Chapter 7: The Boom Busts
聽聽聽聽聽聽聽聽聽聽聽For most of 1929, Toledo seemed poised for a bright, prosperous future as its economy continued to grow.聽 Toledo ranked twenty-sixth nationally in 1928 for industrial production, and its per capita income was also among the highest in the state.聽 Many new taxpayer-funded construction projects were underway, including a new campus for 兔子先生传媒文化作品 on Bancroft Street.
聽聽聽聽聽聽聽聽聽聽聽But signs of trouble could be seen, beginning with the auto industry, which began to cut back its workforce.聽 In October of that year, the stock market crashed, causing banks around the country to close by the end of the month.聽 By December, signs of a serious recession were obvious.
聽聽聽聽聽聽聽聽聽聽聽In Toledo, 1930 brought reduced tax revenues for the city, tax delinquencies, requests for jobs, and a demand for poor relief.聽 Rising unemployment meant many of the city鈥檚 residents who bought homes on easy credit during the boom years were unable to pay their mortgages.聽 Banks began foreclosing on the homes, but could not find new buyers.聽 In June 1931, Toledo鈥檚 Security-Home Trust failed to open on June 17.聽 Later, the Ohio Savings Bank and Trust Company went bankrupt. With no access to money, small companies and professionals followed.聽
聽聽聽聽聽聽聽聽聽聽聽The housing situation was the worst: some lived in a 鈥淗ooverville鈥� along the Maumee River.聽 By the end of 1932, the gap between the haves and have-nots widened, charitable giving declined, and over 17,000 families needed emergency relief.聽
聽聽聽聽聽聽聽聽聽聽聽Labor unions began organizing workers and demanding higher wages, better working conditions, and collective bargaining.聽 In February 1934, workers at the Toledo Electric Auto-Lite factory attempted to unionize, but the company refused to recognize the union. On May 24, a battle broke out between the striking workers and Ohio National guardsmen, and two workers were killed.聽 This strike led to the formation of the United Automobile Workers International Union.
聽聽聽聽聽聽聽聽聽聽聽Franklin Delano Roosevelt鈥檚 election victory in 1932 elevated the hopes of many.聽 Federal assistance came under the Federal Emergency Relief Act.聽 Toledo welcomed the new money, which enabled the city to begin construction of the Anthony Wayne Trail, the Toledo Zoo, a new public library downtown, and a football stadium at the university.聽
聽聽聽聽聽聽聽聽聽聽聽While federal aid helped, it was Toledo鈥檚 war industries that finally helped the city pull out of the Depression.聽 After the war, the city gained national attention with the 鈥淭oledo Tomorrow鈥� exhibit which depicted a brand new Toledo at some unspecified time in the future. 聽聽But like most grand schemes, little of the plan ever became reality.
聽聽聽聽聽聽聽聽聽聽聽In many ways, 鈥淭oledo Tomorrow鈥� coincided with the beginning of the city鈥檚 economic decline.聽 Without the war engine stoking the industrial fires, industries had to adapt to a post-war economy. 聽For a company like Willys-Overland, that involved coming up with a civilian use for its product.聽 Pent up demand for automobiles, for housing, and for all of the items that filled new homes鈥攅specially needed with a booming post-war population鈥攈elped ease the transition.聽 But the economic trauma of the Depression left huge scars on the city that could not be healed.聽 The next three decades would see dramatic changes in the city鈥檚 economic health.