1934 Economy & Business Events — Verified Historical Highlights
1934 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 09 Jan SEPU Retail Company founded in Barcelona: SEPU, Spain's first department store, was established in Barcelona on January 9, 1934, by Swiss-Jewish entrepreneurs Henry Reisembach and Edouard Worms. The store expanded to Madrid and Zaragoza, offering a 'one-price' policy and popularizing the slogan 'Quien calcula compra en SEPU' ('Who calculates buys at SEPU'). During the Second Spanish Republic, SEPU faced attacks from the Falangist newspaper Arriba and its supporters. The company closed in 2002 due to accumulated tax debts. source: en.wikipedia.org
- 15 Jan Babe Ruth's record-breaking baseball contract: On January 15, 1934, baseball legend Babe Ruth signed a contract with the New York Yankees that made him the highest-paid player in the sport at the time. The contract was valued at $52,000, reflecting Ruth's immense popularity and impact on the game. source: baseball-reference.com
- 17 Jan Carl Hubbell signs major contract with New York Giants: On January 17, 1934, pitcher Carl Hubbell signed a significant contract with the New York Giants, solidifying his position as one of the premier pitchers in Major League Baseball. Hubbell's performance was instrumental in the Giants' success during the 1930s. source: baseball-reference.com
- 31 Jan US dollar devaluation: On January 31, 1934, President Franklin D. Roosevelt issued Proclamation No. 2072, setting the gold value of the U.S. dollar at $35 per ounce, effectively devaluing the dollar by over 40%. This move aimed to combat the Great Depression by increasing inflation and stimulating economic activity. source: gold.org
- 02 Feb Establishment of the Export-Import Bank of the United States: On February 2, 1934, the Export-Import Bank of the United States was established to provide financing for the export of American goods and services. The bank aimed to support domestic businesses by facilitating international trade. source: en.wikipedia.org
- 08 Feb Export-Import Bank establishment: The Export-Import Bank was established on February 8, 1934, to facilitate international trade by providing financial assistance to U.S. exporters. This institution played a crucial role in supporting American businesses in the global market during the Great Depression. source: exim.gov
- 09 Feb Roosevelt cancels air mail contracts: On February 9, 1934, President Franklin D. Roosevelt suspended all U.S. Air Mail contracts due to alleged improprieties by the Hoover Administration during the negotiations of those contracts. This decision led to the Army Air Corps temporarily taking over the mail service. source: presidency.ucsb.edu
- 22 Feb IG Farben expands industrial production: On February 22, 1934, IG Farben, a major German chemical and pharmaceutical conglomerate, announced plans to expand its industrial production capabilities. This expansion was part of the company's efforts to support the German war economy leading up to World War II. source: britannica.com
- 06 Apr Minneapolis unemployment riot: The Minneapolis unemployment riot occurred on April 6, 1934, as thousands protested against the economic conditions during the Great Depression. The event was marked by clashes between police and demonstrators, highlighting the struggles of the working class. source: britannica.com
- 07 Apr Jones-Connally Farm-Relief Act passed: The Jones-Connally Farm-Relief Act was passed on April 7, 1934, aimed at providing assistance to struggling farmers during the Great Depression. This legislation was part of broader efforts to stabilize the agricultural sector. source: britannica.com
- 13 Apr Johnson Debt Default Act Passed: The Johnson Debt Default Act, also known as the Foreign Securities Act, was enacted on April 13, 1934. This legislation prohibited foreign nations in debt from marketing their bond issues in the United States. It was a response to nonpayment of war debts from World War I and aimed to prevent the purchase of bonds from countries that had defaulted on their obligations. source: britannica.com
- 07 May Samuel Insull returns to United States: Fugitive businessman Samuel Insull arrived on American soil in the custody of authorities. source: en.wikipedia.org
- 01 Jun Germany and Yugoslavia sign trade agreement: On June 1, 1934, Germany and Yugoslavia signed a trade agreement, enhancing bilateral economic relations between the two nations. source: en.wikipedia.org
- 03 Jun Auto-Lite Strike Concludes in Toledo: The Auto-Lite strike in Toledo, Ohio, concluded on June 3, 1934, after a significant labor dispute. source: en.wikipedia.org
- 04 Jun Britain halts war debt payments: On June 4, 1934, Britain announced the suspension of war debt payments, affecting international financial relations. source: en.wikipedia.org
- 12 Jun London Economic Conference addresses global depression: The London Economic Conference convened on June 12, 1934, to address the global economic crisis and seek solutions to the Great Depression. The conference aimed to stabilize currencies and promote international trade. source: britannica.com
- 22 Jun Porsche receives contract to develop Volkswagen: On June 22, 1934, the Reich Association of the German Automobile Industry (RDA) awarded Ferdinand Porsche's design office a contract to develop the Volkswagen, a low-cost car intended for mass production. This marked the beginning of the 'people's car' project, which aimed to make automobiles affordable for the general public. source: volkswagen-group.com
- 26 Jun Federal Credit Union Act signed: On June 26, 1934, the Federal Credit Union Act was signed into law in the United States. This legislation established the framework for federal credit unions, aiming to provide affordable financial services to individuals. source: en.wikipedia.org
- 27 Jun Federal Savings and Loan Association established: The Federal Savings and Loan Association was established on June 27, 1934, as part of the U.S. government's efforts to stabilize the banking system during the Great Depression. This institution aimed to provide affordable home financing and promote savings among Americans. source: fdic.gov
- 28 Jun Frazier-Lemke Farm Bankruptcy Act: The Frazier-Lemke Farm Bankruptcy Act was enacted on June 28, 1934, to provide relief to farmers facing foreclosure during the Great Depression. This legislation aimed to help farmers retain their land and stabilize agricultural production. source: congress.gov
- 03 Jul First FDIC bank deposit insurance payout: On July 3, 1934, the Federal Deposit Insurance Corporation (FDIC) made its first bank deposit insurance payout. This event marked a significant step in restoring public confidence in the banking system during the Great Depression. source: fdic.gov
- 05 Jul Bloody Thursday: San Francisco longshoremen strike turns violent: On July 5, 1934, during the San Francisco longshoremen's strike, known as Bloody Thursday, violence erupted, leading to the deaths of two workers and marking a significant event in labor history. source: en.wikipedia.org
- 15 Jul Continental Airlines founded: On July 15, 1934, Continental Airlines was founded, marking the beginning of one of the major airlines in the United States. The airline has since grown to become a significant player in the aviation industry. source: britannica.com
- 25 Jul Death of François Coty: François Coty, a French perfumer and businessman, died on July 25, 1934. He was renowned for revolutionizing the perfume industry and for his significant influence in French politics. His death marked the end of an era in both the fragrance industry and French political circles. source: britannica.com
- 09 Aug US Silver Nationalization Act passed: The US Silver Nationalization Act was enacted on August 9, 1934, allowing the federal government to purchase silver and increase the monetary base. This act aimed to stabilize the economy during the Great Depression by increasing the money supply. source: congress.gov
- 05 Sep Tokyo Public Transit Strike: 11,000 public transit workers went on strike in Tokyo, Japan, disrupting urban transportation and highlighting labor tensions in the early 1930s.
- 10 Sep Costa Rican Banana Workers' Strike Suppressed: On September 10, 1934, a significant strike by banana workers in Costa Rica was violently repressed. The strike, initiated on August 4, 1934, by workers from the United Fruit Company plantations, aimed to address demands for better wages, working conditions, and union recognition. The government intervened to suppress the strike, leading to its conclusion on September 10. This event was a pivotal moment in Costa Rican labor history, highlighting the challenges faced by workers seeking improved conditions. source: pressenza.com
- 22 Sep United Textile Workers strike ends: The United Textile Workers strike, which began earlier in 1934, concluded on September 22, 1934. This labor action was significant in the context of labor rights and the struggles faced by workers during the Great Depression. source: britannica.com
- 28 Sep Dublin Newspaper Strike Concludes: The Dublin newspaper strike, which had persisted for ten weeks, finally came to an end. This labor dispute likely involved complex negotiations between newspaper management and workers, reflecting the industrial relations of the era.
- 15 Dec Unemployment insurance system approved: On December 15, 1934, the unemployment insurance system was approved. This system aimed to provide financial assistance to individuals who lost their jobs, marking a significant development in social welfare. source: ssa.gov
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