When depressions were great: Sept. 30, 1929

Here are snippets of news from the Minneapolis papers of 79 years ago, in the days leading up to the stock market crash that ushered in the Great Depression. Today: Waiting to see if the stock market has hit rock bottom; businessmen study art; huge national banks predicted; the world is getting better, pastor says; gross earnings for banks in the Federal Reserve Bank of Minneapolis’ region are the highest in a decade; and children of the future will pick their own foods without becoming overweight.

From the Minneapolis Journal, Sept. 30, 1929:

Stock Market Views
Block Maloney & Co. to Charles E. Lewis & Co. — Last week’s heavy selling was generally ascribed to the Hatry debacle, the increased rate of the Bank of England and an outstanding increase in brokers’ laons [sic]. While these items no doubt played an important role in bringing about lower prices the fact cannot be overlooked that the real cause was probably the technical position of the market itself, which had been sustained for weeks past throught the manipulation of selected high-grad stocks. Therefore, of chief consideration at the present time is whether or not this weakened techincal position of the market has been correctd [sic] and its strutur [sic] ridden of rotten timber. We are rather inclined to the belief that it has been, but as a tribute to plain common sense would prefer to await definite signs that the market has struck bottom before assuming a constructive position in sound stocks.”

Business Men Study Art
Business men whose hobbyis sketching will discuss plans for the ninth season of the Business Men’s Art Class when they assemble at dinner Tuesday at 6:30 p.m. at the Institutte [sic] of Arts.

Branch Bank Chains, Banking Law Change Predicted by Firm
The next step in the development of the banking system of this country is the modification of the national banking laws to allow branch banking, predicts an analysis by Hornblower & Weeks, New York. “The first logical development to be expected will be a series of bank chains not unlike the public utility holding companies which sprang into investment prominence from 1922–24. We believe that subsequently the original banking units will merge their branch systems into larger and even more powerful groups, and that ultimately the appearance of such super-holding companies (comparable to the United Corporation and American Superpower in that field) will consolidate banking systems in a few national groups.”

Sermons in City Churches
Whether the world is getting better or worse is a question that does not lend itself to proof or disproof in the proper sense of the term, according to Rev. Howard A. Vernon, pastor of Judson Memorial church. “I have stood for many years with those who believe that the world is growing better,” Mr. Vernon said. … “When once you have swept the whole panorama of history you can discover an unmistakable trend toward better things.”

Federal Bank Earnings Set 5-Year Mark
Federal reserve member banks in the ninth district last year had the largest gross earnings since 1923, while the amount of earning assets held by the banks was the largest in the last 10-year period, the Federal Reserve Bank of Minneapolis announced today. … Profits of member banks in 1928 averaged 6.87 per cent of capital funds as compared with less than 2 per cent in 1923.

Day When Child Will Pick Its Diet Coming, Wilkes Says
The day is coming when children will select their own foods and if spinach is not among those selected it won’t greatly matter, in the opinion of Dr. Leroy A. Wildes, director of the medical service department of the American Child health Association. … “Left to his own resources under natural condidtions the child will select the foods his system needs, just as other animals do,” [Dr. Wilkes said.] “So much of the worry about a child being under or overweight is entirely wrong and unnecessary … “