17 Mar 1933
Page 1
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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Mar 17, 1933
Page
1
Proposals seek parity between non members of the Federal Reserve and institutions aided by the Emergency Act. Immediate action urged by President and supporters. Bill Means backs relief while aiming to stabilize state banks facing liquidity strains.
The Associated Press reports booming activity as about 12 000 banks reopened after the moratorium was lifted four days ago. Confidence rose with restored currency measures and rapid reorganization. Wheat and cotton led advances while New York stocks and bonds held gains amid efforts to complete moratorium lifts nationwide.
On March 16, Congress moved to aid banks under a Roosevelt aligned program. The House Banking Committee chairman Steagall said the measure would create parity between fed non members and aided banks, while the Senate proposal by Bulkley would let the Reconstruction corporation buy notes and debentures of state banks in states with double line preference.
Alex Meadows, 35, of Mercer County, a Kodak machinist, was killed in Kingsport Tennessee during last Thursday night’s tornado that ravaged areas along the Kentucky Tennessee border, killing 37 and injuring 400. Funeral in Flat Top West Virginia. Relief efforts shift to permanent aid as Red Cross funds flow and debris removal continues.
The Senate approved the House beer bill lowering the legal limit to 3.06 percent alcohol and sent it back to the House for amendments. The measure would also legalize 3.06 percent wine and bar sales to minors under 16, while advertising bans in dry states were rejected. The bill faces a House battle and possible conference, with approval expected early next week.
Washington reports the senate passed a bill restricting beer and wine to under 3.05 percent by weight or 3.8 percent by volume, with house terms at 3.2 percent. It imposes a $5 per barrel tax on wine and beer, a $1,000 levy on brewers, requires permits, bans importation into nonpermitting states, and prohibits sales to anyone under 16.
President Roosevelt contemplates a six week lightning push with a continuous special session to complete the new deal. Democratic leader Senator Robinson says work could end in May if Congress stays in session. Employment and relief measures may be introduced soon as Congress accelerates action on emergency banking.
New York report states that Consolidation Coal Company’s receivers quit operating the Carter Coal mines at Coalwood in McDowell County West Virginia. Carter entities resume control as federal judges approve transfer and Krause notes sale and reversion to Carter.
Dispatches from Chinchow report Japanese aircraft based at Chinchow bombed Chinese positions south of the great wall near Hsifengkow causing heavy damage. One bomber with five crew failed to return, per Nichi. Hsifengkow lies five miles east of Fanchiakow and is a key Great Wall pass second only to Kupeiow.
George Dietz a chemist filed a $60 000 damages suit in Los Angeles against Douglas Fairbanks Jr alleging alienation of affections. Fairbanks called the action out and out blackmail in his reply.
New York reports railroads end the pooling scheme that distributed emergency freight surcharges to weaker carriers after a meeting of eastern presidents. The Interstate Commerce Commission extended the current rates to September 30, 1933 and urged ongoing lending to cover charges.
Ohio River flood reaches 42 feet at Wheeling with six feet above flood tide. New Martinsville business district seeped. Wheeling Island inundated four to eight feet. One quarter of Wheeling under water. schools closed. river commerce halted. Rail yards on the Baltimore and Ohio and Pennsylvania lines submerged. Police report damage over $100000 but no deaths or serious injuries.
Charleston West Virginia reports high water tonight blocks several roads north of the city. Schedules between Sett or Parkersburg were suspended. U S 60 remains clear to Louisville via Huntington while U S 21 is blocked between Parkersburg and Williamstown. U S 19 is open at all points and U S 50 is blocked east of Parkersburg with a detour. State Route 2 is impassable at points north of Parkersburg.
The Ohio river at Huntington reached 42.4 feet and rose about 0.3 feet per hour. A crest near 47 feet, three feet below flood level, was predicted. Rivermen saw little danger, while workers moved goods from basements to prevent seepage damage.
The rising Ohio River floods New Martinsville on March 16 isolating the town except for railroads. Merchants move stock to upper floors. banks schools and stores close. Boats used for transportation. No deaths reported.
Huntington West Virginia March 16 Announcement was made that the board of directors of Appalachian Coals Inc coal sales agency will meet in Cincinnati to perfect the organization James D Hart secretary to J D Francis president said the date was fixed by the executive committee in Washington The legality of the agency involving 40 000 000 tons annual production in West Virginia Kentucky Tennessee and Virginia was upheld by the United States Supreme Court.
Joseph W. Harriman resigned tonight as chairman of the Hariman National Bank after his Tuesday arrest for making false entries. The board accepted the resignation at a special meeting as Henry E. Cooper acts as conservator and United States officials cite misused depositor funds totaling around 1.4 to 1.66 million dollars amid ongoing investigations.
Charleston West Virginia March 16 a total of eighty bills were before Governor Kump tonight most of them passed in the final hours of the regular session and presented to him for action several will become law without his signature if he does not act by tomorrow night the measures include local ordinances tax and policy bills such as the 3 05 percent beer bill horse racing chain store tax and a state convention on repealing the eighteenth amendment.
A broad surge in cotton and wheat sent major markets higher as stocks gained on strong buying. Wheat rose to the daily limit in Chicago while corn advanced, and New York cotton pit trading saw prices firm with gains. Bond activity followed yesterday’s big rise, and gold and currency outflows eased margins.
Charleston officials report Governor Kump ordered a 25 percent reduction in state salaries at most institutions and colleges, with contracts exempted. The Board of Control relayed the directive to all state colleges and universities, while heads of institutions were told to work out details locally.
President Roosevelt appeals to Britain France and Germany to back a Geneva disarmament plan to slash military strength. Norman H Davis named ambassadorial head of the American delegation to Geneva with plans to call mid next week. Ramsay MacDonald proposes trimming land sea and air armaments to avert a renewal of an arms race.
Geneva March 16 Prime Minister Rameau Mac Donald of Great Britain submits a bold disarmament plan at the world conference. It would cut France and others fighting strength while allow Germany and former allies to grow theirs. He also urges a consultative pact among Kellogg anti-war signatories inviting U S involvement against breaches of world peace.
Richmond reports Virginia allocates 2.4 million dollars for next fiscal year's primary highway construction the smallest in years. The highway commission cites diversions of 3.5 million to secondary streets and tax declines of 1.5 million as reasons. Allocation to districts remains tentative with hearings planned but total unchanged.
The Senate approved a beer measure with amendments lowering content to 3.05 percent and adding wines while trimming alcohol. The House backed a 500 million dollar economy bill with Senate changes affecting veterans and federal salaries. Roosevelt discussions covered farm relief and disarmament with Britain France and Germany. Norman H Davis named chair of the American disarmament delegation. Senate nominations were confirmed for Jesse Straus to France and Joseph Daniels to Mexico, and Henry L Roosevelt as deputy Navy secretary.
In Long Beach and Compton rain worsens hardship for quake victims. Over 3,000 people remain in Red Cross camps as 116 lives were lost and damage exceeds 60 million dollars. Boxcars moved for shelter, schools closed until March 26, and 1,800 more in Santa Ana to Laguna Beach need aid.
Washington March 16 Former counsel William A Gray told the senate banking committee that widespread evils in stock sales justify careful consideration of corrective legislation The report notes pools market manipulation trader stabilizing price fixing and use of insiders and specialists to influence prices while brokers officers and media may spread information to aid brokers
Governor George J. Seay reported a $45,000,000 gold influx into the Fifth District Federal Reserve Bank since class tasks. The bank’s total resources rose to $337,282,000 with reserves and deposits up. Officials attributed the gold flow to anti hoarding sentiment as banks and individuals exchanged gold for other currency.
Congress approved a sweeping budget cutting measure giving President Roosevelt authority to slash government expenditures and veterans’ gratuities. The House passed the bill 373 to 19 after Senate amendments trimmed projected savings and required final presidential signing before adjournment.
President Roosevelt asks Congress for quick enactment of a sweeping farm relief program aimed at removing over production and low prices as chief enemies. He calls it a new path and expects rapid House action with Senate likely early next week. The plan would grant Wallace powers to lease lands, regulate markets, and enter pacts with processors to raise prices across cotton, wheat, hogs, cattle, sheep, rice, dairy.
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