Retrieved June 21, From http: Article published October 18, The Canadian Encyclopedia http: While every effort has been made to follow citation style rules, there may be some discrepancies.
Please refer to the appropriate style manual or other sources if you have any questions. Retrieved June 21, , from http: In late October of , terror seized the stock exchanges of North America.
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Capitalism's speculative party, with its galloping share prices and its celebrity millionaires, came to an abrupt stop. October 24th was Black Thursday. The New York Stock Exchange, the accompanying stories reported, had experienced massive declines in wild trading. Thousands of accounts were wiped out before leading bankers intervened to halt the slump.
The dread extended to the Toronto markets, the Globe declared, and "rocked" share prices there. In Montreal forced selling ran rampant, and practically every stock finished the day down. Tuesday, October 29, was blacker still.
On Wall Street, 16,, shares were sold, up almost four million from Black Thursday's unprecedented totals.
The New York Times industrial averages plummeted, eliminating a strong year's gains, and the investment giant Goldman, Sachs was reduced to barely fifty percent of its worth the night before. In Toronto and Montreal, liquidation records were set.
Effects of the Great Depression in Canada | Fall | Washington State University
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 reckoned that "never before the crash had amounts that ran into billions of dollars been lost on the Canadian Stock Exchanges in so brief a period of time.
The setbacks returned and they persisted. From the peak of the bull market in to mid, the fifty most active Canadian stocks diminished on average to well under half their market value.
Standard Oil of New Jersey's John D. Rockefeller, the Bill Gates of his day, was caught up in the turmoil. On November 13, , another disastrous day for the markets, he put his family's money behind a guarantee that his enterprise's shares would not fall below In early , the price was Historians and economists debate the importance of the Great Crash. Some claim that it brought on the Depression that blighted the s across the industrialized world; others scarcely mention it in their narratives of the decade-long economic ordeal, an international phenomenon with a complex of origins and explanations.
The economic downturn seemed moderate enough when Conservative leader R. Bennett hit the election trail in , but he was able to use it to good effect to defeat the Mackenzie King Liberals. Six months after the election, Prime Minister Bennett realized that the country was in a severe economic depression.
The low point came in , when national output and exports crucial then as now to the Canadian economy were down a third from late s levels, the farms of the west were in crisis, and a quarter of the workforce was unemployed. The rich and well-stuffed Bennett was the butt of cruel jokes and the symbol of everything Canadians loathed. In the next election, they got their revenge. Bennett was gone before the Depression was gone.
The economy struggled back, yet very slowly, and a late s recession interrupted the upward trend. In , there were still hundreds of thousands on what passed for relief in Canada before the introduction of the welfare state.
Year upon year of economic woe set peoples against one another. Governments heaped on the tariffs, wanting to protect themselves and punish others.
The democracies turned in on themselves, selfish and frightened. Capitalism had apparently failed, and its opponents were in fashion.
Territory hungry dictatorships flourished.
The Second World War was a child of the Depression. Then, in a twist of fate, the prosperity of war ended Canada's Depression.
APA 6 th Edition Hillmer, N..
Chicago 16 th Edition Hillmer, Norman. Article published October 18, Hillmer, Norman. Article published October 18, Turabian Hillmer, Norman. APA 6 th Edition , R. We want to hear from you! Support The Canadian Encyclopedia. The Great Crash, it was called, and it was followed by the Great Depression. Montreal soup kitchen, By some 1. The Deportation of the Acadians 3. Battle of Vimy Ridge 5. Indigenous Peoples Collection Indigenous Aboriginal Peoples are the original inhabitants of the land that is now Canada.