26 Jan 1934
Page 1
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 26, 1934
Page
1
A collage of 1930s finance and politics mentions large bond oversubscription in the U S Treasury and banks, tax policy shifts, and debt concerns. It cites Roosevelt and Einstein, escalating deficits, and debates over income taxes while warning of continued government borrowing and defense buildup.
Linn county courthouse officials from 12 of Iowa Sixth district counties petition the Civil Works Administration after Feb 15 to amend rules for staggered employment. They seek broader relief distribution and equal weekly earnings across labor classes, without wage reductions.
Republican conservatives and democratic regulars debated the constitutionality of the Roosevelt monetary bill in the senate. Heavier taxes on big incomes and joint income tax returns by husbands and wives were approved by the house ways and means committee. Attorney General Cummings called the Mellon controlled Aluminum company of America a 100 per cent monopoly. Senator Reed and Edward A Hayes urged 40 000 000 more for veterans benefits before a senate committee. The federal reserve board reported increased industrial production during December. The house rules committee cleared the way for early passage of the Vinson full treaty navy bill. Investigators for the public works administration studied 150 complaints charging civil works graft on 45 states.
A 1934 column uses New York landmarks from Broadway to Union Seminary to argue that discipline leads to a rich life. It contrasts flashy public life with sober inner growth and asserts Jesus knew the proper path. The piece emphasizes training the mind, controlling emotions, and directing powers for happiness.
The Federal Reserve Board reports an upturn in industrial activity and nearly a billion dollars in ready business credit. December ends a four month decline with production rising, while factory employment falls and public agency payrolls rise. Wholesale prices advance in early January driven by farm products and foods. cotton and grains climb with livestock also up. Currency inflow from holiday demand boosts bank reserves to about 900 million dollars above requirements.
A federal grand jury for Ottumwa Iowa neared the end of its probe into the public works administration as it recessed until 2 p.m. Friday. State Senator Roy E Stevens testified and a witness en route to Ottumwa was expected to appear when the panel resumed.
New York investigators led by Austin MacCormick seized Welfare Island prison, calling it the worst in the world. They found two gangster leaders ran the yard with special privileges, monogrammed stationery, and a pet garden.
Washington AP Attorney General Cummings labels Aluminum Company of America a 100 percent monopoly. He ordered a recheck of investigators' report on the Melton controlled firm and its subsidiaries in fabrication. A decision on Andrew Melton's income tax case is expected within two weeks.
Mrs Anna Bohac Cedar Rapids oldest resident dies at home of her daughter 1516 Bever avenue at 3 30 p m Wednesday she would have been 103 next July 12 Surviving three daughters and two sons include Mrs Zoble Mrs Doubrasky of Cedar Rapids Mrs Stolba of Pasadena Cal Frank Bohac of Los Angeles Sylvester Bohac of Chicago Funeral services set for 2 p m Sunday from the Barta chapel awaiting Frank Bohac's arrival from Los Angeles The family known for strong memories and long ties to the community
In San Francisco Joseph Pera 55 killed his son Elton J. Pera 28 who lay ill with a tumor in his hospital bed then shot himself. The wife Viola and a barber witnessed the mercy killing and the suicide as police called it. both men died.
Vera Brown author of Sally of Sky Alley and Love Takes the Sky Road writes a new newspaper romance for the Cedar Rapids Gazette titled Radio Lady. Watch for opening date and publication details as announced.
Senate debates over the $2 billion stabilization plan intensify as Majority Leader Robinson vows to hold members in session if the measure is not voted on by Friday He secures a Friday 11 am meeting time and faces Republican attacks led by Hastings Reed Borah and others who call the bill unconstitutional and risky Hastings warns of drastic reserve system changes and future seizures of gold stocks amid calls for broad reforms.
Washington analysts report the house ways and means committee approved sweeping tax revision provisions for a 270 million bill. Actions include a 2 percent penalty on consolidated returns a 35 percent tax on undistributed personal holding company income and a 4 percent base rate with surtaxes starting at four thousand dollars of net income.
Charles Makley and Russell Clark, both Dillinger gang members, were arrested in Tucson by Chief C. A. Wollard and officers. They were wanted in Lima, Ohio on murder and bank robbery charges.
A blizzard across eastern Saskatchewan claimed the lives of an aged man and a 14 year old boy, as reported from Winnipeg Manitoba.
Charles E. Mudge 65 of Chicago died after a head on collision twenty miles west of Cedar Rapids on Highway 30. Three others injured include Mrs. Mudge and O J Fullenwider of Des Moines. Truck driver A Cotterbaum of Dyersville and passenger H W Nessler also injured. Fullenwider a Chicago to Des Moines traveler and Mudge were hospitalized at St Luke’s.
Washington AP reports House leaders cleared the way for a Tuesday vote on a Vinson treaty naval bill to build a modern fleet by 1940 or 1941. The Navy seeks 2,100 serviceable planes and authorization to replace aging carriers submarines and destroyers.
The Iowa House voted 92 to 13 to pass the interim committee three way bill that creates a net income tax, a 2 percent retail sales tax, and a corporate business tax. The measure substitutes for the classified transactions tax proposal after a late Senate move. The bill aims to raise about 18 million annually with exemptions and deductions outlined.
Dr C M W Sprague, former Treasury secretary aide, is retained in an advisory capacity by General Motors, announced Thursday in New York. He joins GM to provide financial guidance amid fiscal matters and corporate strategy.
Topeka Kansas attorney general Roland Boynton was acquitted by the state senate on impeachment charges alleging negligence in the forged bond scandal involving 1.5 million dollars.
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