08 Oct 1931
Page 1
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Newspaper
Amarillo Globe
Location
Amarillo, Texas, United States of America
Date
Oct 08, 1931
Page
1
Arthur Brisbane contemplates market rally as bears retreat and equities rise. Mr. Storey mourns losses while banks brace for impact. Japan and Genghis Khan referenced as broad geopolitical framing.
Oklahoma Governor William H. Murray announced that the state will compete with large oil firms by selling own petroleum through two refineries and a network of filling stations under the planned Ogco brand. Details will follow within ten days as military shutdowns and court actions unfold.
In New York on October 8, bankers debated a $500,000 credit group to unlock frozen bank assets while stocks gained on fresh buying. Major issues rose $2 to $4, with United States Steel Common over 70, Consolidated Gas near 71, American Can around 82, and New York Central above 57. Other leaders included Atchison, American Telephone, Allied Chemical, and Coca Cola, each up $2 to $4.
Washington Oct 8 The credit group demands Congress convene a special session to pass Hoover stabilization measures. Hoover to unveil a 500 million discount facility within 48 hours and target four billion dollars of frozen assets for release, boosting banks and business. A real estate finance plan and a central mortgage rediscount bank were discussed in White House talks with bankers and insurers. See HOOVER PLAN Page 2.
President Hoover revisits his four year old call for international loans only for productive uses. He argues that strict lending would have eased the global depression and stresses government’s role as mainly creating conditions favorable to private enterprise. He cites military and unproductive public works as counterproductive.
The U S Department of Agriculture estimates the 1931 cotton crop at 16 284 million bales as of October 1 up from 15 685 million on September 1 and 14 486 million in 1930 Final yield climbs to about 190 5 pounds per acre from 183 6 with a 10 year average of 154 4 pounds Ginned cotton before October 1 totals 5 408 307 running bales versus 6 303 895 in 1930 and 5 903 265 in 1929 Cotton prices dip after the report while New York markets reopen steady with nearby months lower on the day.
Oct 8. Officers investigating a 3500 mail robbery report new clues after finding seven rifled postal pouches eight miles southwest of the city. Letters from the Santa Fe station Tuesday night were opened and scattered. Fingerprints were taken as clues. The currency came from First National Bank Amarillo to First State Bank Dumas. bank officials deny outside knowledge of the shipment.
Edison spent a very restless night but did not appear weaker today. Dr. Hubert B. Howe said Edison ate a fair breakfast and shows no weakness, adding his vitality is amazing. The report notes no change from the prior night.
Partly cloudy tonight and Friday across Amarillo and West Texas. New Mexico sees fair conditions in the south and unsettled weather in the north with little temperature change. Temperature highs reach up to 63 degrees this afternoon, with 49 degrees earlier. Griggs ambulance and Green Frog on 903 West 10th listed as local services.
Three Amarillo sisters claim kinship to Ide E. Wood, the 93 year old New York recluse whose apartment held $400,000 when seized. They recall a great uncle Robert Wood who told stories of a newspaper man brother and a wife named Ide the “whiz-cutter” dancer.
A 61 year old carpenter Theodore Thedens was found dead in Sacred Heart cathedral in Amarillo hanging by a grass rope from a gas pipe. He had been declared insane last week and had eluded officers before being found by the church rector. Funeral arrangements are set at the Catholic Church with burial in Memorial cemetery.
Professor Grady Chandler of the University of Texas testified before the Texas Senate that he warned Judge J B Price of Bastrop that parts of a 18000 claim for Sheriff Carlisle were illegal. The trip to Bastrop aimed to address the claim and reduce totals to 7912 10, with a deficiency warrant issued and unpaid.
Potter County court-at-law dismissed aggravated assault charges against Hazel Sullivan on insufficient evidence after a motion by County Attorney Rhea C. Myers. Judge W. J. Flesher granted the motion. The complaint described Sullivan as a red headed woman with unknown Christian name.
The jury in the criminal district court case of Tom Mitchell on a state liquor law charge reported a hopeless deadlock to Judge Henry E. Bishop. The judge ordered continued deliberations, noting no discharge at this time. Mitchell was indicted after a raid at 2609 Taylor Street.
Coats emerged and stoves warmed after months of summer dormancy as cool fall air settled over Amarillo. The U S Weather Bureau reported a high of 63 and a low of 49 with partly cloudy skies. In Wyoming and South Dakota the first general snow of the season fell, with Wyoming peaks buried in snow and Stone Mountain area at 30 degrees.
Autumn weather swept Oklahoma with rain hail and storms. Purcell damaged by hail to cars and trees while other areas saw showers and winds. Oklahoma City logged a record five month rainfall near 5 inches ending September 30, the lowest in 41 years.
Amarillo sees increased specific fire insurance rates under a new schedule effective October 1 after a state survey of mercantile buildings and dwellings. Engineers found rates vary by building type while a base rate of 16 cents remains. Credits for hazard reduction rely on neighboring compliance, and inspections may drive further reductions.
Harry McCormack, 63, Glendale financier, shot himself in Los Angeles court moments after a jury found him guilty on 16 counts of grand theft and violations of the State Corporate Securities Act. He caused losses of about 345000 to roughly 200 investors as the verdict was announced.
Japanese aircraft bombarded Ching chow, Chinese provisional HQ of Chang Hsueh Liangs regime, after dropping warning pills urging repudiation of Chang’s government. Reports say Japanese troops and planes were ordered toward Changtu following Chinese attacks on Koreans.
Tokyo issued a strong warning to Beijing threatening to hold China responsible for any harm to Japanese life or property in China. The protest text to Nanking accuses the Chinese government of using the boycott as a national policy instrument.
Austin October 8 railroads filed with the railroad commission to set rates charged by trucks for cotton transport into effect immediately. A hearing on the application is scheduled for October 14.
In Dallas on October 8, Mrs. E. C. Smith of Oak Cliff purchased six bales of cotton at the Dallas Cotton Exchange for 178.80 dollars as prices hovered under six cents a pound. She said she knew a bargain when she saw it and ordered storage for the cotton.
Gilbert Thayer, a national health authority, leads a free Amarillo lecture series at 8 PM in the City Auditorium. He cites that over 95 percent of the population suffers from disease and warns women smokers are especially harmed. He links destructive emotions to poor digestion as the eight lectures cover eating psychology and personality types.
Chicago October hearing reveals government seeks to admit documents and a claimed Capone admission of tax owing. Witnesses and exhibits include a power of attorney and a conference stenographic report. Prosecution quotes Capone’s alleged statements while defense objects to the line of evidence.
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