The dues rate cut did prove helpful in reducing the party's membership slide. After nearly a decade of steady decline, the Socialist Party again began to grow, advancing from a low of under 8,000 dues payers in 1928 to a membership of almost 17,000 by 1932. However, this growth came at a price as deep factional divisions developed between the youthful newcomers (radicalized and drawn to militant Marxism by the world economic crisis) and the "Old Guard" headed by Morris Hillquit, James Oneal and Waldman.