Cedar Rapids Banks Use New Law to Shield Deposits
Four Cedar Rapids banks invoke a recently enacted state law to avoid immediate liquidation. Deposits in these banks will remain in place while orderly reorganization proceeds, with Merchants National and Peoples Savings noted as remaining independent and capable of meeting emergencies. Depositors are not yet guaranteed loss protections, but managers and assets are cited as substantial compared with other banks that failed elsewhere.
MENTIONED IN THIS ARTICLE
Nstead
Merchants National
Peoples Savings Banks
Iowa
Cedar Rapids
Middle West
Farm relief bill aims to push huge lending program
Congress considers a sweeping aid package backed by Democratic leaders and farm groups. The Robinson bill would create a 1.0 billion emergency finance agency to lend up to 10,000 per farmer and back mortgages with a 5 percent cap, while expanding federal land banks. Farm leaders warn of rural upheaval without action and push for prewar price guarantees through the domestic allotment bill.
MENTIONED IN THIS ARTICLE
Washington
Congress
Robinson
Arkansas
Roosevelt
Hoover
Emergency Agricultural Refinance Corporation
Federal Treasury
Edward A. O'Neal
American Farm Bureau Federation
Senate Agriculture Committee
John A. Simpson
The
Farmers Union
Senate
Wheeler
Dem
Cedar Rapids Stands Firm Amid Industrial Uncertainty
The article asserts Cedar Rapids men and businesses retain economic independence through major food industry plants like Quaker Oats and Three Minute Cereal. It stresses stable payrolls and banking decisions, arguing the city’s structure supports continued employment, growth, and resilience despite broader financial concerns.
De Valera Leads Early Returns In Irish Election
In Dublin Ireland President Eamon De Valera ran ahead in general election returns Wednesday night though he did not claim victory yet. The Fianna Fail leader attracted strong votes in constituencies usually supporting William Cosgrave signaling a likely clear majority for De Valera in the new Dail.
MENTIONED IN THIS ARTICLE
de Valera
Dublin
Ireland
Eamon de Valera
William Cosgrave
Fianna Fail
Dail
Britain Seeks Narrower Scope in Debt Talks
Washington AP report notes Britain accepts Roosevelt terms for war debt discussions but reserves power to withhold decisions on World Economic Conference agenda until a general international meeting. The London note was sent to Warm Springs as Senate debates flare over debt relief and broader economic policy. Senator Johnson derides Britain's stance as a perceived superiority claim amidst the U.S. talk of potential concessions.
MENTIONED IN THIS ARTICLE
Washington
Great Britain
Roosevelt
World Economic Conference
State Department
Senate
London
Warm Springs
Italy
Czecho- Blovaki
Finland
Latvia
Lithuania
Johnson
California
Neville Chamberlain
United States
Albia’s Bates Named State Bank Superintendent
David W. Bates of Albia is named state superintendent of banking, effective July 1, succeeding L. A. Andrew of Ottumwa. Bates has long bank experience, most recently leading Home Savings bank of East Des Moines, and will implement the new banking law granting the superintendent authority to assume bank operations at directors request. He and his wife have one son.
MENTIONED IN THIS ARTICLE
David Bates
Albia
State Bank
Des Moines
David W. Bates
Herring
L. A. Andrew
Ottumwa
Bates
Senate
Albia State Bank
Home Savings Bank of
East Des Moines
Capone Loses Bid for Freedom in Habeas Case
Federal Judge E. Marvin Underwood dismissed Al Capone’s petition for a writ of habeas corpus in Atlanta. Capone, convicted of income tax violations in 1926 27 and 28, argued the three year statute of limitations had run before indictment. A Chicago report claimed Mafalda Maritote, Capone’s sister in law, narrowly escaped four gunshots while with her baby.
MENTIONED IN THIS ARTICLE
Atlanta, Ga
E. Marvin Underwood
al Capone
Chicago
Atlanta Federal Penitentiary
Capone
Atlanta
Mafalda Maritote
John J. Maritote
Maritote
Local banks invoke new Iowa law to shape operations
Cedar Rapids Savings American Trust and Savings and United State banks adopt state statute to continue operations with their own staff while deposits are reorganized. New deposits act as noninterest bearing commercial funds held in cash ready for withdrawal. Merchants National and Peoples Savings maintain normal service, honoring withdrawal requests as patrons crowd lobbies.
MENTIONED IN THIS ARTICLE
Cedar Rapids News
Cedar Rapids Savings Bank
American Trust and Savings Bank
United State Bank
Iowa
Ee Dee
Merchants National
Peoples Savings Banks
Peoples Savings Bank
Merchants and Peoples Banks
Merchants National 8
E. Coquillette
Coquillette
The
Peoples Bank
Frank C. Welch
J. M. Dinwiddie
Cedar Rapids Savings and Dean
Linn County
Republicans Push Higher Tariffs and Currency Stabilization
In a closed conference, House Republicans voted to support legislation raising tariffs against nations with depreciated currencies. The measure would shield domestic producers from flooded markets by cheaper foreign goods. President Hoover weighs tariff increases versus speeding the world economic conference to stabilize currencies.
MENTIONED IN THIS ARTICLE
Washington
House Republicans
Rep. Snell
New York
Congress
United States
Hoover
See
World Economic Conference delayed to spring at earliest
The Preparatory Commission adjourned in Geneva without a date for the London parley and scheduled a three month return to fix a conference date. Frederic M. Sackett and Sir John Simon urged the postponement while the commission approved the agenda and agreed to circulate it to future participants.
MENTIONED IN THIS ARTICLE
Geneva
INS
London
Frederic M. Sackett
Germany
John Simon
Jessup names trio to lead medical school policy
President Walter A. Jessup named three University of Iowa medical school faculty to temporarily direct the college after Dean Henry Houghton resigned. junior dean Dr. John T. McClintock heads physiology, Dr. Howard L. Beye leads surgery, and Dr. Everett D. Plass heads obstetrics and gynecology. Houghton will advise from Chicago for several months.
MENTIONED IN THIS ARTICLE
Iowa City
Walter A. Jessup
University of Iowa College of Medicine
Henry Houghton
John T. McClintock
Howard L. Beye
Everett D. Plass
Houghton
University of Chicago
Disliked Service Prompted Hotel Room Fire Protest
Betty Clark, 24, testified that poor room service at a Central street hotel led her to set fire to her room in protest. She pleaded guilty to a misdemeanor and was sentenced by Justice George F. Roach to thirty days in jail after arson charges were reduced.
MENTIONED IN THIS ARTICLE
Kansas City
Central Street
Betty Clark
George F. Roach
Fianna Fáil and Cosgrave win first national university race
Dublin AP reports first complete returns show Maguire of Fianna Fáil and McGilligan of the Cosgrave party elected in the national university election district.
MENTIONED IN THIS ARTICLE
Dublin
Cosgrave
de Valera
National University
Maguire
Fianna Fail
McGilligan
Cedar Rapids Auto Toll This Year
Cedar Rapids reports toll figures for the year covering accidents injuries and fatalities. Officials compile data on road incidents, listing totals for accidents injuries and deaths amid ongoing traffic safety efforts.
MENTIONED IN THIS ARTICLE
Cedar Rapids
Iowa Assembly Slashes Salaries Amid Budget Push
The Iowa General Assembly approved a 10 percent salary cut for its employees, with debates over extending cuts to legislators. Senate approved bills to remove teacher minimum pay limits and to expand juror excuse authority, while a separate measure transfers licensing duties to treasurers. A move to create a committee to reduce government expenditures was sent to the appropriations panel for faster action.
MENTIONED IN THIS ARTICLE
Des Moines
General Assembly
House
Senate
Clyde L. Herring
Appropriations Committee
Japan Delays Decision on Leaving League
Tokio reports the Japanese cabinet postponed any withdrawal from the League of Nations until Geneva reports on Sino Japanese affairs are available. In Shanghai, Chinese forces brace for a Jehol attack as Japan readies for a major offensive to seize the province amid the new year celebrations.
MENTIONED IN THIS ARTICLE
Tokio
League of Nations
Geneva
Shanghai
Ins
Japan
Jehol
Manchukuo
Optional Road Levy Signed By Herring
Governor Herring signed a measure making optional the levy for secondary road taxes. Previously the levy had been mandatory. The bill, backed by tax reduction committees in both chambers, was part of a program from the interim legislative committee on reducing governmental expenses.
MENTIONED IN THIS ARTICLE
Des Moines
Herring
House
Senate
Eight Die as German Police Fire on Reds Meeting
In Dresden police fired on a Communist meeting in a public hall Wednesday night. Eight workers were killed and several were wounded as the shooting ended the gathering.
MENTIONED IN THIS ARTICLE
Dresden
Germany
Will Rogers Praises Senate In Lame Duck Note
In a Beverly Hills Gazette column Will Rogers lauds the Senate for passing measures yearly while criticizing the House. He argues the six year delay thwarted prosperity and mocks the current lame duck Congress as endless amusement.
MENTIONED IN THIS ARTICLE
Beverly Hills
Congress
Senate
House
Stimson cites Kellogg pact in Peru warning
Secretary of State Stimson sent a note to Peru asking if Kellogg pact would be violated by Peru giving military support to its nationals who usurped authority at Leticia. He also urged Peru to accept Brazil's proposal to settle its dispute with Colombia.
MENTIONED IN THIS ARTICLE
Washington
State Stimson
Peru
Leticia
Colombia
New Confidence in Banks Seen Under State Oversight
L A Andrew reports increased deposits at several banks after a new law allowed operation by the state superintendent of banking. Ten banks closed during waiver holidays have reopened under his supervision including Bennett State bank DeWitt Farmers and Citizens Savings DeWitt Downey Savings Downey Lone Tree Savings Stanwood Farmers Savings Salem Citizens Savings West Branch State West Branch First Trust and Savings Wheatland.
MENTIONED IN THIS ARTICLE
Igioes
Eees Aes
L.a.andrew
Bennett State Bank of
Bennett
Farmers‘ and Citizens Savings Bank of
DeWitt
Downey Savings Bank of
Downey
Farmers and Merchants Bank
Lone Tree Savings Bank
Lone Tree
Union Trust and Savings Bank of
Stanwood
Farmers Savings Bank of
Salem
Citizens Savings Bank
West Branch State Bank
West Branch
First Trust and Savings Bank of
Wheatland
Mortgage Foreclosure Moratorium Proposed in Wisconsin
Senator Walter Polakowski of Milwaukee proposes an unconditional moratorium on mortgage foreclosures until the dollar returns to the 1928 value. The bill was sent to the judiciary committee for consideration.
MENTIONED IN THIS ARTICLE
Madison
Wis
Walter Polakowski
Milwaukee Socialist
Judiciary Committee
Hearings On Beer To Start Monday
Washington hearings on the Collier Blaine 3.05 percent beer and wine bill were set by Senate Finance Committee chair Smoot for Monday. Dry leaders pledged stiff opposition and debate over whether to bring the measure to a vote in this session.
MENTIONED IN THIS ARTICLE
Washington
Collier-Blaine
Senate Finance Committee
Smoot
INS
Senate
Congress
Borah
Idaho
Utah
Senate Judiciary Committee
Finance Committee
Harrison
Mississippi
Pennsylvania Railroad Declares 1 Percent Dividend
Philadelphia AP reports the Pennsylvania Railroad directors announce a one percent dividend payable March 15 to stockholders with record date February 15.
MENTIONED IN THIS ARTICLE
Philadelphia
Pennsylvania Railroad
Glass Banking Bill Passes Senate After Filibuster Breakthrough
The Senate voted 54 to 10 9 to approve the Glass banking reform bill amid a long filibuster. Senator Carter Glass and supporters pushed for a cloture or quick vote, with debate limited to ten minutes per amendment. The measure aims to curb speculation, require divestment from security affiliates, and create a 125 million dollar depositor relief fund.
MENTIONED IN THIS ARTICLE
Washington
Senate
Long
Thomas
Okla
Carter Glass
Dem
Federal ‘Reserve
Federal“ Reserve
Senator Glass
Senate Passes Glass Banking Bill in Party Line Vote
Washington AP reports the senate approved the Glass banking bill after a divided roll call. Republicans and Democrats listed numerous supporters, with several senators paired for or against the measure and noting shifts in party positions.
MENTIONED IN THIS ARTICLE
Washington
Senate
Austin
Bingham
Capper
Carey
Couzens
Dale
Davis
Dickinson
Fess
Glenn
Goldsborough
Grammer
Hale
Hastings
Johnson
Kean
McNary
Moses
Oddie
Patterson
Reed
Schuyler
Steiner
Thomas
Idaho
Townsend
Vandenberg
Walcott
Watson
Ashurst
Bailey
Barkley
Black
Bratton
Bulkley
Copeland
Costigan
George
Glass
Gore
Harrison
Hayden
Hull
Kendrick
King
McGill
McKellar
Pittman
Robinson
Arkansas
Russell
Smith
Trammell
Reydings
Wagner
Walsh
Montana
Frazier
Howell
Nye
Schall
Bulow, Connally
Sheppard and
Oklahoma
Robinson Sponsors Billion Dollar Farm Credit Proposal
Senate Democrat from Arkansas introduces a sweeping farm credit bill. It envisions a $1 billion Emergency Agriculture Refinance Corporation and strengthens Federal Land Banks to take over private mortgages, grant extensions, and lower interest rates to aid farmers.
MENTIONED IN THIS ARTICLE
Washington
Federal Corporation
Robernson
Dem
Ark
Emergency Agriculture Refinance Corporation
United States
Man Rescued From Mill Race At B Avenue Dam
Earl Swalley of 500 Fifth Avenue SE was pulled from the mill race at the B Avenue dam at 2:15 p.m. Wednesday and rushed by ambulance to St Luke's hospital where he was reported reviving. He fell in after unknown means but cries for help drew fishermen on the bridge and dam to assist.
MENTIONED IN THIS ARTICLE
Cedar Rapids
Earl Swalley
Fifth Avenue SE
B Avenue
St. Luke’s Hospital
Swalley
Also Mentioned on This Page
Hue Farm Credit
O’neal
Quaker Oats
Three Minute Cereal
Penick & Ford
T. M. Sinclair, Inc
Freedom
C. R. Savings, American Trust and
the United
Jessup
Senorees
Assembly
Bulletin
Will Rogers
Editor
Will
Stimson
Rainey
Ask Speed
Bill
Washington (Ap
House Banking Committee
Man
Mill Race
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