Economist Benjamin Anderson told a life insurance convention at Chicago's Stevens Hotel that the economy was in a state of readjustment and that "forces are at work which will in time generate improvement." He explained that the current depression was caused by the Federal Reserve adopting a "cheap money policy" that tempted banks to borrow. "We must readjust to a situation where we rely on investment savings, business savings, and taxation for capital purposes", Anderson said.[3]
Twenty-eight nations signed a pact allowing the League of Nations to provide a financial loan to a country unanimously agreed upon to be a victim of aggression.[4]
President Herbert Hoover told the annual meeting of the American Bankers Association in Cleveland, "We have had a severe shock and there has been disorganization in our economic system which has temporarily checked the march of prosperity. But the fundamental assets of the nation, the education, intelligence, virility, and the spiritual strength of our 120 million people have been unimpaired."[7] The economic situation was now being commonly referred to as a depression, as Hoover used that word seventeen times over the course of the speech.[8]
The Cuban Congress granted the request of President Gerardo Machado to suspend constitutional rights in and around Havana until after general elections on November 1.[11]
In Germany, the Leipzig Supreme Court sentenced the three Reichswehr officers accused of high treason to eighteen months in prison.[12]
The British airship R101 crashed near Beauvais in France, partway through its flight from London to Karachi, killing 48 passengers and crew. Only six people survived the disaster.[13]
Sir Sefton Brancker, 53, British Director of Civil Aviation. Thomson and Brancker were both killed in the crash of R101.
A LufthansaM-20B plane flying from Berlin to Vienna ran into a strong wind and crashed into a hill near Dresden, killing all 8 passengers and crew.[14][15]
The Dow Jones Industrial Average fell below the 200 point mark, closing at 192 points – little more than half its value from the high water mark of September 3, 1929.[18]
A memorial service was held in Westminster Hall for the victims of the R101 tragedy. Thousands of people filed past the 48 flag-draped coffins.[19]
Born:Sam Johnson, Korean and Vietnam War fighter pilot, prisoner of war in Vietnam, and U.S. Congressman for Texas from 1991 to 2019; in San Antonio, Texas (d. 2020)
Gangster Legs Diamond was shot five times by gunmen at the Monticello Hotel in New York, but survived.[22]
In Berlin, 100,000 German socialists held an anti-Nazi rally called by Reichstag President Paul Löbe. Nazis stood on the street heckling the paraders and 38 arrests were made as isolated fistfights broke out.[23]
About 300 Nazis dressed in civilian clothes stormed downtown Berlin, smashing windows of mainly Jewish shops and firing pistols into the air as the Reichstag opened its first new session since the September 14 elections.[24][25] Nazi deputies caused an uproar by turning up in full party uniform, despite a rule against the wearing of such uniforms in the Reichstag.[26]
Half a million unemployed Germans, including 126,000 striking metal workers, paraded in Berlin.[28]
Pope Pius XI granted King Boris III of Bulgaria permission to marry Princess Giovanna of Italy, on the written promise from Boris that any children born would be raised as Roman Catholics. The Bulgarian constitution said that the country's monarch must be of Greek Orthodox faith.[29]
Prohibition leader Bishop James Cannon, Jr. launched a $5 million defamation lawsuit against William Randolph Hearst, accusing Hearst of using his newspapers to bring Cannon "into scandal and disrepute" by printing false statements about him.[31]
President Hoover announced the appointment of a new committee tasked with formulating plans for "continuing and strengthening the organization of Federal activities for employment during the winter."[32]
The magazine L'Ere Nouvelle published a letter by German industrialist Arnold Rechberg, describing an alleged Soviet plot offered to Fascist Italy and the Nazis. According to the plan, Rechberg wrote, Germany and the Soviet Union would simultaneously attack Poland, dividing it between themselves, and would then join together in attacking France. As the French retreated, Italy would cut them off with a sudden flank attack. Rechberg claimed the plot was taken seriously by Hitler's followers and that a communist-fascist alliance would be a danger to peace.[33]
Born:
Robert Atkins, popular American nutritionist known for creating "The Atkins Diet"; in Columbus, Ohio (d. 2003)
The Reichstag granted amnesty for political crimes committed before September 1, 1924, that were not directed against members of the federal government.[34]
In an early morning vote capping a fourteen-hour session, Chancellor Heinrich Brüning passed a confidence motion, 318–236. The Reichstag then adjourned until December 3.[36]
The Passfield white paper outlining British policy in Palestine was issued, laying out a plan to give more self-government to both Jews and Arabs in Palestine. The paper angered Zionists who said it backtracked on the 1917 Balfour Declaration which had pledged a national home for the Jews.[6]
Chaim Weizmann resigned as president of the Jewish Agency for Palestine in protest against Britain's policy on Palestine.[39]
Syrian Prime Minister Taj al-Din al-Hasani survived an assassination attempt. An assailant tried to shoot him, but missed and was apprehended before he could fire a second shot.[50]
Australian pilot Jessie Miller established a new women's west–east transcontinental flight record, completing a flight from Los Angeles to New York in 21 hours 47 minutes.[51]
Died:H. P. Whitney, 58, American businessman and horsebreeder
Aftermath of the Wushe Incident
The Wushe Incident began in Taiwan when Seediq rebels raided Japanese facilities for weapons and then attacked the Japanese at an elementary school.
Benito Mussolini made a speech in the hall of the Palazzo Venezia saying he could foresee "a Fascist Europe which seeks the inspiration for its doctrines and its practices from Fascism, a Europe which solves, as Fascism does, the problems of a modern state in the twentieth century." Mussolini also accused Europe of hypocrisy when it "babbled about peace at Geneva but prepared for war everywhere", and claimed that Italy was only arming in self-defense.[52]
King George V opened the seventh parliament of his reign.[53]
The German steelworker's strike was settled with the workers agreeing to a 3% wage reduction.[54]
Apple vendors became a common sight on New York city streets on the first day of a project to put unemployed people to work selling surplus apples. The project began in the Wall Street district and soon spread across the city. These apple sellers, accompanied by placards declaring their unemployed status and encouraging the public to buy apples, became one of the enduring images of the Great Depression even though the project lasted less than a year as the supply of cheap apples eventually ran out.[55][56]
A Paris court granted actress Pola Negri a divorce from Prince Serge Mdivani. "I am happy to have finished with the divorce so I can consecrate my life entirely to art", Negri stated.[59]
Born:Michael Collins, U.S. astronaut who piloted the lunar orbiter during the Apollo 11 mission; in Rome, to U.S. military attaché to Italy James Lawton Collins and Virginia Stewart Collins (d. 2021)
Public Papers of the Presidents of the United States, Herbert Hoover, 1930. United States Government Printing Office. June 1999. p.332. ISBN978-0-16-058839-6.
Cox, Jim (2003). Frank and Anne Hummert's radio factory: the programs and personalities of broadcasting's most prolific producers. McFarland. ISBN978-0-7864-1631-8.
Khan, Noor-Aiman I. (24 October 2011). Egyptian-Indian Nationalist Collaboration and the British Empire. Palgrave Macmillan. p.111. ISBN978-0-230-33951-4.
Holston, Kim R. (2013). Movie Roadshows: A History and Filmography of Reserved-Seat Limited Showings, 1911–1973. Jefferson, North Carolina: McFarland & Company, Inc. pp.70–71. ISBN978-0-7864-6062-5.
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