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99-455: Maple Station opened on May 16, 1853, when the service began on the Ontario, Simcoe, and Huron Railroad between Toronto and Machell's Corners (now Aurora ). At the time, the station was named "Richmond Hill", despite being six kilometres west of that community. Train service was extended to Barrie later in 1853, and to Collingwood in 1855. The current station building was constructed in 1903 by

198-626: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,

297-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around

396-666: A branch line to Collingwood, splitting off the mainline some distance west of Newmarket , and added optional plans for an extension north from Barrie to Midland . Bonuses from Simcoe County totalling $ 300,000 were given to the H&;NW, along with about $ 150,000 from towns along the route, some indication of the area's upset with the Northern. The line reached Barrie in 1877 and Collingwood in mid-1879. The H&NW never completed their northern expansion to Midland. The Northern went ahead with one portion of their own expansion plans, dropping plans for

495-588: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to

594-459: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to

693-505: A large card reading "Last Train". The crews moved the rails as soon as the train passed them, having already half driven the spikes. The cost of construction, general financial difficulties of the era, and the enormous cost of an expansion to North Bay led the Northern and H&NW to organize a new joint management agreement, forming the Northern and North Western Railway in June 1879. This provided

792-482: A line from Toronto to the upper Great Lakes has been recorded to as early as 1834, but no serious effort was taken until 1848 when Frederick Chase Capreol announced he was going to build a line to the Collingwood area under the name Toronto, Simcoe and Huron Railroad Union Company . He suggested a novel method to raise the funds for construction, using a $ 2 million lottery. The proposition was considered so scandalous it

891-590: A line through their burgeoning agricultural areas. Cumberland refused, stating that traffic would be too low. This left an opening for the formation of the Toronto, Grey and Bruce Railway (TG&B), which began construction toward Owen Sound in the spring of 1869. Faced with their first real competition, the Northern chartered their own North Grey Railway on 15 February 1871, with plans to extend out of Collingwood to Meaford and authority to continue to Owen Sound. Construction between Collingwood and Meaford took place over

990-596: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside

1089-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and

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1188-570: A number of groups in Simcoe County , especially those in Barrie who continually pushed for an expansion of the line into the downtown area. This was eventually solved through the late 1869 formation of the Toronto, Simcoe and Muskoka Junction Railway , or Muskoka Branch , which branched off at the Allendale station and ran north-east to Orillia and then on to Lake Muskoka outside Gravenhurst . The line

1287-563: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In

1386-474: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of

1485-699: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to

1584-642: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation

1683-484: Is commemorated by a plaque installed in 1953 at Union Station in Toronto . The Toronto and other locomotives were scrapped after Canadian railways converted from the 5'6" track gauge to the 4'8 1 ⁄ 2 " American standard gauge starting in the 1870s. The railway earned revenues from passenger, freight, postal, and sundry other sources. The total earnings for 1 January to 7 July 1860 were $ 166,108.64, and for 1 January to 6 July 1861 were $ 210,177.46. In 2010,

1782-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated

1881-523: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that

1980-532: The 42nd Governor General of Canada (1847–1854); she had also lifted a ceremonial silver spade for the sod-turning ceremony of the construction of the railway at Front Street and Simcoe Street on 15 October 1851. Because of the high customs duties and shipping costs for the locomotive, executives of the Ontario, Simcoe and Huron Union Railroad decided that subsequent locomotives would be built in Ontario. The James Good foundry Toronto Locomotive Works , located at

2079-588: The Barrie line . The Muskoka Junction has been combined with the Ontario Northland Railway to form CNR's mainline in the area north of Orillia . Section west of Collingwood now form the Georgian Trail. The Meaford station was dismantled after 1960 and two stations along this section of the line remain: Several sections of the line have been turned over to rail trail use. The section of the mainline from

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2178-618: The Grand Trunk Railway to replace the original Ontario, Simcoe and Huron building, which had burned down. The Queen Anne style timber frame structure is clad in wood using stick style patterns, and features large gables in its roofline. It is federally protected by the Heritage Railway Stations Protection Act . The building is also protected under Part V of the Ontario Heritage Act , as part of

2277-409: The Grand Trunk Railway , and is therefore a predecessor to the modern Canadian National Railway (CNR). Several sections of the line are still used by CNR and GO Transit . First known as the Toronto, Simcoe and Huron Railway , and then the Ontario, Simcoe and Huron Railway , the aim was to provide a portage route from the upper Great Lakes at Collingwood to Toronto . The plan for the railway

2376-534: The Maple Heritage Conservation District . The building underwent renovations that were completed in January 2014 for CA$ 1.7 million. It included repairs to the facade and interior, replacement of the floor, and an upgrade to the accessibility ramps. An additional 60 parking spaces were added to the station in the spring of 2015. The station will undergo a redevelopment starting in 2019 including

2475-575: The Muskoka Branch ran northeast to Gravenhurst . This last expansion would be the starting point for the Northern and Pacific Junction Railway , connecting to the Canadian Pacific Railway mainline outside of North Bay . In 1887, the Grand Trunk Railway (GTR) gained a controlling interest, and the takeover was formalized in January 1888. The line primarily served the port towns on Georgian Bay , where it faced increasing competition over

2574-565: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of

2673-577: The Northern Railway Company of Canada in August 1858. Cumberland focused on profitability, cutting any train that didn't pay for itself, strongly resisting any expansion plans, and selling off their small fleet of ships operating on the Great Lakes. This resistance to expansion would ultimately backfire; in 1864 the company was approached by businessmen from Grey and Bruce counties about building

2772-428: The Ontario, Simcoe and Huron Union Railroad in 1850. Capreol was fired as manager two days before the official sod turning, which was carried out on 15 October 1851 by Lady Elgin . The occasion was marked with a parade, to which an estimated 20,000 people attended of a total population of the city of only 31,000. Sandford Fleming took the sod and preserved it for history. A party later that night at St. Lawrence Hall

2871-475: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,

2970-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It

3069-746: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with

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3168-517: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there

3267-514: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in

3366-480: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit

3465-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There

3564-639: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade

3663-473: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on

3762-508: The Ontario, Simcoe and Huron Railway was inducted to the North America Railway Hall of Fame . The OS&HR was recognized for its contribution to railroading as a "Community, Business, Government or Organization" in the "National" category (pertaining specifically to the area in and around St. Thomas, Ontario.) Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period

3861-540: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This

3960-485: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending

4059-678: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in

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4158-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had

4257-632: The Wall Street crash, after which the slide continued for three years, which was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in

4356-609: The addition of a second rail track, new rail platforms with a full canopy , two pedestrian tunnels to connect the new platforms, more parking, and the bus loop will be upgraded. As of January 2018, train service operates approximately every 15–30 minutes in the morning peak period, every 30 minutes in the afternoon peak period and every hour at other times. Outside of peak periods, most trains terminate at Aurora with connecting buses for stations further north. On weekends and holidays, service operates approximately hourly between Aurora and Toronto. Three daily trains in each direction cover

4455-455: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why

4554-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate

4653-458: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which

4752-644: The corner of Queen and Yonge Street , would manufacture nine locomotives for the Ontario, Simcoe and Huron railway at an average cost of $ 5000. The first of these was named Toronto , built in its namesake city and the first locomotive built in Canada or in any colony of the British Empire. Commissioned in February 1853, its construction was completed by 16 April. Over five days, it was rolled along temporary wooden rails on Queen Street and York Street, and on 26 April it

4851-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by

4950-620: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what

5049-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered

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5148-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and

5247-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did

5346-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of

5445-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought

5544-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though

5643-494: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating

5742-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be

5841-501: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August

5940-518: The flat terrain between the Niagara Escarpment and the southern shore of Georgian Bay, and the line was completed on 1 April 1872. However, the expansion to Owen Sound was never completed; a combination of much more difficult terrain west of Meaford, the impending arrival of the TG&;B, and demand for other expansions that were considered more important. The company had continually been at odds with

6039-400: The full route from Barrie to Toronto, while the remainder have bus connections at Aurora station for stations further north. York Region Transit : Northern Railway of Canada The Northern Railway of Canada was a railway in the province of Ontario , Canada. It was the first steam railway to enter service in what was then known as Upper Canada . It was eventually acquired by

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6138-467: The funding and income needed to begin construction of the Northern and Pacific Junction Railway , which ran between Gravenhurst and Nipissing . This reached the Canadian Pacific Railway transcontinental lines at North Bay in 1886. The Northern Railway was purchased by Grand Trunk Railway in 1888, and through its amalgamation, became part of the Canadian National Railway. CNR operated

6237-599: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing

6336-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,

6435-514: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at

6534-543: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. 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

6633-487: The line from King City and instead splitting off west of Barrie to run north to Penetanguishene as the North Simcoe Railway. Construction began in January 1878. In 1881, the entire line was regauged in sections. The entire mainline to Gravenhurst was converted to standard gauge in a single day on 9 July 1881. Work gangs were located all along the line waiting for the 7:45 AM mail train leaving Toronto, which carried

6732-405: The line reached Allandale in Barrie later in 1853, and Collingwood in 1855. Early traffic was dominated by agricultural products, earning it the nickname "Oats, Straw, and Hay". In spite of reasonable volumes of traffic the line was never very profitable, and by 1858 the company was in financial difficulty. Frederick William Cumberland agreed to take control of the railway, after reorganizing as

6831-527: The mainline as the CN Newmarket Subdivision, selling off the branches to the west, and pulling up the section between Barrie and Orillia. It is now the Barrie line after its purchase by Metrolinx . The first locomotive of the Ontario, Simcoe and Huron Union Railroad was named Lady Elgin and built in Portland , Maine . It was named for Mary Lambton, second wife of James Bruce, 8th Earl of Elgin ,

6930-512: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,

7029-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then

7128-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view

7227-496: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and

7326-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that

7425-568: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In

7524-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during

7623-477: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in

7722-455: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in

7821-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of

7920-461: The suggestion for a South Simcoe Junction Railway , splitting off the existing line at King City or Bolton , and then meeting the Northern again west of Barrie and continuing on to Penetanguishene as the North Simcoe Railway . Comparing the two, business interests in Simcoe County and towns along the route demanded additional work from both companies. The H&NW finally agreed to run

8019-460: The western side of Collingwood to Meaford is now the high-quality 34 kilometres (21 miles) Georgian Trail , which is being expanded towards Owen Sound as the Tom Thompson Trail . Sections from Collingwood to Stayner have a trail running beside them. The North Simcoe Railway now forms the 22.5 kilometres (14.0 mi) Tiny Beaches Trail with sections south of this also in use. Talk about

8118-471: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and

8217-659: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in

8316-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among

8415-475: The years. A combination of factors, including the Great Depression and the opening of a wider Welland Canal led to decreased use of the ports, and traffic fell. The closure of Collingwood Shipbuilding in 1986 led to the abandonment of the sections in Collingwood and to the west. The line is intact from Barrie all the way to Union Station , with the section between Toronto and Barrie used by GO Transit as

8514-639: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject

8613-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did

8712-472: Was capped by a performance by Jenny Lind organized by P.T. Barnum . In February 1853, the railway commissioned the construction of the first locomotive built in any British colony. Early construction required the line to pass over the Oak Ridges Moraine , and it was not until 16 May 1853 that the first train reached Machell's Corners, today's Aurora, Ontario . Work north of there was much more rapid;

8811-478: Was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. The Depression

8910-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of

9009-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing

9108-491: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by

9207-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened

9306-489: Was largely executed by Frederick Chase Capreol who was fired as manager of the company the day before the ground broke. Financial difficulties and a government bailout led to a reorganization of the company as the Northern Railway of Canada in 1859. The line saw three major expansions; North Grey Railway extended the original mainline to Meaford , the North Simcoe Railway ran to the port town of Penetanguishene , and

9405-458: Was lifted onto the new OSH railway tracks on Front Street. Torontonians would monitor the locomotive's progress from the foundry to the Front Street tracks, and the event was the subject of a later artistic rendering. Its first duty was three weeks later, transporting passengers and freight between the city of Toronto and the community of Machell's Corner, now known as Aurora . This first duty

9504-521: Was officially absorbed into the Northern in 1875. Upset with the Northern remained, and demand for additional shipping routes on the Lakes led to intense building through the entire area. Businessmen in Hamilton took the opportunity to plan a second line to Barrie as the Hamilton and North-Western Railway (H&NW), with their proposed line passing through several towns along the way. The Northern countered with

9603-523: Was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on the stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until

9702-475: Was put to a referendum and defeated. With the passage of the Railway Guarantee Act in 1849, Capreol joined forces with Charles Albert Berczy and chartered the company in July 1849, now having to raise conventional bonds for the first 75 miles (121 km), from which point government funding would be available. Continued difficulties delayed construction, during which time the company re-chartered as

9801-464: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that

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