oct 29, 1929 - Stock Market Crash
Description:
The crash of the New York Stock Exchange worsened Iowa's existing depression, which began with the ending of farm subsidies in 1920. The U.S. government had helped to support farmers taking on extra land during World War I, as farm products were in high demand. After the war, however, the programs ended and demand decreased. Crops drastically decreased in resale price, and farmers could not pay back loans they had taken out to support the wartime demand of the late 1910s. This meant that the Great Depression began much earlier in Iowa (and the rural Midwest in general) than it did in more urban areas, making its effects even more devastating.
Added to timeline:
United Way JWC History
Date:
