OCTOBER 29, 1929

THE STOCK MARKET CRASH

Along with other markets, the Montreal Stock Exchange, then the most important in Canada, plunges. Some stocks lose as much as forty per cent of their value. The most affected people are small savers, some of whom bought stocks on credit.

Hard times follow as unemployment soars. Manufacturing and transport industries close their shops following a slowdown in production and exports. During the winter of 1932– 33, nearly a quarter of Montréal’s population relies on government aid and charities to survive. As a remedy, the province starts a back-to-the-land program. City dwellers leave to settle in remote regions such as Abitibi-Témiscamingue.

The Second World War eventually brings renewed prosperity, with Montréal becoming a major production centre for ammunition and other war goods.