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157-609: At age 16 in the 1870s, Henry W. Peters went to work for Claflin, Allen & Company, at a time when St. Louis, Missouri , had wholesale distributors of shoes rather than manufacturers. As Peters moved up in the company, the city's production of shoes increased from a half-million in 1883 to nine times that, and Claflin, Allen & Company was one of the largest shoe makers. Peters became president and then left in 1891 to form his own company, Peters Shoe Company, with help from relatives. Peters Shoe Company started with $ 200,000 in capital and almost doubled in size in its first decade, requiring

314-521: A North Carolina company that was the world's largest privately owned furniture maker, with 20 factories and 7,500 employees. Paul Broyhill remained as CEO for five more years, leaving when Interco made changes with which he did not agree. In 1987, under new president Harvey Saligman, Interco bought Lane Company of Altavista, Virginia , which increased furniture and home furnishings to about one-third of Interco's total sales. Also under Saligman, Interco bought Converse in 1986. Footwear and furniture were

471-626: 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,

628-418: 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

785-554: A $ 331 million deal. Interco had over $ 1 billion in revenues at the time. Interco became Furniture Brands International on March 1, 1996. That same year, Mickey Holliman of the Action Industries subsidiary succeeded Loynd as president. Holliman had made his company into the leader in the motion furniture segment. His strategy of focusing on furniture proved successful, and by 1999 Furniture Brands International had fifteen straight quarters of increased earnings. Thomasville Furniture,

942-748: A Mississippi River expedition led by Laclède, who searched for a location to base the company's fur trading operations. Though Ste. Genevieve was already established as a trading center, he sought a place less prone to flooding. He found an elevated area overlooking the flood plain of the Mississippi River, not far south from its confluence with the Missouri and Illinois rivers. In addition to having an advantageous natural drainage system, there were nearby forested areas to supply timber and grasslands which could easily be converted for agricultural purposes. Laclède declared that this place "might become, hereafter, one of

1099-612: A controlling interest in the reorganized Interco, which emerged from bankruptcy in August 1992. In 1994, Interco exited the shoe business, selling Converse and Florsheim. Brown Shoe Company took over the rights to Red Goose. A former International Shoe Company warehouse in St. Louis became the City Museum . Armstrong World Industries sold Thomasville Furniture Industries to Interco in November 1995 in

1256-514: A customs house was constructed in the Greek Revival style in 1852, but was demolished and replaced in 1873 by the U.S. Customhouse and Post Office . Because much of the city's commercial and industrial development was centered along the riverfront, many pre-Civil War buildings were demolished during construction of the Gateway Arch. The city's remaining architectural heritage of the era includes

1413-537: 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

1570-532: A greater population than New Orleans. Settled by many Southerners in a slave state , the city was split in political sympathies and became polarized during the American Civil War . In 1861, 28 civilians were killed in a clash with Union troops . The war hurt St. Louis economically, due to the Union blockade of river traffic to the south on the Mississippi River. The St. Louis Arsenal constructed ironclads for

1727-459: 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

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1884-596: 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

2041-402: 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

2198-518: A move from 7th Street and Washington Avenue to a larger building at 11th Street and Washington. Isaac S. Taylor designed the eight-story headquarters built in 1901 at 13th Street and Washington, which was named to the National Register of Historic Places in 1984. Brothers Jackson and Oscar Johnson , and their cousin Frank C. Rand , moved from Mississippi to Memphis, Tennessee , in 1892 and started

2355-494: A multi-block district of cobblestone streets and brick and cast-iron warehouses called Laclede's Landing . Now popular for its restaurants and nightclubs, the district is located north of Gateway Arch along the riverfront. Other industrial buildings from the era include some portions of the Anheuser-Busch Brewery , which date to the 1860s. St. Louis saw a vast expansion in variety and number of religious buildings during

2512-529: A pan-tribal alliance to counter British control over the region but received little support from the indigenous residents of St. Louis. By 1765, the city began receiving visits from representatives of the British, French, and Spanish governments. St. Louis was transferred to the French First Republic in 1800 (although all of the colonial lands continued to be administered by Spanish officials), then sold by

2669-590: A public corridor of 300 feet fronting the river, but later this area was released for private development. For the city's first few years, it was not recognized by any governments. Although the settlement was thought to be under the control of the Spanish government, no one asserted any authority over it, and thus St. Louis had no local government. This vacuum led Laclède to assume civil control, and all problems were disposed in public settings, such as communal meetings. In addition, Laclède granted new settlers lots in town and

2826-540: A recount of the votes in November, officially did so in March 1877. The 1877 St. Louis general strike caused significant upheaval, in a fight for the eight-hour day and the banning of child labor. Industrial production continued to increase during the late 19th century. Major corporations such as the Anheuser-Busch brewery, Ralston Purina company and Desloge Consolidated Lead Company were established at St. Louis which

2983-563: 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

3140-474: 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

3297-568: A specific brand would remain at the appropriate division. State and county incentives worth $ 4 million played a role in the decision. The company completed its 52,000 square feet (4,800 m) headquarters in two stories of 14-story Shaw Park Plaza in October. In 2009, Thomasville, Drexel Heritage, Henredon, and Maitland-Smith made their debut at the Las Vegas Furniture Market , where Broyhill and Lane had been exhibiting since 2005. For

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3454-699: 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

3611-470: A state separate from its retail locations was the subject of a landmark case taught in law schools across the country. In addition to Weatherbird, International Shoe Company made Red Goose shoes, and in 1922 the company added Poll Parrot, named for Paul Parrot, who had a parrot in his shoe store . The Hannibal, Missouri , plant, that started in 1898 with a million pairs a year by 1908, made Poll Parrot and Star shoes. Frank Rand led International Shoe through

3768-596: A strike. The sale, intended as a solution to this problem, resulted in a Federal Trade Commission challenge under the Clayton Antitrust Act . The Supreme Court ruled in 1930 that the merger could take place. Without a union, workers had to grudgingly accept the inevitable layoffs and wage reductions which kept the company profitable. The company found itself in the Supreme Court again in 1945, where its practice of soliciting in-person offers and fulfilling them in

3925-492: A symbol of failure in public housing, and was torn down less than two decades after it was built. Since the 1980s, several revitalization efforts have focused on Downtown St. Louis . The urban revitalization projects that started in the 1980s continued into the new century. The city's old garment district , centered on Washington Avenue in the Downtown and Downtown West neighborhoods, experienced major development starting in

4082-564: A time of major growth and through the difficulties created by the Great Depression . With Jackson Johnson's death, Rand moved into the chairman's slot and served in that position until his death in 1949. William H. Moulton, who had joined Roberts, Johnson & Rand in 1908, took over as president, serving until his 1939 retirement. International Shoe not only endured the Depression but thrived, due to lower prices increasing demand for shoes, and

4239-668: A top position in premium furniture, became the High Point, North Carolina -based subsidiary HDM Furniture Industries, Inc. in 2005. Drexel Heritage CEO Jeff Young became the CEO. Also that year, HDM announced plans to move upholstery manufacturing in High Point to the Drexel Heritage location, closing the Henredon plant and moving some operations to Mount Airy, North Carolina . Despite a decline in

4396-808: A water route to the Pacific Ocean, but the party had to go overland in the Upper West. They reached the Pacific Ocean via the Columbia River in summer 1805. They returned, reaching St. Louis on September 23, 1806. Both Lewis and Clark lived in St. Louis after the expedition. Many other explorers, settlers, and trappers (such as Ashley's Hundred ) would later take a similar route to the West. The city elected its first municipal legislators (called trustees) in 1808. Steamboats first arrived in St. Louis in 1817, improving connections with New Orleans and eastern markets. Missouri

4553-538: A year. Analyst Budd Bugatch of Raymond James & Associates compared Furniture Brands board members to the pigs in George Orwell's Animal Farm . On September 9, 2013, Furniture Brands filed for Chapter 11 bankruptcy . The company planned to sell all businesses other than Lane Furniture to a group managed by Oaktree Capital Management LP. On October 2, a judge approved a $ 280 million stalking horse offer by KPS Capital Partners . On November 4, Samson Holding Ltd. ,

4710-642: 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

4867-589: Is an independent city in the U.S. state of Missouri . It is located near the confluence of the Mississippi and the Missouri rivers. In 2020, the city proper had a population of 301,578, while its metropolitan area , which extends into Illinois , had an estimated population of over 2.8 million. It is the largest metropolitan area in Missouri and the second-largest in Illinois. The city's combined statistical area

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5024-587: Is an example of the Polish Cathedral style . Among the other major designs of the period were St. Alphonsus Liguori (known as The Rock Church ) (1867) in the Gothic Revival and Second Presbyterian Church of St. Louis (1900) in Richardsonian Romanesque . By the 1900 census , St. Louis was the fourth largest city in the country. In 1904, the city hosted a world's fair at Forest Park called

5181-639: Is home to sixteen Fortune 1000 companies, six of which are also Fortune 500 companies. Federal agencies headquartered in the city or with significant operations there include the Federal Reserve Bank of St. Louis , the U.S. Department of Agriculture , and the National Geospatial-Intelligence Agency . Major research universities in Greater St. Louis include Washington University in St. Louis , Saint Louis University , and

5338-493: 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

5495-463: Is the 20th-largest in the United States. The land that became St. Louis had been occupied by Native American cultures for thousands of years before European settlement . The city was founded on February 14, 1764, by French fur traders Gilbert Antoine de St. Maxent , Pierre Laclède , and Auguste Chouteau . They named it for King Louis IX of France , and it quickly became the regional center of

5652-456: Is the Mississippi River, which separates Missouri from Illinois. The Missouri River forms the northern line of St. Louis County, except for a few areas where the river has changed its course. The Meramec River forms most of its southern line. The urban area of St. Louis has a humid subtropical climate ( Köppen : Cfa ); however, its metropolitan region even to the south may present a hot-summer humid continental climate ( Dfa ), which shows

5809-761: Is the tallest building in St. Louis. During the 1990s, St. Louis saw the construction of the largest United States courthouse by area, the Thomas F. Eagleton United States Courthouse (2000). The Eagleton Courthouse is home to the United States District Court for the Eastern District of Missouri and the United States Court of Appeals for the Eighth Circuit . The most recent high-rise buildings in St. Louis include two residential towers: One Hundred in

5966-523: 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

6123-644: The Illinois Country (also known as Upper Louisiana) were built by the French during the 1690s and early 1700s at Cahokia , Kaskaskia , and Fort de Chartres . Migrants from the French villages on the east side of the Mississippi River , such as Kaskaskia, also founded Ste. Genevieve in the 1730s. In 1764, after France lost the Seven Years' War , Pierre Laclède and his stepson Auguste Chouteau founded what

6280-593: The Louisiana Purchase Exposition , also known as the St. Louis World's Fair, and the Summer Olympics . St. Louis is designated as one of 173 global cities by the Globalization and World Cities Research Network . The GDP of Greater St. Louis was $ 209.9 billion in 2022. St. Louis has a diverse economy with strengths in the service, manufacturing, trade, transportation, and aviation industries. It

6437-508: The Louisiana Purchase Exposition . Its architectural legacy is somewhat scattered. Among the fair-related cultural institutions in the park are the St. Louis Art Museum designed by Cass Gilbert , part of the remaining lagoon at the foot of Art Hill, and the Flight Cage at the St. Louis Zoo . The Missouri History Museum was built afterward, with the profit from the fair. But 1904 left other assets to

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6594-654: The Missouri History Museum , and Tower Grove Park and the Botanical Gardens. After the Civil War, social and racial discrimination in housing and employment were common in St. Louis. In 1916, during the Jim Crow Era , St. Louis passed a residential segregation ordinance saying that if 75% of the residents of a neighborhood were of a certain race, no one from a different race was allowed to move in. That ordinance

6751-539: The Missouri River . The Chouteau brothers gained a monopoly from Spain on the fur trade with Santa Fe . French colonists used African slaves as domestic servants and workers in the city. During the negotiations for the 1763 Treaty of Paris , French negotiators agreed to transfer France's colonial territories west of the Mississippi and Missouri rivers to New Spain to compensate for Spanish territorial losses during

6908-565: 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

7065-609: The SEC charged Drexel Burnham Lambert with insider trading , making financing of the bid more difficult. Interco took on debt to discourage other offers, and the Rales group eventually backed off. But Interco could not make enough money by selling its unprofitable operations; For example, selling Ethan Allen brought in $ 388 million rather than the expected $ 550 million. The company's debt had jumped from $ 300 million in 1988 to $ 2.6 billion in 1989, and operations were not producing enough income to cover

7222-709: The St. Louis BattleHawks of the United Football League . The city's attractions include the 630-foot (192 m) Gateway Arch in Downtown St. Louis , the St. Louis Zoo , the Missouri Botanical Garden , the St. Louis Art Museum , and Bellefontaine Cemetery . [REDACTED]   Kingdom of France 1690s–1763 [REDACTED]   Kingdom of Spain 1763–1800 [REDACTED]   French First Republic 1800–1803 [REDACTED]   United States 1803–present The area that became St. Louis

7379-458: The Union Navy . Slaves worked in many jobs on the waterfront and on the riverboats. Given the city's location close to the free state of Illinois and others, some slaves escaped to freedom. Others, especially women with children, sued in court in freedom suits , and several prominent local attorneys aided slaves in these suits. About half the slaves achieved freedom in hundreds of suits before

7536-609: The University of Missouri–St. Louis . The Washington University Medical Center in the Central West End neighborhood hosts an agglomeration of medical and pharmaceutical institutions , including Barnes-Jewish Hospital . St. Louis has four professional sports teams : the St. Louis Cardinals of Major League Baseball , the St. Louis Blues of the National Hockey League , St. Louis City SC of Major League Soccer , and

7693-525: 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,

7850-468: 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 the Wall Street crash, after which the slide continued for three years, which

8007-447: 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

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8164-444: The 1970s, leading to a court challenge and interdistrict desegregation agreement. Students have been bused mostly from the city to county school districts to have opportunities for integrated classes, although the city has created magnet schools to attract students. St. Louis, like many Midwestern cities, expanded in the early 20th century due to industrialization, which provided jobs to new generations of immigrants and migrants from

8321-413: The 19th and 20th century, most major cities aggressively annexed surrounding areas as residential development occurred away from the central city; however, St. Louis was unable to do so. Several urban renewal projects were built in the 1950s, as the city worked to replace old and substandard housing. Some of these were poorly designed and resulted in problems. One prominent example, Pruitt–Igoe , became

8478-465: The 2009 High Point Market , Maitland-Smith moved its showroom into that of Henredon and moved its outlet from Tomlinson Road to its Penny Road office. Furniture Brands' market capitalization (or total value of its shares) fell from $ 1.8 billion in 2004 to $ 31 million in 2013. The company has lost money every year since 2007 and was delisted from the New York Stock Exchange twice in less than

8635-524: The American Civil War. The printing press of abolitionist Elijah Parish Lovejoy was destroyed for the third time by townsfolk. He was murdered the next year in nearby Alton, Illinois . After the war, St. Louis profited via trade with the West, aided by the 1874 completion of the Eads Bridge , named for its design engineer. Industrial developments on both banks of the river were linked by the bridge,

8792-696: 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

8949-440: The Central West End neighborhood and One Cardinal Way in the Downtown neighborhood. The city is divided into 79 officially-recognized neighborhoods. According to the United States Census Bureau , St. Louis has a total area of 66 square miles (170 km ), of which 62 square miles (160 km ) is land and 4.1 square miles (11 km ) (6.2%) is water. The city is built on bluffs and terraces that rise 100–200 feet above

9106-407: 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

9263-420: 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

9420-419: 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

9577-411: The French Illinois Country . In 1804, the United States acquired St. Louis as part of the Louisiana Purchase . In the 19th century, St. Louis developed as a major port on the Mississippi River; from 1870 until the 1920 census, it was the fourth-largest city in the country. It separated from St. Louis County in 1877, becoming an independent city and limiting its political boundaries. In 1904, it hosted

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9734-412: The French to the U.S. in 1803 as part of the Louisiana Purchase . St. Louis became the capital of, and gateway to, the new territory. Shortly after the official transfer of authority was made, the Lewis and Clark Expedition was commissioned by President Thomas Jefferson. The expedition departed from St. Louis in May 1804 along the Missouri River to explore the vast territory. There were hopes of finding

9891-442: 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

10048-527: 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

10205-475: The Johnson, Carruthers & Rand Shoe Company. Henry O. Rand, father of Frank, and John C. Roberts were financial backers. In 1898, the Johnsons sold their company and moved to St. Louis to start Roberts, Johnson & Rand Shoe Company. Frank Rand, a graduate of Vanderbilt University , became a stock clerk and advanced to become vice-president. A headquarters building went up at 15th Street and Washington in 1909. By 1905, St. Louis had moved from ninth to third in

10362-415: The NFL in 2017, alleging the league breached its own relocation guidelines to profit at the expense of the city. In 2021, the NFL and Rams owner Stan Kroenke agreed to settle out of court with the city for $ 790 million. The architecture of St. Louis exhibits a variety of commercial, residential, and monumental architecture . St. Louis is known for the Gateway Arch , the tallest monument constructed in

10519-414: 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

10676-412: The South. It reached its peak population of 856,796 at the 1950 census. Suburbanization from the 1950s through the 1990s dramatically reduced the city's population, as did restructuring of industry and loss of jobs. The effects of suburbanization were exacerbated by the small geographical size of St. Louis due to its earlier decision to become an independent city, and it lost much of its tax base. During

10833-491: 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

10990-435: 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

11147-412: The United States at 630 feet (190 m). The Arch pays homage to Thomas Jefferson and St. Louis's position as the gateway to the West. Architectural influences reflected in the area include French Colonial , German , early American , and modern architectural styles. Several examples of religious structures are extant from the pre-Civil War period, and most reflect the common residential styles of

11304-622: 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

11461-543: 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

11618-560: The area encountered by early Europeans included the Siouan -speaking Osage people , whose territory extended west, and the Illiniwek . European exploration of the area was first recorded in 1673, when French explorers Louis Jolliet and Jacques Marquette traveled through the Mississippi River valley. Five years later, La Salle claimed the region for France as part of La Louisiane , also known as Louisiana . The earliest European settlements in

11775-447: The area, and parts of the city are karst in nature. This is particularly true of the area south of downtown, which has numerous sinkholes and caves. Most of the caves in the city have been sealed, but many springs are visible along the riverfront. Coal, brick clay , and millerite ore were once mined in the city. The predominant surface rock, known as St. Louis limestone , is used as dimension stone and rubble for construction. Near

11932-455: 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

12089-465: 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

12246-507: The business of the U.S. Army . The company had 30,000 employees and became by far the U.S. government's largest supplier of footwear during the war, despite opposition by labor unions. Consumer demand also increased, and in 1944 International Shoe once again reached its 1929 production levels. By 1950, International Shoe had the capability to make 70 million pairs of shoes a year; its businesses also included tanneries , rubber heels, cement, containers, and material for shoe linings. Rand's death

12403-474: The central corridor has seen major investment starting in the early 2010s. Between 2013 and 2018, over $ 50 million worth of residential construction has been built in the neighborhood. The population of the neighborhood has increased by 19% from the 2010 to 2020 Census. The St. Louis Rams of the National Football League controversially returned to Los Angeles in 2016. The city of St. Louis sued

12560-431: The chairman's job in 1976, with William H. Edwards Jr. taking over as president, but continuing Chambers' policies. On April 31, 1978, Interco acquired International Hat Company and its six factories, as part of Interco's expansion into the apparel industry. In 1980, Interco added furniture as a major division. That year the company bought Ethan Allen Inc. for $ 150 million. In 1980 Interco took over Broyhill Furniture ,

12717-552: The city hosted the World's Fair and the Olympics , becoming the first non-European city to host the games. The formal name for the 1904 World's Fair was the Louisiana Purchase Exposition . Permanent facilities and structures remaining from the fair are located in Forest Park , and other notable structures within the park's boundaries include the St. Louis Art Museum , the St. Louis Zoo and

12874-435: The city, like Theodore Link 's 1894 St. Louis Union Station , and an improved Forest Park. One US Bank Plaza , the local headquarters for US Bancorp , was constructed in 1976 in the structural expressionist style. Several notable postmodern commercial skyscrapers were built downtown in the 1970s and 1980s, including the former AT&T building at 909 Chestnut Street (1986), and One Metropolitan Square (1989), which

13031-541: The closing of a plant in Chester, Illinois , that had operated since 1916 and was making 5,000 shoes a day. A retail division began in 1959, and International Shoe began buying companies in other countries and even in businesses other than shoes. International Shoe Company became Interco Inc. on March 1, 1966. The new name reflected the company strategy of buying businesses in many different areas. Interco had three major divisions—apparel, footwear, and retailing. From 1964 to 1978,

13188-458: 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

13345-407: The company bought 20 other manufacturers or retailers as well as Central Hardware. Under Chambers, plants started closing and some shoes were imported from such places as Italy . Overall, by the mid-1970s, 44 percent of shoes in the U.S. came from other countries. But Chambers' strategies kept Interco successful, reaching a billion dollars with consistent growth in sales and earnings. Chambers moved to

13502-422: The company had also closed 39 of 57 U.S. plants. On July 10, 2008, Furniture Brands said it would move its headquarters to Clayton, Missouri . The number of employees at the new site would increase from about 75 to about 225. At the same time, the company was changing from a holding company to an operating company; certain departments would move from the company's divisions to headquarters, but any job related to

13659-756: The company moved into what had become the International Shoe Building. Washington Avenue became known as "Shoe Street U.S.A." because it "claimed more shoe trade than any other street in the world". Jackson Johnson became president of International Shoe Company, succeeded in 1915 by his brother Oscar, who died in 1916. Frank Rand took over as president. Jackson Johnson remained chairman until he died in 1929. The company became known for quality shoes at low to moderate prices. World War I resulted in significant demand for military footwear. International Shoe Company incorporated in Delaware March 16, 1921. At

13816-410: The company's most profitable areas, and the goal was to sell other businesses. Unfortunately, due to the costs of buying Converse and Lane, Interco itself appeared by this time to be a takeover target, more profitable as a group of separate companies to be sold than as a single unit. In 1988, Steven M. Rales and his brother Mitchell led a group that offered $ 2.47 billion, but that bid ran into trouble when

13973-546: The construction of the Gateway Arch to publicize their effort to gain entry for African Americans into the skilled trade unions, where they were underrepresented. The Department of Justice filed the first suit against the unions under the Civil Rights Act of 1964 . Between 1900 and 1929, St. Louis, had about 220 automakers, close to 10 percent of all American carmakers, about half of which built cars exclusively in St. Louis. Notable names include Dorris, Gardner and Moon. In

14130-499: The country in shoe production. Peters Shoe Company had continued significant growth, and its products sold all over the United States and even in Mexico and Europe . The two largest shoe companies in the city, Roberts, Johnson & Rand and Peters Shoe Company, merged in 1911 to form International Shoe Company, but each company kept its own identity. Peters Shoe remained in its own building, with Weatherbird Shoes on display, until 1930, when

14287-475: 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

14444-620: 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

14601-633: 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

14758-408: 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

14915-435: 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

15072-402: 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

15229-504: The early 19th century. The original St. Louis courthouse was built in 1826 and featured a Federal style stone facade with a rounded portico. However, this courthouse was replaced during renovation and expansion of the building in the 1850s. The Old St. Louis County Courthouse (known as the Old Courthouse ) was completed in 1864 and was notable for having a cast iron dome and for being the tallest structure in Missouri until 1894. Finally,

15386-427: 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

15543-697: The effect of the urban heat island in the city. The city experiences hot, humid summers and chilly to cold winters. It is subject to both cold Arctic air and hot, humid tropical air from the Gulf of Mexico . The average annual temperature recorded at nearby Lambert–St. Louis International Airport , is 57.4 °F (14.1 °C). 100 and 0 °F (38 and −18 °C) temperatures can be seen on an average 3 and 1 days per year, respectively. Precipitation averages 41.70 inches (1,100 mm), but has ranged from 20.59 in (523 mm) in 1953 to 61.24 in (1,555 mm) in 2015. The highest recorded temperature in St. Louis

15700-576: 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

15857-494: 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

16014-503: 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

16171-581: The finest cities in America". He dispatched his 14-year-old stepson, Auguste Chouteau , to the site, with the support of 30 settlers in February 1764. Laclède arrived at the future town site two months later and produced a plan for St. Louis based on the New Orleans street plan. The default block size was 240 by 300 feet, with just three long avenues running parallel to the west bank of the Mississippi. He established

16328-414: The first part of the century, St. Louis had some of the worst air pollution in the United States . In April 1940, the city banned the use of soft coal mined in nearby states. The city hired inspectors to ensure that only anthracite was burned. By 1946, the city had reduced air pollution by about 75%. De jure educational segregation continued into the 1950s, and de facto segregation continued into

16485-501: 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

16642-599: 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

16799-519: 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,

16956-637: The industry as a whole, Furniture Brands continued to be successful and expanded into retail. In 2007, Furniture Brands announced that Thomasville and Drexel Heritage would increase the number of company-owned stores for their products, but that Broyhill and Lane would close their St. Louis-area stores and focus on selling through furniture stores that sold other brands. At the time, the Designer Brands group included Henredon, Hickory Chair, Laneventure, Maitland-Smith, and Pearson. In 2008, intending to focus on homes rather than businesses, Furniture Brands announced

17113-514: 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

17270-543: 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

17427-536: The lack of labor trouble. Eventually, most International Shoe plants organized because the New Deal outlawed the company's strategies to prevent unionization. The National Labor Relations Board had to act to allow workers in Hannibal to organize. Byron Gray, an employee since 1909, became president in 1939. World War II gave International Shoe a major opportunity, as it was the only shoe company large enough to bid for all

17584-602: The largest stockholder, announced its intention to bid but that bid never took place, and on November 22, a judge approved the KPS bid. KPS announced the name Heritage Home Group LLC for the new owner of "substantially all of the assets" of Furniture Brands on November 25. Also announced at that time was the resignation of Furniture Brands chairman and CEO Ralph Scozzafava . Ira Glazer became Heritage president and CEO. Furniture Brands International became FBI Wind Down Inc., and chief administrative officer and general counsel Meredith Graham

17741-501: The late 1990s as many of the old factory and warehouse buildings were converted into lofts. The American Planning Association designated Washington Avenue as one of 10 Great Streets for 2011. The Cortex Innovation Community , located within the city's Central West End neighborhood, was founded in 2002 and has become a multi-billion dollar economic engine for the region, with companies such as Microsoft and Boeing currently leasing office space. The Forest Park Southeast neighborhood in

17898-530: The late 19th century and early 20th century. The largest and most ornate of these is the Cathedral Basilica of St. Louis , designed by Thomas P. Barnett and constructed between 1907 and 1914 in the Neo-Byzantine style. The St. Louis Cathedral, as it is known, has one of the largest mosaic collections in the world. Another landmark in religious architecture of St. Louis is the St. Stanislaus Kostka , which

18055-512: 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 ,

18212-414: 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

18369-423: 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

18526-496: 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

18683-427: 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

18840-568: 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

18997-424: The north, and the grounds of the Gateway Arch, to the south. Today the road deck has been restored, allowing vehicular and pedestrian traffic to cross the river. The St. Louis MetroLink light rail system has used the rail deck since 1993. An estimated 8,500 vehicles pass through it daily. On August 22, 1876, the city of St. Louis voted to secede from St. Louis County and become an independent city, and, following

19154-453: The payments. On July 31, 1990, an agreement with creditors to extend loan maturities to 1997 was intended to avoid bankruptcy . In 1989, Richard Loynd, Converse's chairman and the leader of his company's buyout effort, became Interco president. Interco filed for Chapter 11 in January 1991 and sold all of its operations except Broyhill, Lane, Converse, and Florsheim. Apollo Investment Fund, Ltd., led by Drexel Burnham Lambert's Leon Black, took

19311-483: 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

19468-477: 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

19625-455: 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

19782-576: The previous year began a change in the company's outlook as the Rand family influence began to decrease. Frank Rand's sons Edgar E. Rand and Henry Hale Rand both served as president, but the company began a period of diversification due to the influence of Maurice R. Chambers even before he became president in 1962. Major acquisitions included high-end shoe maker Florsheim in 1952, Canada 's largest shoe maker, Savage Shoes, Ltd. , in 1954, and Caribe Shoe Corporation of Puerto Rico in 1958. That last deal led to

19939-492: The sale of Hickory Business Furniture to HNI Corporation for $ 75 million. Also that year, Henredon moved its headquarters to one of its High Point plants that year, and Drexel Heritage moved in with Thomasville Furniture. And with Henredon's 15-year contract to manufacture Ralph Lauren furniture ending, the company dropped the position of Henredon Furniture president, with the Designer Group president taking over that role. This

20096-434: 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

20253-631: The second in the Midwest over the Mississippi River after the Hennepin Avenue Bridge in Minneapolis. The bridge connects St. Louis, Missouri to East St. Louis, Illinois . The Eads Bridge became a symbolic image of the city of St. Louis, from the time of its erection until 1965 when the Gateway Arch Bridge was constructed. The bridge crosses the St. Louis riverfront between Laclede's Landing, to

20410-541: The southern boundary of the city of St. Louis (separating it from St. Louis County ) is the River des Peres , practically the only river or stream within the city limits that is not entirely underground. Most of River des Peres was confined to a channel or put underground in the 1920s and early 1930s. The lower section of the river was the site of some of the worst flooding of the Great Flood of 1993 . The city's eastern boundary

20567-507: The surrounding countryside. In hindsight, many of these original settlers thought of these first few years as "the golden age of St. Louis". In 1763, the Native Americans in the region around St. Louis began expressing dissatisfaction with the victorious British, objecting to their refusal to continue to the French tradition of supplying gifts to Natives. Odawa chieftain Pontiac began forming

20724-502: The third manufacturer, and a deal with retailer Haverty's to devote significant space to Furniture Brands, contributed to the company's positive outlook. Late in 2001, Masco announced Furniture Brands International would buy Henredon, Drexel Heritage and Maitland-Smith for $ 275 million, in a deal expected to return Furniture Brands to the number one U.S. furniture manufacturer, a title lost to La-Z-Boy when that company bought LADD in 2000. The three companies, which gave Furniture Brands

20881-522: The time the company had 32 factories in Missouri , Illinois , and Kentucky and had just bought a tannery business, Kistler, Lesh & Co. Also that year, the company bought W.H. McElwaine Company of Boston , with about 5,000 workers and numerous operations in New Hampshire . The company was doing well but was unionized , while International Shoe was not. A recession caused McElwaine to propose wage cuts, which caused United Shoe Workers to call for

21038-662: The time. Among the earliest is the Basilica of St. Louis, King of France (referred to as the Old Cathedral ). The Basilica was built between 1831 and 1834 in the Federal style. Other religious buildings from the period include SS. Cyril and Methodius Church (1857) in the Romanesque Revival style and Christ Church Cathedral (completed in 1867, designed in 1859) in the Gothic Revival style. A few civic buildings were constructed during

21195-511: The war. These areas remained under Spanish control until 1803, when they were transferred to the French First Republic . During the American Revolutionary War , St. Louis was unsuccessfully attacked by British-allied Native Americans in the 1780 Battle of St. Louis . The founding of St. Louis was preceded by a trading business between Gilbert Antoine de St. Maxent and Pierre Laclède (Liguest) in late 1763. St. Maxent invested in

21352-586: The western banks of the Mississippi River, in the Midwestern United States just south of the Missouri -Mississippi confluence . Much of the area is a fertile and gently rolling prairie that features low hills and broad, shallow valleys. Both the Mississippi River and the Missouri River have cut large valleys with wide flood plains. Limestone and dolomite of the Mississippian epoch underlie

21509-471: 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

21666-659: 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

21823-486: 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 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

21980-778: 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

22137-414: Was 115 °F (46 °C) on July 14, 1954, and the lowest was −22 °F (−30 °C) on January 5, 1884. Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around

22294-526: Was a center of the Native American Mississippian culture , which built numerous temple and residential earthwork mounds on both sides of the Mississippi River. Their major regional center was at Cahokia Mounds , active from 900 to 1500. Due to numerous major earthworks within St. Louis boundaries, the city was nicknamed as the "Mound City". These mounds were mostly demolished during the city's development. Historic Native American tribes in

22451-639: 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

22608-478: 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

22765-500: 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

22922-424: Was admitted as a state in 1821. St. Louis was incorporated as a city in 1822, and continued to develop largely due to its busy port and trade connections. Immigrants from Ireland and Germany arrived in St. Louis in significant numbers starting in the 1840s, and the population of St. Louis grew from less than 20,000 inhabitants in 1840, to 77,860 in 1850, to more than 160,000 by 1860. By the mid-1800s, St. Louis had

23079-564: Was also home to several brass era automobile companies, including the Success Automobile Manufacturing Company ; St. Louis is the site of the Wainwright Building , a skyscraper designed in 1892 by architect Louis Sullivan . In 1900, the entire streetcar system was shut down by a several months-long strike , with significant unrest occurring in the city & violence against the striking workers. In 1904,

23236-474: 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

23393-514: Was founded by B. F. Bowles in St. Louis, and at the time no other college in St. Louis County admitted black students. In the first half of the 20th century, St. Louis was a destination in the Great Migration of African Americans from the rural South seeking better opportunities. During World War II , the NAACP campaigned to integrate war factories. In 1964, civil rights activists protested at

23550-426: 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

23707-491: 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

23864-492: 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

24021-582: Was part of a companywide strategy to consolidate back office departments in what had been separate companies. Also in 2008, the Drexel Heritage/Henredon plant in High Point closed. This left the company with two High Point plants, and one each in Thomasville and Mt. Airy. This brought the total number of N.C. jobs cut by Furniture Brands to 8726, 2740 of those in the Triad , since 2000, during which time

24178-563: Was put in charge of liquidation. Heritage Home Group was considered a subsidiary of FBI Wind Down. FBI Wind Down cancelled its stock effective August 1, 2014 but continued to dispose of former Furniture Brands properties. FBI Wind Down sold four more Furniture Brands properties to 21 BC LLC in 2015. In High Point, sites on Fairfield Road and Copeland Avenue were included. Thomasville and Morganton locations were also sold. St. Louis, Missouri St. Louis ( / s eɪ n t ˈ l uː ɪ s , s ən t -/ saynt LOO -iss, sənt- )

24335-509: Was struck down in a court challenge, by the NAACP, after which racial covenants were used to prevent the sale of houses in certain neighborhoods to "persons not of Caucasian race". Again, St. Louisans offered a lawsuit in challenge, and such covenants were ruled unconstitutional by the U.S. Supreme Court in 1948 in Shelley v. Kraemer . In 1926, Douglass University , a historically black university

24492-464: 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

24649-518: Was to become the city of St. Louis. (French lands east of the Mississippi had been ceded to Great Britain and the lands west of the Mississippi to Spain; Catholic France and Spain were 18th-century allies. Louis XV of France and Charles III of Spain were cousins, both from the House of Bourbon. ) The French families built the city's economy on the fur trade with the Osage, and with more distant tribes along

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