When depressions were great: The weekend edition

Not every scrap of news from local papers was portentous in the days leading up to 1929′s Black Thursday. This weekend’s selection includes items of general interest not keyed to imminent financial collapse — but that doesn’t mean they’re pleasant: An expert predicts the collapse — of dirigibles; a man falls from a Minneapolis skyscraper under construction; an unmanned balloon lands in “Jugoslavia” with a blood-stained basket; and 60 “negroes” are jailed in Chicago raids. In financial news: Taxpayer refunds from federal surplus are a sign of rising prosperity; business in 1929 will be as good as in 1928; and vague whispers on Wall Street caused a sell-off.

From the Minneapolis Journal, Sept. 26, 1929:

Laborer Plunges to Death Here

Arvid Halstron, 28-year-old laborer, 801 Third avenue S., was fatally injured early today when he fell 40 feet to an eighth floor landing, then dropped two more stories. He was working on a hoist tower at the new Northwestern National Bank building, now under construction.

British Airships Called Failures

“In my opinion they will not be launched long before they either crack up in the air or at the mooring matsts,” said [Edward F.] Spanner ["a widely know naval architect"].

Race Balloon Grounds Bloodstained, Empty

Paris, Sept. 26 – The Aero Club de France believes the mysterious balloon which grounded with an empty, blood stained basket at Kamenice, Jugoslavia, last night was the Golden Button, piloted by the French aeronaut, M. Norguer, who started here Saturday in a long distance race for the Aumont-Thieville trophy.

Another Federal Tax Reduction

The prospect that Congress, on the advice of the Treasury Department, may soon order the fourth reduction in Federal taxes since the War, is all to the good. It is a bright corollary of advancing and continuous prosperity.

60 Negroes Jailed After Gun Battle

Chicago, Sept. 26 – (AP) – Fear of trouble in the densely populated negro quarter of the South Side was quieted today by the presence of several hundred policemen and national Guardsmen, stationed there following the slaying of Policeman William Gallagher and John Septhenson, a Negro, yesterday. … Sixty Negoes, men and women, were arrested as police swarmed into the Negro area. The entire section, however, was unusually quiet, not one call being made to police stations where squads waited in readiness to answer riot alarms.

Business at 1928 Level, Bank Says

[T]he volume of business and aggregate income of the northwest the latter half of 1929 is likely to be at least equal to that of the corresponding months of last year, according to the monthly business review of the Northwest Bancorporation of Minneapolis. Interest rates are holding steady at high levels … and the demand for funds is strong throughout the northwest.

Stock Market Views

Vague and whispered rumors disseminated in the financial district, none of which came out into the open, contributed to yesteday morning’s selling.

Click here to see all “When depressions were great” entries.