07 Oct 1931
Page 1
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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Oct 07, 1931
Page
1
Washington October 7 A six point program to marshal buying power into commerce received broad backing from President Hoover and political leaders. The plan calls for liberalizing rediscount rules to accept certain industrial securities now ineligible and envisions creation of a debt moratorium mechanism.
St Louis takes a 3 to 2 lead in the World Series as Halla han hurls well. Simmons doubles as Is Only Athletic troubles Wile Bill, Martin’s scoring Frisch notches his 11th hit of the series.
The plan proposes a half billion dollar private credit agency to Nile credits unacceptable to the reserve banks. It calls for liquidation of some frozen assets of insolvent institutions, appointment of bankers committees to aid credit expansion, liberalization of rules to broaden credit operations, and strengthening of federal land policies to assist farmers.
A $500,000,000 private banker driven program to handle frozen bank paper and provide cash to depositors, plus expansion of the federal land bank system for agricultural credit, won general backing from a bipartisan White House conference. Congress will need early action, no special session planned. The president did not secure sanction for his dis-
Wreckage of the last ship to shore mail plane from the liner Bremen was sighted in Halifax on October 7. Pilot Fried Simon and mechanic Rudolph Waudknight departed Bremen to speed mail to New York by 29 hours. The craft reportedly went down at Cobquid Bay near William Faulkner Lighthouse. an explosion followed and cries were heard in the dark.
President Hoover, gratified by congressional support for his stimulus plan, focuses on easing home construction credit. Lamont, chair of the home ownership conference, leads bankers and real estate leaders at the White House to craft additional credit measures. William Best of Pittsburgh attends among others.
New York October 7 feverish buying in the stock market followed President Hoover's plan. Prices of leading issues rose sharply with openings ranging from 1000 to 10000 shares. United States Steel opened at 71 for 3000 shares down 12 cents while General Motors rose to 26 for 10000 shares and Electric Power and Light at 22.87 for 5000 shares.
Atlantic City N J Oct 7 The American Bankers Association voted approval of President Hoover’s plan for a 500 million dollar bank pool to meet discount demands of bankers needing funds for the public. The pool would be available to all sound banks using collateral not eligible for rediscount with the Federal Reserve Banks.
NORTH WILKESBORO Oct 7 After a manhunt S C Hutchinson postmaster and school teacher at Moxley surrendered to county officers. He is jailed awaiting preliminary hearing for shooting Tyre Bowers to death at the Moxley post office Thursday.
In Cleveland on October 7 a riot over the eviction of a black family killed two men and injured several others. Police said communists sparked the outbreak as a mob of about 300 attacked officers near the home, with one civilian fatally shot and another dying afterward. A large police deployment dispersed a crowd of up to 1,000 in the negro district.
Washington October 7 retail trade shows improvement with steady employment gains noted in Philadelphia and other cities. Wheat sales to China bolster milling and shipping activities. New York applications rise while placements fall. Detroit reports a strong September in some manufacturing sectors.
Raleigh Oct 7 Buncombe County led North Carolina counties in divorces granted in 1930 with 114, up from 113 in 1929. Guilford followed with 106 in 1930, down from 123 in 1929 which had led the state.
Edith Berkham, textile labor leader, was arrested for speaking without a permit during a Lawrence protest as about 2,000 striking woolen mill workers jeered city marshal Timothy O'Brien. Six more arrests followed in a second demonstration. The morning began peacefully with around 22,000 workers on strike over a 10 percent wage cut. Pacific Mills announced suspension of operations in the cotton division employing about 900.
National dignitaries led by Calvin Coolidge and Vice President Curtis attended the funeral for Dwight W. Morrow in Englewood New Jersey. The service at First Presbyterian Church honored a diplomat and senator who rose quickly in four years to statesmanship. Burial at Brookside cemetery was private per family request as schools and businesses paused at 1 PM.
Berlin Oct 7 AP President Hindenburg accepted the Bruening cabinet resignations and authorized Chancellor Bruening to form a new non partisan ministry by personal choice. The March 29, 1930 cabinet faced hard postwar problems and fought for strict economy and reform.
Federal Building Chicago Oct 7 The Capone tax case bears fresh tension as a defense attorney claims a juror may be disqualified for serious reasons. Judge Wilkerson suspends proceedings and orders defense and government counsel to report decisions. The second day opens with Assistant U S District Attorney Green ready to present.
Thomas A. Edison, at his West Orange residence, was described as much weaker this morning. Hubert Howe reported he cannot sit up without support and struggles to take fluids. The inventor remained in a light sleep or daze, signaling the onset of a coma and imminent death within days.
Mississippi lawmakers approved a cotton acreage reduction bill in a 101 to 33 vote, aligning with the Senate already, as they also debated the “Long no-cotton plan” urged by Delta farmers. The move sets the measure for possible return to the Senate for final action.
John Rieves, a Chatham County Negro, had his death sentence for complicity in the murder of John Headen commuted to life by Governor O Max Gardner. Ben Goldston had been electrocuted weeks earlier for involvement. Trial and solicitor recommendations blamed Goldston for the crime, while noting Rieves acted under pressure. Headen died from gunshot wounds while bedridden.
Pepper Martin collected three hits including a homer to drive in four runs and tie the world series record with 12 hits in the series. Wild Bill Hallahan pitched for St Louis as the Cardinals defeated Philadelphia at Shibe Park.
The Davis and Harris mail fraud trial costs are estimated at 12 000 to 15 000 dollars by court attaches. The jury hotel bill for rooms and meals totaled 1 131 dollars.
Charles F Long a High Point businessman and former manager of the Southern Furniture Exposition building sues the United States government and Gilliam Grissom to recover 106,530 paid under protest for 1918 taxes. He testified he sold a two fifths stake in the Southern Mirror Co to Frank Wineskie for 5000 in cash and 52500 in Liberty bonds, not listing them on his 1918 return because he believed no tax was due. The government did not press the issue at the time.
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