02 Feb 1934
Page 1
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 02, 1934
Page
1
Verne Marshall analyzes Roosevelt's dollar devaluation and its impact on purchasing power, inflation theories, and debtors. The piece argues the nation faces unknown consequences as leadership pursues monetary reform and emergency relief measures amid a shifting economic landscape.
Verne Sankey known as the king of the kidnappers was moved from Chicago to South Dakota for trial on charges of kidnapping Charles Boettcher II of Denver. Federal agents say Sankey confessed to Boettcher's kidnapping and to a separate abduction of Haskell Bohn of St Paul.
Senate invited President Roosevelt to outline a nationwide network of power, flood control, irrigation and navigation projects. Ickes reported an understanding with McCain clearing housing and slum clearance. Debates on devalued dollar reactions and veterans' legislation continued.
J N Nichols a Negro dockwalloper of Norfolk delivered the snappiest line at the shipping code hearing. He told the record that much has been said nothing has been done. The remark closed into the hearing record as a noted moment.
A reflective meditation on faith and virtue, praising love as a divine gift and noting timeless values. It contrasts sincerity and sympathy with propaganda, remarks on adversity versus prosperity, and cites wisdom from ancient sages and Goethe about life’s aim and patience.
Athens AP The US reinstated Samuel Insull's American passport clearing a moot point in his case though his appeal from a deportation order remains unsettled. A Washington order reversing an earlier cancellation allowed US officials to inform Greece that Insull's travel papers are valid. His permit expired, but he was granted ten days grace due to illness.
Dollar devaluation to 59.06 percent of its former value spurred broad market activity. The New York Stock Exchange bond division posted a $27.1 million turnover, the second highest on record, while stock turnover reached its peak since July 21, 1933 with 4,710,000 shares. Across four Wall Street markets turnover exceeded 5.5 million shares as prices rose and 661 of 930 issues advanced. Bond gains were high across speculative and U.S. government issues. Curb exchanges saw fractional to 3 point advances amid bullish opening sentiment. London and San Francisco market responses noted, with stabilization funds in process.
Secretary Ickes described Interior Department efforts to probe alleged grafters linked to public works spending. He cited the 1930s case involving Lieutenant Governor Kraschel of Iowa and Carleton Beh, whose indictment followed an internal review and Justice Department briefing. He insisted no judgment is made and warned against cheating taxpayers.
President Roosevelt devalued the dollar about 41 percent, restoring it to the gold standard and opening a path for large credit expansion. Banks expect growth in deposits as credit rises, with prices following. The treasury may use over 2.7 billion dollars in gold profits to stabilize markets and securities. The pound remains unsettled, with hints of a tacit truce to keep it near five dollars.
Des Moines Iowa two attempts to change allocation provisions of the interim committee three point tax bill were defeated by the state senate. A proposal to raise net personal income tax rates failed 24 to 25. The body left intact the house approved allocation basis based on assessed valuation and rejected plans to rebalance revenue to counties and schools.
The Senate elections committee ruled that petitions to oust Louisiana senators Long and Overton did not present issues the body could consider. It scheduled hearings within ten days for complainants to argue the sufficiency of their cases.
Senator Louis Murphy of Iowa says he never sought to halt the PWA investigation or influence Secretary Ickes. Murphy asserts he only asked the attorney general for a hearing for Lieut. Gov. N. G. Kraschel, denying any misconduct.
Treasury figures show a profit of 2.7929 billion dollars from Roosevelt era dollar revaluation. Old dollar gold value given as 4.029 billion. revaluation raised it to 6.822 billion in new dollars.
Opera baritone Reinald Werrenrath and his Iowa wife will reaffirm their marriage Friday in a ceremony described as a reaffirmation. The couple wed civilly in Weehawken New Jersey on February 2 1927, and the bride is unaware of the planned event until arrival in Chicago.
Des Moines Iowa federal funds for farm loans would rise to seven and a half million dollars if the Iowa legislature amends the landlord lien law. Senator Louis Murphy cited FCA plans to boost capital for production credit operations from one point five seven five million to three million, with refinancing available to seven point five million. Affected sections 10261 10262 would require landlords to record liens and name leased items to extend claims on personal property. A new bill reflecting Murphy's changes will be prepared by the senate committee.
The Iowa Senate sent to Governor Herring a bill to refund automobile owners for reductions in license fees. The measure, approved by both houses, authorizes refunds without applications and directs payment from highway commission funds. Refunds cover the portion of tax tied to car value, via a graduated scale.
President Roosevelt issued a proclamation creating a special mediation board to investigate the labor dispute at the Denver and Rio Grande Western railroad, signaling federal involvement in the stalled talks and labor tensions.
The state closed its case against Roger Touhy Gustav Schaefer and Albert Kator for kidnapping John Factor and sent the case to the jury with a request for the death penalty based on Factor and his wife testimony. Factor identified the defendants as his abductors, while the defense rested after calling five witnesses.
Washington observers note London and New York markets showing the Bank of England fighting to keep the pound from strengthening while the dollar weakens. The Roosevelt dollar’s gold value was cut to 59.06 percent, prompting stock gains but limited commodity rallies as officials discuss a new gold bullion standard and a 2 billion stabilization fund to be deployed if rates move unfavorably. The scene includes Morgenthau’s outline of the monetary system, calls for a federal authority, and a market reaction that hints at broader policy aims.
In Austin Texas Dr Claude Mattingly a leading physician and Mrs F A C Perrin wife of a University of Texas professor were found dead together in a room at the Texan hotel Authorities believe they died from a narcotic injection in a personal crisis with no official verdict yet issued by Justice of the Peace Sam Johnson Mrs Perrin identified by a will signature found in the room
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