The past may not repeat itself but it sure does rhyme.
This clever blog is a news summary from the corresponding day in 1930.
J. Westerfield of the NY Stock Exchange lectures civics clubs of Yonkers on the causes of the current business recession. Says the effort to attribute it to any single cause is superficial; criticizes sanguine statements of “new era” economists that “the vast amount of reliable statistical information had practically abolished the old-time evils of large inventories and overproduction.” Concludes that an illusion grew popular that “paper profits in … quoted values for real estate, commodities, securities, and other forms of property increased fortunes and thereby spending power.”
Senator Glass is heading a subcommittee considering extensive changes to banking regulations. Among the changes considered are restricting speculative loans by banks to brokers and stock exchange members, removing the Secretary of the Treasury as a member of the Federal Reserve Board because of undue influence, making it easier for banks to expand nationwide, etc. Anticipated the committee will have meetings all of next year’s session and submit recommendations December 1931.
Congressman Fiorello La Guardia (Republican, NY) objects strongly to revisions of the Wagner bill to relieve unemployment by planned public works. Urges passage of the bill in its original form and the establishment of a national employment agency.
Navy Department asks for bids for construction of aircraft carrier number 4, a 13,800 ton ship. Total cost not to exceed $19M; $4.05M appropriated to start construction.
The new Price Brothers skyscraper, tallest building in Quebec, now in full use – all 17 floors occupied.
French scientist to test device for converting warmth of Gulf Stream into electricity.
Census indicates New York City contains “300,000 unemployed and 100,000 drifters.”
New York State had 156 dead from industrial accidents in May, down from a 5-year average of 169.