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This picture shows an investor trying to sell his new car for $100 which is equivalent to only $1,441.66 in 2018. So many people had lost their savings doing the collapse and were willing to sell everything at any price.

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Picture #2 - Newspaper Article of Collapse

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Picture #2 - Newspaper Article of Collapse

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This is a snippet taken from a news article listing the amount of shares traded on the markets and how quickly the prices tumbled in only a four days which caused the worst stock market crash in history.

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Picture #1 -  Outside of the Stock Exchange 

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Picture #1 -  Outside of the Stock Exchange 

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This picture shows all of the investors crowded outside of the stock market on Black Tuesday morning to hear about the share prices and how much money was lost.

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Video #3 - The Collapse leading into the Great Depression

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Video #3 - The Collapse leading into the Great Depression

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This video describes the cause of the stock market crash and some other factors related to the drastic price drops. Over production of goods from the bull market for years leading up to Black Tuesday were a major factor contributing to investors being uneasy since companies had too many supplies and not enough demand. As no one was buying the goods produced, owners began to cut workers wages and value of goods depreciated The same principles apply today as companies evaluate supply/demand for daily operations.

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Website #3 - Stock Collapse Economic Effects

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Website #3 - Stock Collapse Economic Effects

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This article shows the varies factors that Canada had to deal with after the stock market collapse. The after effects of the crash were extremely harsh for Canadians as we rely on exporting our raw materials to other countries. Most people were unemployed and the Gross National Expenditure (amount of spending) had dropped by 42%. In the early 1930's, 1 in 5 Canadians were dependent on government relief to live. With everyone out of jobs, the Canadian economy was at an all time low until the Second World War.

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The worldwide Great Depression of the early 1930s was a social and economic shock that left millions of Canadians unemployed, hungry and often homeless. Few countries were affected as severely as Canada during what became known as the Dirty Thirties, due to Canada's heavy dependence on raw material and farm exports, combined with a crippling Prairies drought.

The worldwide Great Depression of the early 1930s was a social and economic shock that left millions of Canadians unemployed, hungry and often homeless. Few countries were affected as severely as Canada during what became known as the Dirty Thirties, due to Canada's heavy dependence on raw material and farm exports, combined with a crippling Prairies drought. Widespread losses of jobs and savings ultimately transformed the country by triggering the birth of social welfare, a variety of populist political movements, and a more activist role for government in the economy.

No Spending, No Jobs

Economists still debate whether a specific event might have sparked the Great Depression, such as the 1929 crash of the Wall Street stock market. However, there is general consensus that the Depression was the result of widespread drops in world commodity prices and sudden declines in economic demand and credit, leading to rapid declines in global trade and rising unemployment.

In Canada the changes were dramatic. Between 1929 and 1933 the country's Gross National Expenditure [overall public and private spending] fell by 42%. By 1933, 30% of the labour force was out of work, and one in five Canadians had become dependent upon government relief for survival. The unemployment rate would remain above 12% until the start of the Second World War in 1939.

Uneven Burden

The Depression's effects were aggravated by its uneven impact, by a rudimentary social-welfare structure and by misguided government policy. A third of Canada's Gross National Income came from exports, therefore the country was hard hit by the collapse in world trade. The four western provinces, which depended almost exclusively on primary-product exports, were the most seriously affected.

The economic problems were made worse on the Prairies by years of drought, as well plagues of grasshoppers and hail storms, which caused huge crop failures. Saskatchewan experienced the lowest price for wheat in recorded history and saw provincial income plummet by 90% within two years, forcing 66% of the rural population onto relief. The other western provinces were technically bankrupt from 1932 onwards. Although Ontario and Québec experienced heavy unemployment, they were less severely afflicted because of their more diversified industrial economies, which produced goods and services for the protected domestic market. The Maritimes had already entered into severe economic decline in the 1920s and had less distance to fall.

The burden of the Depression was also unequally distributed between classes. Although wages dropped throughout the 1930s, prices declined even faster. As a result, the standard of living of property owners and those with jobs increased. Farmers, young people, small businessmen and the unemployed bore the brunt of economic hardship.

Impact on Population

Demographic changes were a revealing index of hardship. Population growth throughout the 1930s reached the lowest point since the 1880s through a combination of plummeting immigration and birthrates. The number of immigrants accepted into Canada dropped from 169,000 in 1929 to fewer than 12,000 by 1935 and never rose above 17,000 for the remainder of the decade. During that time European Jews fleeing Nazi Germany were denied a sanctuary in Canada (see Refugees). The number of Canada's deportations, however, rose from fewer than 2,000 in 1929 to more than 7,600 just three years later. Almost 30,000 immigrants were forcibly returned to their countries of origin over the course of the decade, primarily because of illness or unemployment.

Canada's birthrate dropped from 13.1 live births per 1,000 in 1930 to only 9.7 by 1937, the lowest ratio until the 1960s. During the 1930s, 50 years of urbanizing momentum were reversed as Canada's rural population (outside of Saskatchewan) grew more rapidly than its urban population. For many of the unemployed "going back to the land" was preferable to a miserable existence on urban relief.

Government Aid Efforts

Canada did not have an adequate system of dispensing welfare to the jobless. Although unemployment was a national problem, federal governments led by Conservative Prime Minister R.B. Bennett (1930-35) and his Liberal predecessor and successor W.L. Mackenzie King, refused, for the most part, to provide work for the jobless and insisted that their care was primarily a local and provincial responsibility. King, who was prime minister when the Depression first started, was reluctant to even acknowledge that an economic crisis had struck Canada - a stance that led to his defeat at the hands of Bennett in 1930 (King and his Liberals were re-elected in 1935).

Federal reluctance to tackle unemployment contributed to fiscal collapse in the four western provinces and in hundreds of municipalities, as well as a haphazard, degrading standard of care for the jobless. Monthly relief rates for a family of five varied from $60 in Calgary to $19 in Halifax. Although there were no official accounts of starvation, reports by medical authorities of scurvy and other diet deficiency diseases were common throughout the decade.

Local governments refused to aid single, homeless men, and so between 1932 and 1936 the federal government established unemployment relief camps. Run by the Department of Defence, the camps paid the men 20 cents a day for construction work in the bush. In 1935 a protest against conditions in the camps culminated in the Regina Riot - Canada's most violent episode of the Depression, in which one policeman was killed, dozens of men were injured and 130 were arrested (see On to Ottawa Trek).

Changed Political Landscape

The Depression changed the way Canadians thought about the economy and the role of the state. The previous faith shared by both the Bennett and King governments and most economists -- that a balanced budget, a sound dollar and changes in the trade tariff would allow the private marketplace to bring about recovery -- was misplaced. In response, the Depression spawned a variety of political reform movements, particularly at the provincial level, which advocated the use of the state to initiate recovery. The reforms included the inflationary Social Credit theories of Alberta Premier William Aberhart, the "Work and Wages" program of British Columbia Premier T. Dufferin Pattullo, and the democratic socialism of J.S. Woodsworth and the Co-operative Commonwealth Federation. The Union Nationale in Québec, led by Maurice Duplessis, H.H. Stevens's Reconstruction Party and the New Democracy movement of W.D. Herridge were also triggered by the Depression.

The Communist Party of Canada was virtually outlawed from 1931 (when nine of its leaders were arrested and convicted under the Criminal Code for being members of an "unlawful association") to 1936, and was banned when war was declared in 1939. However, affiliated groups such as the Workers' Unity League, the Relief Camp Workers Union and the National Unemployed Workers Association played a significant role in organizing the unskilled and the unemployed in protest marches and demonstrations.

Government Intervention

Although the national impact of these organizations was minimal, the Depression did ultimately result in an expansion of state responsibility for the economy and for social welfare. In 1934 Bennett's government created legislation to establish the Bank of Canada, which was charged with regulating monetary policy; in 1935 the Canadian Wheat Board was created to market and establish a minimum floor price for wheat; and in 1940 the federal government assumed responsibility for the jobless by introducing a national unemployment insurance scheme ( see Employment Insurance) and employment service.

The Depression also legitimized the economic theories of British economist John Maynard Keynes, who argued that, if private investment failed to produce full employment, the state must initiate public investment through deficit spending to create jobs. Keynes's ideas influenced the National Employment Commission report (1938) and the report of the Royal Commission on Dominion-Provincial Relations (1940). The latter was important in generating the idea of equalization payments from Ottawa to the provinces.

Not until war broke out in 1939, however, did Keynesian economics become a deliberate part of government policy, and it was the massive state expenditures necessitated by the war that finally reduced unemployment to minimal levels by 1942. See also History Since Confederation; Business Cycles; Bennett's New Deal.

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The worldwide Great Depression of the early 1930s was a social and economic shock that left millions of Canadians unemployed, hungry and often homeless. Few countries were affected as severely as Canada during what became known as the Dirty Thirties, due to Canada's heavy dependence on raw material and farm exports, combined with a crippling Prairies drought.

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Website #2 - Effects of Collapse in Canada

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Website #2 - Effects of Collapse in Canada

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This article describes what the effects of the stock market collapse of 1929 were to Canadians. Within a year of Black Tuesday, over 400 000 Canadians were unemployed and the others were receiving under a minimum wage to live. Some families travelled across the country by sneaking onto freight trains to look for work in other provinces. Other family were "on relief" in which they received a small monthly or weekly pay from the government. However, the amount of money and timing varied by province.

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Posts about Black Tuesday on Bite Size Canada

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On October 29, 1929, Canada experienced one of its most depressing days in history: the great market crash! Black Tuesday. Prices suddenly crashed on the world's stock markets, and Canada was plunged into ten years of poverty. One year after the crash, a whopping 400,000 were unemployed, and many people who did have jobs were earning less than subsistence pay.

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Website #1 - Canadian Perspective of the Crash

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Website #1 - Canadian Perspective of the Crash

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This article specifically explains what happened to the Canadian stock markets during the crash of 1929. From the Thursday before Black Tuesday until that day, 500 000 shares were sold in Montreal (5 times the usual amount) and 330 000 shares at the Toronto stock exchange (13 times the usual amount). For the next few months, 50 of the most prosperous Canada stocks plummeted to well under 50% of their value.

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In late October of 1929, terror seized the stock exchanges of North America. Capitalism's speculative party, with its galloping share prices and its celebrity millionaires, came to an abrupt stop. The Great Crash, it was called, and it was followed by the Great Depression.

It began to take shape on 24 October 1929, Black Thursday. "Stock Speculators Shaken in Wild Day of Panic," shouted the front page of the next day's Toronto . The New York Stock Exchange, the accompanying stories reported, had experienced massive declines in wild trading, with a record 12.8 million shares sold. Thousands of accounts were wiped out before leading bankers and industrialists intervened to halt the slump. The dread extended to the Toronto markets, the Globe declared, and "rocked" share prices there. In Montréal, forced selling ran rampant, and practically every stock finished the day down.

"The biggest crash ever recorded," lamented the famed British economist John Maynard Keynes, whose own investments were entirely gone by the end of the year ( see Keynesian Economics).

Tuesday, 29 October - or Black Tuesday - was worse still. On Wall Street, 16.4 million shares were sold, almost 4 million more than Black Thursday's unprecedented totals. The New York Times industrial average plummeted, eliminating a strong year's gains, and the investment giant Goldman Sachs Trading Corporation was reduced to 58 per cent of its worth the night before.

In Toronto and Montréal, liquidation records were set. Horrified investors clogged the financial districts, while employees in the exchanges and the brokerage houses worked themselves to near-collapse in an attempt to corral the paperwork. The Canadian Annual Review of Public Affairs reckoned that "never before the 1929 crash had amounts that ran into billions of dollars been lost on the Canadian Stock Exchanges in so brief a period of time." In Montréal, some 500,000 shares were sold (5 times the usual amount); in Toronto, 330,000 were sold (13 times the usual).

"The singular feature of the great crash of 1929 was that the worst continued to worsen," wrote Canadian-born economist John Kenneth Galbraith in his seminal book The Great Crash 1929 (1954). The markets jumped back to life, but briefly. The setbacks returned and they persisted.

From the peak of the bull market in 1929 to mid-1930, the 50 most active Canadian stocks diminished on average to well under half their market value. Shareholders in International Nickel and Imperial Oil lost more than $500 million each, those in Canadian Pacific Railway over $60 million.

Standard Oil of New Jersey's John D. Rockefeller, the Bill Gates of his day, was caught up in the turmoil. On 13 November 1929, yet another disastrous day for the markets, he put his family's money behind a guarantee that his enterprise's shares would not fall below 50. In early 1932, the price was 20.

Historians and economists debate the importance of the Great Crash. Some claim that it brought on the Great Depression that blighted the 1930s across the industrialized world; others scarcely mention it in their narratives of the decade-long economic ordeal, an international phenomenon with many origins and explanations.

The economic downturn seemed moderate enough when Conservative leader R.B. Bennett hit the election trail in 1930. But Bennett was able to use it to good effect to defeat William Lyon Mackenzie King's Liberals, who'd been in power for nearly a decade and were reluctant to acknowledge the crisis brewing in Canada.

Six months after the election, Prime Minister Bennett realized that the country was in a severe economic depression. The low point came in 1933, when national output and exports - crucial then as now to the Canadian economy ( see Economic Indicators) - were down a third from late 1920s levels. Farms of the West were in crisis ( see Drought). Nearly a third of the workforce was unemployed.

The rich and well-stuffed Bennett was the butt of cruel jokes and the symbol of everything Canadians loathed. Though he tried to turn the tide, establishing the Bank of Canada and presenting his New Deal for social service reform in 1935, it was too little too late. In the next election, Canadians ousted Bennett.

The economy struggled back, yet very slowly, and a late 1930s recession interrupted the upward trend ( see Business Cycles). In 1939, there were still hundreds of thousands of Canadians on what passed for financial relief, with monthly rates for a family of five varying from $60 in Calgary to $19 in Halifax. This was before the rise of the welfare state in the ensuing decades.

Year upon year of economic woe set peoples against one another in a global depression that left few markets unscathed. In response, governments heaped on the tariffs, wanting to protect themselves and punish others ( see Protectionism). Democracies turned in on themselves, selfish and frightened. Capitalism had apparently failed, and its opponents were in fashion. Territory-hungry dictatorships flourished ( see Fascism). In this respect, the Second World War was a child of the Great Depression. Then, in a twist of fate, the economic prosperity of war ended Canada's Depression.

( See also Economic History.)

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In late October of 1929, terror seized the stock exchanges of North America. Capitalism's speculative party, with its galloping share prices and its celebrity millionaires, came to an abrupt stop. The Great Crash, it was called, and it was followed by the Great Depression.

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This video describes how the stock market collapse happened with investors being warned during the weeks prior to "Black Tuesday" with stocks reaching all-time highs and false expectations. Investors grew more concerned which lead to a selling panic. Stock prices began to drop rapidly as every investor wanted to sell at any price. On Tuesday, October 29, 1929 investors had traded 16.4 million shares and lost 14 billion dollars. This was the worst stock market crash in the history of Canada and the United States to date.

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Stock Market Crash of 1929 - Decades TV Network

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This video explains the root cause of the stock market collapse, buying on margin. Every investor was purchasing shares with borrowed money. This lead to the rapid increase in stock prices because investors only had to pay 10% of the price in order to buy the shares. Since the stock prices just kept climbing no one ever thought of paying back the rest of the money they borrowed until the share prices began to plummet and they had no money left to pay back.

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As people became comfortable buying stocks, speculation became comfortable, too. When stories of overnight fortunes were reported in the news, regular folks wondered: Why not me?

As the boom market continued, people were increasingly willing to buy stocks with borrowed money. The "buy now, pay later" method of credit was introduced to the stock market as "buying on margin." The deal was to put some of the money down, then pay for the rest of the shares with profits when the paper was sold. The concept works, provided that the stock prices keep going up.

Buying on margin became so popular that by the late 1920s, "ninety percent of the purchase price of the stock was being made with borrowed money." Not only that ... the U.S. economy had come to depend on that activity. Before the crash, nearly forty cents of every dollar loaned in America was used to buy stocks.

As more people bought stocks with borrowed money, the demand for stocks increased - as did the prices. In 1928 alone, the stock market doubled.

Applying the formula of the time, a person with $6,000 could buy $60,000 worth of stock because all one had to do was put down 10% of the purchase price. With a market going ever upward, who would have thought about "paying the piper" - that is, the rest (90%) of the purchase price - in the event the value of the stock "tanked?"

Recklessness became part of the national consciousness. "The market takes care of things pretty well," so why not join in?

Calvin Cooledge, then President of the United States, had friends in the financial industry. Regulations, at the time, were so minimal that "the street" could run itself.

(Does any of this sound familiar?)

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Stock Market Crash of 1929 - Buying on Margin

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As people became comfortable buying stocks, speculation became comfortable, too. When stories of overnight fortunes were reported in the news, regular folks wondered: Why not me? As the boom market continued, people were increasingly willing to buy stocks with borrowed money. The "buy now, pay later" method of credit was introduced to the stock market as "buying on margin."

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In this padlet, I will be discussing "Black Tuesday", how it happened and how it lead to the Great Depression in Canada and the United States.