A mini-stock market crash occurs after the Federal Reserve warns of excessive speculation. However, the mini-crash was averted two days later when National City Bank pumped $25 million in credit into the stock market.
The Agricultural Marketing Act of 1929 is signed into law, providing some $100 million in emergency loans to struggling farmers.
Wall Street Crash of 1929 begins.
The Reconstruction Finance Corporation is created to lend $2 billion to troubled financial institutions that were not part of the Federal Reserve System that were solvent in the long-run.
When Franklin Roosevelt takes office, the country is in desperate straits. He will take quick steps to declare a four-day bank holiday, during which time Congress will come up with the Emergency Banking Act of 1933.
The Agricultural Adjustment Act is enacted, designed to boost agricultural prices by reducing surpluses.
The Civilian Conservation Corps opens the first soil erosion control camp in Clayton County, Alabama.
The largest agricultural strike in America’s history begins. More than 18,000 cotton workers with the Cannery and Agricultural Workers Industrial Union (CAWIU ) strike for 24 days.
Black Sunday. The worst “black blizzard” of the Dust Bowl occurs, causing extensive damage.
Congress declares soil erosion “a national menace” in an act establishing the Soil Conservation Service in the Department of Agriculture.