17 Feb 1934
Page 1
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 17, 1934
Page
1
The column voices concerns on government aid to industry if banks falter and critiques the New Deal era balance of stability. It questions rail pay cuts, notes the need for clear economic roles, and reflects on dictatorship risks and wage and crime issues affecting American life.
The Iowa liquor monopoly bill cleared a key house hurdle amid two major challenges. A bid to substitute a private sale bill failed 16 to 34 as a local option amendment was rejected 24 to 26, with prospects for another attempt. Senate leaders believe passage is likely when a final vote comes, while a reconsideration of local option is also possible.
Federal Judge William H. Atwell ruled that NRA Petroleum code provisions governing marketing problems cannot be enforced against operators dealing only in intrastate commerce. He dismissed charges against four Dallas filling station operators for alleged instructions of those regulations.
The Senate Banking Committee heard evidence of secret profits in alcohol stock manipulation. Rep McFadden urged action against tax evaders and named Henry L. Doherty as a major offender.
The speaker notes that during the gold standard period there was no inflow or capital movement. The comment contrasts monetary policy constraints with modern flows and implies depth of economic rigidity in the past.
The treasury revalued the dollar and confiscated monetary gold to widen trade channels and spur money flow. In practice the result is that the dollar buys less abroad and becomes dearer overseas, while domestic demand for gold remains weak.
A 1934 reflection warns against excessive sex talk in media and culture and urges careful, wise guidance. It contrasts American openness with English reserve, criticizes Freud influence, and argues true spirituality can elevate life and curb vice while acknowledging potential mistakes and suffering.
Chic ago, (UP) Francs X. Bushman, once a leading silent film idol, said his engagement to marry Carmella Ponselle is broken by mutual consent. He has reconciled with his first wife, Mrs. Josephine Bushman, from whom he divorced fifteen years ago.
The NRA gears up for what may be its biggest week, with advance hearings on code problems set for February 27 and code revisions starting the week of March 5. Work pace increases, employees ordered to avoid engagements, and the U.S. Chamber of Commerce collects employer input on issues likely to arise.
Federal Judge John C. Knox rejected Transcontinental and Western Airs bid to halt Postmaster General Farley and Kiely from enforcing the cancellation of all air mail contracts. The ruling states the court lacks jurisdiction in a suit against the United States. The company may appeal to the U S circuit court of appeals.
Washington reports a direct federal bounty for air transport replacing scrap air mail contracts. The plan aims to strengthen aerial defenses in case of war. Comptroller General J R McCarl is cited as watchdog over federal expenditures.
The Chicago branch of the Commodities Credit Corporation will extend the government corn loan deadline to March 31 from February 28. Farmers receive 45 cents per bushel advanced from Reconstruction Finance Corporation funds via the Commodities Corporation. Loans cover Illinois, Iowa, Indiana, Nebraska, part of South Dakota and southern Minnesota. Applications must be postmarked by March 31.
London reports a sharp clash between Britain and Italy over Rome's proposed three power concert to safeguard Austrian independence. Sir John Simon refused to join, signaling dissatisfaction with Dollfuss’s crackdown on socialists amid Vienna purges against Jews and Czech slavic figures.
Socialist leaders in Vienna issued new orders after a secret meeting directing attacks not against soldiers or police but permitting sabotage of utilities and public services as part of a campaign against the fascist helmwehr.
Blood drenched Vienna faces a second political clash as Dollfuss and Starhemberg tighten dictatorship. Nazi advance plans loom while Theo Habicht sparks a German appeal to the Austrian army to desert and aid the uprising. Government protests foreign meddling.
Federal agents arrested fourteen people as they disrupted a three state operation that stole railroad boxcars valued at 90 000 to 100 000. principal loot recovered at a Dubuque Iowa residence and a Bellevue Iowa resort. Several suspects held on bonds with hearings set in February and all arrested tied to the disposal of stolen goods.
U S Commissioner Jesse Green said five persons including a woman were free on bond in Dubuque on charges tied to an alleged interstate train robbery gang. Three others were arrested in Freeport Wisconsin with confessions implicating a wider ring.
The Cedar Rapids Gazette announces the first public printing of Charles Dickens The Life of Our Lord a manuscript created in 1849 for his children and never published until the last Dickens child dies. The piece was recently purchased from Dickens heirs at a reported 15 per word totaling 210 000 and lauded by the London Daily Mail as priceless. Release dates are not set but The Gazette will publish as early as possible.
DES MOINES plans call for a farm debt adjustment committee of five farmers in every Iowa county within a week. Governor Clyde Herring named a 23 member state farm mortgage advisory council to meet Feb 23 for recommendations to form county committees. The list includes Ray Murray and W G Murray among others from agriculture banks insurance farm bureaus and coops.
Committees without legal status will work to extend agreements between mortgagors and mortgagees and settle to keep original owners on their farms. H C Case, assistant governor, plans to aid in establishing these voluntary settlements. similar efforts have occurred in 37 states since October with Texas using CWA funds.
Anthony Cataldi an 18 year old was cleared of a lynching charge in San Jose California after Assistant District Attorney Herbert Bridges moved to dismiss saying insufficient evidence prevented conviction.
Rep McFadden charges H L Doherty of Cities Service with big tax evasion and alleges administration protection. He cites campaign contributions to F D Roosevelt and claims tax payments could add 700 million if all due taxes were collected.
President Roosevelt and aides push for broader credit access, considering intermediate credit banks in each federal reserve district or RFC to supply five to ten year financing. Banks are urged to extend medium and long term credit to heavy industry to speed recovery.
President Roosevelt and Eugene R. Black discuss possible actions to stabilize money and industry as fears about weakening the reserve bank system ease. The idea favors intermediated credit banks over RFC to fund recovery while balancing risk with commercial banks.
President Roosevelt moved to reassure depositors by sending a bill to the senate banking committee to extend the temporary bank deposit insurance law for one year, covering about 90 percent of banks. He also released a letter stating that surrendering gold to the government by federal reserve banks does not weaken bank strength.
Light snow covered Cedar Rapids Thursday night amounting to five hundredths of an inch. Temperatures dipped from 47 at 4 p.m. to a low of 32 by 9 a.m. Friday with a 7 p.m. reading of 42, then 36 at midnight and 33 at 7 a.m. Friday. A mix of sun and clouds continued into Friday with a 2:30 p.m. reading of 37.
Henry Richman, clothing magnate of Cleveland, died Friday morning at New York's Post Graduate hospital. Attending physicians did not reveal the nature of his disease.
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