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May 2, 1930

Revisit the news, notable people, and historical moments connected to this date.

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Headlines from May 2, 1930

COMMISSION CUTS HOME PHONE RATES OF 900,000 USERS; Sweeping Rejection of Company Pleas Puts Charges Slightly Under Present Schedule. BUSINESS RATE INCREASED Order Reduces Company Valuation by $35,185,658, Lowers Revenue $900,000.COMPANY IS CENSUREDRising Operating Expenses Are Condemned-92 Per Cent of HomeSubscribers Here Benefit. Business Rates Increased. COMMISSION CUTS HOME PHONE RATES Decision Is Unanimous. Slump Discounted as Factor. Court Decision Discussed. Earnings Are Noted.

By Special to The New York Times

ALBANY, May 1.--In a sweeping rejection of the claims of the New York Telephone Company, the Public Service Commission today handed down a decision reducing the valuation of the company, denying it the rate increase it had sought and cutting the present temporary schedules which have been in effect since Feb. 1.

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BANK RATES REDUCED IN WORLD CENTRES; PLACED AT 3% HERE; Cuts in New York, London and Paris Bring Credits to the "Lowest Levels in Years. MOVES TO AID TRADE SEEN Action, a Surprise, Is Taken as Evidence of International Banking Cooperation. EXPECTED TO HELP BONDS Stimulation of Building Also Is Looked For--Renewal of Selling Causes Further Stock Decline. Reduction a Surprise. Feared Effect on Trading. BANK RATES ARE CUT IN WORLD CENTRES Effect on German Issues. LAY CUT TO SLACK TRADE. Officials See Less Demand for Credit CUT SURPRISES LONDON. Messengers Cry News Through Streets--Holiday on Exchange. STOCKS DECLINE VIOLENTLY. Lose From 2 to 18 Points After Advance Early in the Day.

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Notable Births

Yoram Kaniuk

1930Yoram Kaniuk, Israeli painter and critic (died 2013)[†]

Yoram Kaniuk was an Israeli writer, painter, journalist, and theatre critic.

Marco Pannella

1930Marco Pannella, Italian journalist and politician (died 2016)[†]

Marco Pannella was an Italian politician, journalist and activist. He was well known in his country for his nonviolence and civil rights' campaigns, like the right to divorce, the right to abortion, the legalization of cannabis and the abolition of nuclear power. Internationally, he supported human rights and self-determination causes, like the Tibetan independence and campaign against persecution of Christians in Vietnam.