In the three years after the stock market crashed in 1929, 50 Philadelphia banks closed. Of those only two were large, Albert M. Greenfield's Bankers Trust Company and the Franklin Trust Company. Savings and loan associations also faced trouble, with mortgages of 19,000 properties being foreclosed in 1932 alone. By 1934, 1,600 of 3,400 savings and loan associations had shut down. From 1929 to 1933, regional manufacturing fell by 45 percent; factory payrolls fell by 60 percent; retail sales fell by 40 percent. Worst hit of all was construction, where payrolls dropped 84 percent. Unemployment peaked in 1933, when 11.5 percent of whites, 16.2 percent of African Americans, and 19.1 percent of foreign-born whites were out of work. Mayor J. Hampton Moore blamed people's economic woes, not on the worldwide Great Depression, but on laziness and wastefulness, and claimed there was no starvation in the city. Soon after, he fired 3,500 city workers, instituted pay cuts, forced unpaid vacation, and reduced the number of contracts the city awarded. This saved Philadelphia millions of dollars, and the efforts kept the city from defaulting on its debts, but were unpopular among the unemployed. The city relied on state money to fund relief efforts. Moore's successor S. Davis Wilson instituted numerous programs financed by Franklin D. Roosevelt's New Deal's Works Progress Administration, despite condemning the program during his mayoral campaign. At the peak of WPA-financed jobs in 1936, 40,000 Philadelphians were employed under the program.