The Great Depression Begins
1929–1932The GreatDepression Begins. Big Ideas ,SECTION 1: Causes of the DepressionSocieties change over time. Inflated stock prices, overproduction, high tariffs, uneven distribution ofwealth, and mistakes by the Federal Reserve led to the Great Depression.SECTION 2: Life During the DepressionSocieties change over time. Many people were impoverished during the Great Depression, but somefound ways to cope with the hard times.SECTION 3: Hoover RespondsSocial and economic crises lead to new roles for government. President Hoover’s philosophy ofgovernment guided his response to the Depression.The American Vision: Modern Times Video The Chapter 9 video,“Brother, Can You Spare a Dime?” chronicles Depression-era life in the United States.October 29, 1929 Stock market crasheson Black TuesdayJune 1930 Hawley-Smoot Tariffpassed1930 Grant Wood paintsAmerican GothicHoover1929–1933 1929 464 CHAPTER 12 19301929 Remarque’s All Quiet on theWestern Front publishedBecoming a World Power 1930 Ras Tafari becomesEmperor Haile Selassieof Ethiopia 1931 1931 Gandhi released from prisonin India, ending secondpassive resistance campaignagainst British rule
Girls pump for water during a dust storm in Springfield, Colorado.October 1931 National CreditCorporation created1932 Drought sweepsGreat PlainsJuly 1932 Bonus Marchersforced out ofWashington, D.C.January 1932 Reconstruction FinanceCorporation created 1932 September 21, 1931 Britain abandons goldstandardHISTORYF. Roosevelt1933–19451933 1932 Salazar becomespremier of PortugalFebruary 1932 Japan sets up puppetgovernment inManchukuo innorthern ChinaChapter OverviewVisit the American Vision:Modern Times Web site attav.mt.glencoe.com andclick on Chapter Overviews—Chapter 9 to preview chapterinformation.465
VisualizingAuthors use descriptive language to create a picture of a person, location,time, or event. These words appeal to the senses and may includesights, sounds, or smells. Authors also use quotes to describe feelings andemotions in order to make the text come alive to the reader. Effective readerstake the time to visualize people, places, and events. They also use picturesand diagrams on the page to understand what they are reading.You can recognize opportunities to visualize by the number of details anauthor includes. Quotes will also help you identify text passages that mayhelp you create an image in your mind. Look for descriptive language tohelp you understand the passage. Photographs, maps, diagrams, and chartswill also assist you in visualizing text by giving you additional information.Read the following paragraph about the impact ofthe Great Depression on one family and notice thenumber of details. Make a picture in your mind asyou read.VISUALIZINGNote the highlighted phrases andthe vivid images they create. Thenlook at the photograph on page475 of the unemployed man.Does this help you create a mental image of Dynamite’s father?A young girl with the unusual name ofDynamite Garland was living with her familyin Cleveland, Ohio, in the 1930s when herfather, a railroad worker, lost his job. Unable toafford rent, they gave up their home and movedinto a two-car garage.The hardest aspect of living in a garage wasgetting through the frigid winters. “We wouldsleep with rugs and blankets over the top of us,”Garland later recalled. “In the morning we’d . . .get some snow and put it on the stove and meltit and wash ‘round our faces.” When Garland’sfather found a part-time job in a Chinese restaurant, the family “lived on those fried noodles.”(page 475)As you try to visualize the life of Dynamite—not the exact description the authors have provided—imagine the size of a two-car garage. How might you and your family fit in such aspace, and how would you arrange for living and sleeping areas? Also note how the authormentions the “frigid” winters. What might you do to heat this area?After you have visualized what life was like for Dynamite, with your teacher’s permission discuss these images with a partner. How closely does your partner’s image match your mentalpicture? Now reread the passage. Did your ideas change?466CHAPTER 9The Great Depression Begins
Analysis Skill Standard HR4Developing a HypothesisHistorical Research, Evidence, and Point of View When you prepare research on a topicin history, you should construct a hypothesis. You can test it by collecting, evaluating, andemploying information from multiple primary and secondary sources. Finally, you can applyyour hypothesis by preparing oral and written presentations.Why is the sky blue? Have you ever asked that question? Do you have anexplanation? If you do, you could test your explanation. We call yourun-tested explanation a hypothesis. You can collect information and data to testyour hypothesis and either prove or disprove it. We all construct hypotheses toexplain events and actions.Historians construct hypotheses to test their ideas and explanations. Since historians were not present for the events they study, they use many different primary and secondary sources to test their hypotheses. For example, historiansmight make a prediction about a possible solution to a problem based on whatthey know about a topic. If their hypothesis is still valid after their research, thenthey can be reasonably sure that they were correct in their initial prediction.Read this paragraph about the roots of the Great Depression.The stock market crash helped put the economy into a recession. Yet the crash wouldnot have led to a long-lasting depression if other forces had not been at work. The rootsof the Great Depression were deeply entangled in the economy of the 1920s. (page 472)You learn in this paragraph that the author believes there were multiple causesfor the Great Depression. The author has made a hypothesis. How could the economy of the 1920s have led to the Great Depression? You will find the author’sexplanations for this statement in the following pages.Construct a hypothesis about thecollapse of the U.S. economy. Alsohypothesize the role that business,banking, and consumer spendingplayed in our economy. As you studythe next two chapters, collect information that will allow you to testyour hypotheses. Remember that inthe previous chapter you learned thattechnological and managerial innovations allowed American companiesto increase their production dramatically. However, also consider thelaw of supply and demand whichsuggests that when a product isplentiful, its value will decrease.467
Causes of theDepressionGuide to ReadingConnectionIn the previous chapter, you learnedabout the prosperity of the 1920s. In thissection, you will discover the factors thatcontributed to the Great Depression. In an election marked by religious prejudice and the issue of Prohibition,Herbert Hoover won the presidency ina landslide. (p. 469) The long period of rising stock pricesled many people to risky investmentpractices. (p. 470) The October 1929 stock market crashled to bank failures across the nation.(p. 471) An uneven distribution of income, thelack of foreign markets for exports, andthe Federal Reserve’s mistakes contributed to the Great Depression. (p. 472)Content Vocabularystock market, bull market, margin,margin call, speculation, installmentAcademic Vocabularyinvest, sum, reactionPeople and Terms to Identify11.6.1 Describe the monetary issues ofthe late nineteenth and early twentiethcenturies that gave rise to the establishment of the Federal Reserve and theweaknesses in key sectors of the economy in the late 1920s.11.6.2 Understand the explanations of theprincipal causes of the Great Depressionand the steps taken by the Federal Reserve,Congress and Presidents Herbert Hooverand Franklin Delano Roosevelt to combat theeconomic crisis.468CHAPTER 9Reading StrategyCategorizing As you read about theelection of 1928, complete a graphicorganizer similar to the one below comparing the backgrounds and issues of thepresidential candidates.1928 Presidential CampaignCandidate Background September 1929October 24, 1929Stocks fall duringBlack ThursdayOctober 29, 1929Black Tuesday stockmarket crashIssues July 1930June 1930Congress passesHawley-Smoot Tariff. The Big Idea ,The following are the mainHistory–Social Science Standardscovered in this section.11.5.1 Discuss the policies ofPresidents Warren Harding, CalvinCoolidge, and Herbert Hoover. Describe the characteristics of the1920s stock market. Identify the causes of the GreatDepression.Alfred E. Smith, Black Tuesday,Hawley-Smoot TariffPreview of Events November 1928November 1928Herbert Hooverelected presidentReading ObjectivesSocieties change over time. Following the presidential election of HerbertHoover, most Americans were optimistic about the future of the country. Stockprices were soaring, and many people invested in the stock market. As the number of new investors began to dwindle, the market first slowed and then crashed.The stock market crash resulted in the collapse of many banks. At the same time,overproduction brought an excess of products that many people could not affordto buy. This led factories to lower production and lay off workers. Due to a lownumber of exports, companies were not able to make up for the reduction inconsumer spending. All of these factors, combined with the Federal Reserve’sdecision to keep interest rates low, led to an economic depression.The Great Depression Begins
The Election of 1928In an election marked by religious prejudiceand the issue of Prohibition, Herbert Hoover won thepresidency in a landslide.Reading ConnectionWhat issues in school elections orlocal elections have been important to you? Read on to learnabout important campaign issues in the 1928 election.The economic collapse that began in 1929 hadseemed unimaginable only a year earlier. Manypeople found themselves without work as jobsbecame scarce.In the years just after the 1929 stock market crash,Annetta Gibson taught English in a Rockford, Illinois,grade school. As a teacher, Gibson was lucky becauseshe was at least able to keep her job, unlike manyother American workers.Everyone knew that the teachers’ salaries were“being held up. . . . The stores charged anything wewanted, and we’d pay them when we got paid, so itwasn’t too bad.Campaign IssuesBy 1928 Prohibition had becomea major issue among voters. Because he favored theban on liquor sales, Hoover was considered a “dry”in the popular language of the day. Smith, who disliked the ban, was a “wet.”The candidates’ religious differences sparked asmear campaign against Smith. Many Protestantswere willing to believe that the Catholic Churchfinanced the Democratic Party and would rule theUnited States if Smith got into the White House.These slurs embarrassed Hoover, a Quaker, and hetried to quash them, but the charges seriously damaged Smith’s candidacy.Smith’s biggest problem, however, was the prosperity of the 1920s, for which the Republicans tookfull credit. Republican candidates promised to continue the trend with such slogans as “two cars inevery garage.” Hoover received over 6 million morevotes than Smith and won the Electoral College in alandslide, 444 to 87.On March 4, 1929, an audience of 50,000 stood inthe rain to hear Hoover’s inaugural speech. Soundmovie cameras covered the inauguration for the firsttime and radios broadcast the address worldwide. “Ihave no fears for the future of our country,” Hooversaid. “It is bright with hope.”Reading CheckExamining What campaign issuesled to Herbert Hoover’s election to the presidency? The one thing that was bad was that we had workedhard at school to get the children to save. . . . The children would bring, oh, maybe just a few pennies thatthey would put in their banks. Some of them had nicelittle bank accounts when the Depression hit, and someof them never got their money back. It wasn’t too gooda lesson . . . because they thought they might as wellspend their money as save it and then have it gone.the Harding and Coolidge administrations. TheDemocrats chose Alfred E. Smith, four-time governor of New York. Smith was an Irish American fromNew York’s Lower East Side and the first RomanCatholic ever nominated to run for president.Bank run at a Newark, New Jersey bank”—quoted in Centenarians: The Story of the TwentiethCentury by the Americans Who Lived ItIn the election of 1928, the presidential candidatesvied with each other to paint a rosy picture of thefuture. Republican Herbert Hoover declared, “We arenearer to the final triumph over poverty than everbefore in the history of any land.”The CandidatesWhen Calvin Coolidge decidednot to run for president in 1928, he cleared the wayfor Herbert Hoover to head the Republican ticket. Asuccessful engineer and former head of the FoodAdministration during World War I, Hoover had alsospent over seven years as secretary of commerce inCHAPTER 9The Great Depression Begins469
The Long Bull MarketThe long period of rising stock prices ledmany people to risky investment practices.Reading ConnectionWhat are your strategies for saving money? Read on to find out about people’s efforts to makemoney in the stock market during the 1920s.The wave of optimism that swept Hoover into theWhite House also drove stock prices to new highs.The stock market was established as a system forbuying and selling shares of companies. Sometimescircumstances in the stock market lead to a longperiod of rising stock prices, which is known as abull market. In the late 1920s a prolonged bull market convinced many Americans to invest heavily instocks. By 1929 about 3 million Americans, orroughly 10 percent of households, owned stocks.As the market continued to soar, many investorsbegan buying stocks on margin, meaning they madeonly a small cash down payment—as low as 10percent of the price. With 1,000 an investor couldbuy 10,000 worth of stock. The other 9,000 wouldcome as a loan from a stockbroker, who earned both acommission on the sale and interest on the loan. Thebroker held the stock as collateral.As long as stock prices kept rising, buying on margin was safe. For example, an investor who borrowedmoney to buy 10,000 worth of stocks had to waitonly a short time for them to rise to 11,000 in value.The investor could then sell the stock, repay the loan,and make 1,000 in profit. The problem came if thestock price began to fall. To protect the loan, a brokercould issue a margin call, demanding the investorrepay the loan at once. As a result, many investorswere very sensitive to any fall in stock prices. Ifprices fell, they had to sell quickly, or they might notbe able to repay their loans.Cyclical EffectThe Great DepressionCauses Overproduction and low demandleads to employee layoffsAutomobile sales declined.This loss of demand meant less demand for:Which helpedcontribute further to. Low wages reduce consumerbuying power High tariffs restrict foreigndemand for American goodsUnemploymentTextilesOilSteelRubberLower wages Unemployment reduces buyingpower furtherStock Prices, 1920–1932Price per Share 350 300Annual highAnnual low 2501. Interpreting Graphs Stock prices peaked in 1929.Before this peak, when did they begin to rise sharply?2. Making Generalizations How did the decline in autosales affect many other industries? 200 150 100 5001920 1922 1924 1926 1928 1930 1932Dow-Jones Industrial AveragesSource: Standard and Poor’s Security Price Index Record.470Industryslowed,which caused:CHAPTER 9The Great Depression Begins
Before the late 1920s, the prices investors paid forstocks generally reflected the stocks’ true value. If acompany made a profit or had good future salesprospects, its stock price rose, while a drop in earnings or an aging product line could send the pricedown. In the late 1920s, however, hordes of newinvestors bid prices up without regard to a company’searnings and profits. Buyers, hoping to make a fortune overnight, engaged in speculation. Instead ofinvesting in the future of the companies, speculatorstook risks, betting that the market would continue toclimb, thus enabling them to make money quickly.Reading CheckSummarizing What was the stockmarket like in the 1920s?The Great CrashThe October 1929 stock market crash led tobank failures across the nation.Reading ConnectionIf a stock market crash were tooccur today, how would your family be affected? Read on tolearn about the stock market collapse in 1929.The bull market lasted only as long as investorscontinued putting new money into it. By the latterhalf of 1929, the market was running out of new customers. In September professional investors senseddanger and began to sell off their holdings. Pricesslipped. Other investors sold shares to pay the interest on their brokerage loans. Prices fell further.Crash!On Monday, October 21, Groucho Marx, thecomic star of stage and screen, was awakened by atelephone call from his broker. “You’d better getdown here with some cash to cover your margin,”the broker said. The stock market had plunged. Thedazed comedian had to pay back the money he hadborrowed to buy stocks, which were now selling forfar less than he had paid.Other brokers made similar margin calls. Frightened customers put their stocks up for sale at a frenzied pace, driving the market into a tailspin. WhenMarx arrived at the brokerage, he found ticker tape“knee deep on the floor.” He further recalled,“People were shouting orders to sell and others werefrantically scribbling checks in vain efforts to savetheir original investments.”On October 24, a day that came to be called BlackThursday, the market plummeted further. Marx waswiped out. He had earned a small fortune from playsHistoryHerbert Hoover The nation and its new president felt confident aboutthe future in early 1929. Why were Americans so optimistic?and films, and now it was gone in the blink of an eye.Like many other investors, he was deeply in debt.Arthur Marx recalled his father’s final visit to thebrokerage, as Groucho looked around and spottedhis broker:“He was sitting in front of the now-stilled tickertape machine, with his head buried in his hands.Ticker tape was strewn around him on the floor, andthe place . . . looked as if it hadn’t been swept out ina week. Groucho tapped [him] on the shoulder andsaid, ‘Aren’t you the fellow who said nothing could gowrong?’ ‘I guess I made a mistake,’ the broker wearilyreplied. ‘No, I’m the one who made a mistake,’snapped Groucho. ‘I listened to you.’”—quoted in 1929: The Year of the Great CrashThe following week, on October 29, a day laterdubbed Black Tuesday, prices took the steepest diveyet. That day stocks lost 10 to 15 billion in value.By mid-November stock prices had dropped byover one-third. Some 30 billion was lost, a sumroughly equal to the total wages earned byAmericans in 1929. The stock market crash was notthe major cause of the Great Depression, but it undermined the economy’s ability to hold out against itsother weaknesses.CHAPTER 9The Great Depression Begins471
Banks in a TailspinThe market crash severelyweakened the nation’s banks in two ways. First,many banks had lent money to stock speculators.Second, many banks had invested depositors’ moneyin the stock market, hoping for higher returns thanthey could get by using the money for conventional loans.When stock values collapsed, the banks lost moneyon their investments, and the speculators defaultedon their loans. Having suffered serious losses, manybanks cut back drastically on the loans they made.With less credit available, consumers and businesseswere unable to borrow as much money as they hadpreviously. This helped to put the economy into arecession.For some banks, the losses they suffered in thecrash were more than they could absorb, and theywere forced to close. At that time, the governmentdid not insure bank deposits; therefore, if a bankcollapsed, customers lost their savings. The bank fail-ures in 1929 and early 1930 triggered a crisis of confidence in the banking system.News of bank failures worried many
The Great Depression Begins 1929–1932.Big Ideas , SECTION 1: Causes of the Depression Societies change over time. Inflated stock prices, overproduction, high tariffs, uneven distribution of wealth, and mistakes by the Federal Reserve led to the Great Depression. SECTION 2: Life During the Depression Societies change over time.
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and thousands lost their jobs. The stock market crash marked the end of the boom years and set off a series of events that led to the beginning of the Great Depression. The Great Depression The Great Depression, which lasted from 1929 to the beginning of World War II, was the longest and worst depression in U.S. history. President Herbert .
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