Commerce Commission so to regulate finances, labor, and rates of these industries.
August 14: President Roosevelt signs the Social Security Act ensuring old-age pensions for retired Americans.
August 23: Banking Act of 1935 strengthens the authority and power of the Federal Reserve Board; changes the Board’s name to the Board of Governors of the Federal Reserve System and creates the position of Chairman.
August 30: Bituminous Coal Stabilization Act created quotas, prices and labor regulations for the bituminous coal-mining industry. This Act was declared unconstitutional by the U.S. Supreme Court in 1937.
August 30: President Roosevelt signs the Revenue Act (Wealth Tax Act) raising estate and gift taxes, the marginal rates on individual taxpayers, and corporate income tax (including imposing taxes on dividends received by corporations, formally untaxed).
August 31: President Roosevelt signs Neutrality Resolution call that embargos sale of weapons to foreign warring states.
November 9: Labor leader, John L. Lewis, establishes the Committee for Industrial Organization within the American Federation of Labor to advocate for the organization of workers in the rubber, steel, and automobile industries.
1936
January 6: The United States Supreme Court rules the Agricultural Adjustment Act is unconstitutional. Subsequently on February 29, Congress passes the Soil Conservation and Domestic Allotment Act subsidizing farmers in a different fashion through benefit payments.
January 24: The Adjusted Compensation Act was passed by Congress to pay a service bonus to World War I veterans originally due for payment in 1945. Although President Roosevelt vetoes the Act, Congress overrides the veto.
February 17: The United States Supreme Court upholds as constitutional the Tennessee Valley Authority affirming the government can sell excess electricity to consumers.
May 9: Emperor Haile Selassie flees Ethiopia as the Italians occupy the country.
June 16: Flood Control Act for the first time asserted federal government responsibility for controlling floods in river basins with direct responsibility assigned to the Army Corps of Engineers.
June 30: Walsh-Healy Government Contracts Act established a prevailing minimum wage and a maximum work day of eighth hours with a 40 hour work week for labor in any U.S. government contract. Also child and convict labor was barred in federal contracts.
July 20: Spanish Civil War begins highlighting heightened tensions in Europe.
August 15: The Federal Reserve Bank raised reserve amounts required to be held in banks from 7 to 10.5 percent.
November 3: President Roosevelt is re-elected to a second term in a landslide carrying 46 of 48 states and winning the most votes in any presidential election since 1820.
1937
January: American unemployment stands at 15.1 percent with the Dow Jones Industrial Average around 179.
January 20: President Roosevelt is sworn in again as President. This is the first presidential inaugural in American History to be held in January changed from the traditional March date by the new 20th Amendment.
February 1: The United States’ first free trade port open on Staten Island, New York.
February 5 through July 22: President Roosevelt proposes an increase in the Supreme Court membership to offset the Court’s invalidation of New Deal legislation. Popularly termed as the “court packing scheme” Roosevelt’s proposal caused a political firestorm and created widespread bitter debate. Although Roosevelt failed in this judicial reform, the President would fill seven vacancies on the Supreme Court in the following four years.
April 12: The United States Supreme Court upholds the National Labor Relations Board of the National Labor Relations Act maintaining the federal government has the right to penalize corporations engaged in interstate commerce that discriminates against unionized employees.
May 24: The United States Supreme Court upholds the Social Security Act.
July 7: Imperial Japan invades China.
July 22: Bankhead-Jones Farm Tenant Act was passed and established the Farm Security Administration and authorized low-interest, 40-year mortgages to farmers. The Act also developed a program to regulate the wages and hours of migrant workers and federal aid to their health care.
August 27: American unemployment rate is 13.5 percent. The Dow Jones Industrial Average after climbing to 187 begins a long slide towards 119 on December 28; called the Roosevelt Recession.
September 1: National Housing Act established the U.S. Housing Authority designed to alleviate housing conditions in low-income groups.
November 15 through 21 December: President Roosevelt called a Special Session of Congress to consider and enact a series of recommended bills. The session failed to enact any recommended measure due to Southern Democrats joining with Republicans to block any New Deal proposal. This anti-administration coalition was one political fall out from Roosevelt’s earlier “court packing” attempt.
December: American unemployment stands at 15.3 percent.
1938
January: American unemployment rises to 17.4 percent with the Dow Jones Industrial Average at 121.
January 3: President Roosevelt’s annual message to Congress included proposals for increase defense spending due to the rising tensions in Europe and the Asia.
February 16: A new Agricultural Adjustment Act was signed by President Roosevelt in another attempt to curb continuing farm surpluses and price declines. This Act introduces the “parity payment” principle included storing excess farm surpluses at government expense.
March 18: Mexico nationalizes its oil industry, expropriating over $400 million in foreign holdings including American interests.
May 17: Naval Expansion Act was signed by President Roosevelt providing for capital naval ships to include aircraft carriers to be built over the next 10 years.
May 26: The House of Representatives established a House Committee to Investigate Un-American Activities to investigate Nazi, Fascist, Communist and other American organizations deemed as “un-American.”
June 21: The Emergency Relief Appropriations Act became law containing further “pump-priming” financial and economic measures
June 22: Chandler Act amending the Federal Bankruptcy Act of 1898 was signed to allow persons, partnerships, and corporation in financial distress to voluntarily petition for relief to avoid financial liquidation.
June 24: Food, Drug, and Cosmetic Act prohibited misbranding of foods, drugs, and
cosmetics and required manufacturers to list their ingredients.
June 25: President Roosevelt signs the Fair Labor Standards Act establishing the minimum wage at 40 cents an hour and maximum work hours of 40 a week for most occupations engaged in interstate commerce.
September 29: Nazi Germany gains the Sudetenland, the German-speaking part of Czechoslovakia via the Munich Pact with Great Britain and France.
November 8: Congressional elections resulted in the Democrats retaining both houses of Congress however the Republicans gained seats, the first time since 1928.
1939
January 4: For the first time in an annual address to Congress, President Roosevelt did not propose any new domestic reforms but stressed the dangers to democracy and international peace by foreign forces of aggression. Throughout January, the administration pressed Congress for funds to increase national defense.
April 3: Administrative Reorganization Act of 1939 was signed by President Roosevelt allowed increased government efficiency through regrouping and simplifying many federal agencies and streamlining the White House staff.
May 16: Food Stamp Plan was adopted by the Roosevelt Administration for the purpose of disposing of agricultural surpluses.
May 22: Nazi Germany and Fascist Italy sign the Pact of Steel forming a military alliance.
July 1: President Roosevelt signs the Reorganizing Plan Number 1 of 1939, establishing the Federal Works Agency thus consolidating five existing New Deal agencies.
August 2: Hatch Act was passed prohibiting federal officeholder in the executive branch to participate actively in political campaigns or solicit contributions from work relief employees.
September 1: Nazi Germany invades Poland causing Great Britain and France to declare war on Germany. World War II begins in Europe.
1940
January: American unemployment stands at 14.6 percent wit the Dow Jones Industrial Average around 151.
May 10: After months of relative peace between the European combatants, Nazi Germany invades Luxembourg, the Netherlands, Belgium and France. On June 22, France surrenders to Germany.
September 27: Nazi Germany, Imperial Japan and Fascist Italy enter into the Axis Pact.
November 5: President Roosevelt wins an unprecedented third term as President denoting American public’s concerns of the war in Europe.
