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he is not worried about a recent rise in the use of borrowed money in buying stocks. Coolidge has been pursuing a policy regarding regulation of the financial industry.
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In Jerusalem enraged mobs attack Jews and loot their homes. The attacks spread to other cities. By the end of the month 133 Jews have been killed by Arabs. The uprising helps convince Jews of the need for a separate state.
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Smoot-Hawley Tariff Act into law. was a law that implemented protectionist trade policies in the United States. The act raised US tariffs on over 20,000 imported goods.
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In the US, the stock market's Dow Jones Industrial Average closes the day at 169. It will close the year at 77.9, less than half today's values.
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Chartered by the Hoover administration, begins its operation. It is to give $2 billion in aid to state and local governments and make loans to banks, railroads, farm mortgage associations, and other businesses, but it fails to distribute much of its funds.
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Heinrich Himmler, Hitler's SS paramilitary leader, opens the first Nazi concentration camp, at Dachau.
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In the Soviet Union, Politburo member Sergei Kirov is shot and killed at the Communist Party headquarters in Leningrad. Decades later, Stalin will be thought to have ordered the murder.
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unemployment in the United States has fallen from its high of around 25 percent down to around 17 percent, but it is more than three times Sweden's and still a long way from its 1929 level of 3.2 percent. Since 1932, farm income has increased by more than 50 percent.
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Sweden has recovered from the Depression. Its industrial production has risen 50 percent above what it had been in 1929, and unemployment has returned to 5 percent. Unemployment in the US is around 15 percent, about half what it was in 1932.
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Hitler formally withdraws Germany from the Versailles Treaty. This includes Germany no longer making reparation payments. He demands a return of Germany's colonies.
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The US Senate puts an end to President Roosevelt's proposal to add more justices to the Supreme Court.
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Germans in Czechoslovakia's Sudentenland are clamoring for German rule, and Hitler is supporting them. Czechoslovakia orders partial mobilization of its armed forces along the German border
