At 3 pm on November 1, 1930, the junta handed power and the presidential palace to Getulio Vargas, ending the Old Republic and knocking down all state oligarchies except from Minas Gerais and those from Rio Grande do Sul. At the same time, in downtown Rio de Janeiro, the gaúcho soldiers fulfilled the promise of tethering horses to the obelisk on Rio Branco Avenue, symbolically marking the triumph of the Revolution of 1930.
Caldwell & Company, a major conglomerate offering banking, insurance, and brokerage services in the Southern United States, collapses and triggered a cascading effect of bank runs on smaller banks in Tennessee and Kentucky. The collapse generates national headlines, contributing to the contagion of fear regarding the banking system.
Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association, which was the only such designated bank in the United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.
Moving on to ophthalmia neonatorum, a gonococcal infection in infants, Cecil George Paine achieved the first recorded cure with penicillin, on November 25, 1930. He then cured four additional patients (one adult and three infants) of eye infections, and failed to cure a fifth.