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March 1930
More than 3.2 million people are unemployed, up from 1.5 million before the October, 1929 crash. -
November 1930
The street corners of New York City are crowded with apple-sellers. Nearly 6,000 unemployed individuals work at selling apples for five cents apiece. -
December 1931
New York's Bank of the United States collapses. At the time of the collapse, the bank had over $200 million in deposits, making it the largest single bank failure in the nation's history. -
April 1932
More than 750,000 New Yorkers are reported to be dependent upon city relief, with an additional 160,000 on a waiting list. Expenditures average about $8.20 per month for each person on relief. -
October 1929
The stock market crashes, marking the end of six years of unparalleled prosperity for most sectors of the American economy. The "crash" begins on October 24 (Black Thursday). By October 29, stock prices will plummet and banks will be calling in loans. An estimated $30 billion in stock values will "disappear" by mid-November. -
February 1931
"Food riots" begin to break out in parts of the U.S. In Minneapolis, several hundred men and women smash the windows of a grocery market and make off with fruit, canned goods, bacon, and ham. One of the store's owners pulls out a gun to stop the looters, but is leapt upon and has his arm broken. The "riot" is brought under control by 100 policemen. -
January 1932
Congress establishes the Reconstruction Finance Corporation. The R.F.C. is allowed to lend $2 billion to banks, insurance companies, building and loan associations, agricultural credit organizations and railroads. Critics of the R.F.C. call it "the millionaires' dole."
