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Charles Edwin Mitchell (October 6, 1877 – December 14, 1955) was an American banker whose incautious securities policies facilitated the speculation which led to the Crash of 1929. First National City Bank's (now Citibank ) controversial activities under his leadership were a major contributing factor in the passage of the Glass-Steagall Act .
The Dow Jones Industrial Average, 1928–1930. The "Roaring Twenties", the decade following World War I that led to the crash, [4] was a time of wealth and excess.Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector.
In the United States, the Great Depression began with the Wall Street Crash of October 1929 and then spread worldwide. The nadir came in 1931–1933, and recovery came in 1940. The stock market crash marked the beginning of a decade of high unemployment , famine, poverty, low profits, deflation , plunging farm incomes, and lost opportunities ...
However, the mini-crash was averted two days later when National City Bank pumped $25 million in credit into the stock market. Summer: Consumer spending and industrial production begin to stagnate. The Federal Reserve continues with its plan to raise interest rates from 4% in mid-1928 to 6% by mid-1929 in an attempt to combat speculative behavior.
The population of Paris declined slightly from its all-time peak of 2.9 million in 1921 to 2.8 million in 1936, with city-dwellers opting to return to the countryside to ride out the economic crisis among family. The arrondissements in the center lost as much as twenty percent of their population, while the outer neighborhoods, gained ten percent.
The Wall Street Crash of 1929, the Great Depression and diversion of resources into World War II led to the suspension for years of new construction. The Century of Progress International Exposition was the name of the World's Fair held on the Near South Side lakefront from 1933 to 1934 to celebrate the city's centennial.
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After the Wall Street crash of 1929, when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with the Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932.