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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 15, 1933
Page
1
The editor weighs Roosevelt administration steps on foreign debt repayments, arguing Europe aims to move American money abroad. It notes a Cedar Rapids area incorporation plan spurring lawlessness, reports on rail and banking policy debates, and mentions Purdue University amid a bank holdup during commencement week.
The Senate adopts a liberalized veterans payment plan via a Steiner Cutting substitute, with 51 votes for and 39 against, amid threats of a presidential veto. The measure, part of a broader independent offices appropriation bill, sets up a likely prolonged clash between Congress and the White House over veterans benefits.
Hull warns against selfish obstruction of the world economic conference and isolationist bootstrap methods. He urges reduced trade barriers, adherence to tariff truce, and international action to revive global trade and gold standard discussions.
Maurice R. Meyer was sentenced to ninety years in Joliet prison for the killing of Rose Gendler, a Davenport department store clerk, with Judge Leonard E. Telleen delivering the verdict in Rock Island County Circuit Court.
Washington AP Here are the chief provisions of the Glass Steagall bank bill finally approved Tuesday by congress. Guarantees bank deposits up to 2500 beginning January 1, up to 10000 beginning July 3, 1934, with 75 percent insurance for deposits between 10000 and 50000 and 50 percent insurance for deposits larger than that. Permits national banks to have state wide branch systems in states which specifically permit state banks to have them. Curbs the use of federal reserve credit for speculative purposes by suspending credit facilities to members. Permits the reserve board to remove from office member bank officers insisting on practices deemed in violation of law or regarded as unsafe and unsound. Divorces national banks and security affiliates within a year. Requires private banks to drop either their deposit or investment business. Prevents payment of interest on demand deposits and permits the reserve board to limit interest on time deposits. Admits Morris Plan and Mutual Savings banks to the reserve system. Blocks interlocking directorates between private and commercial banks. Forbids loans by member banks to their executive officers.
Cedar Rapids temperatures linger in early autumn range with a cool night. Readings show 46 at midnight Tuesday, 53 at 7 am, rising to 65 by 9 am and a sunny afternoon with a 76 at 2:30 pm.
Washington AP reports that the farm adjustment act will apply to wheat and cotton with Friday announcements after Wednesday discussions by Secretary Wallace and aides. The plans call for maximum taxes to fund acreage reductions, targeting about ten million acres off cotton and starting with the next winter wheat crop for harvest next summer.
William Malek 45 of Midway Drive NW died at Mercy hospital after a skull fracture in a dispute over a proposed Little Cicero on the west city outskirts. Neighbor Tom Eldred 71 charged with manslaughter, waived to September grand jury, released on bond after arraignment. Eldred claims self defense as Malek threatened him.
Berlin police arrested Austrian press attache Dr. Alvin Wasserbaeh at his home in a swift retaliation for the arrest of Teo Habicht, Hitler's special envoy to Austria. Wasserbaeh was released hours later and ordered to depart Germany immediately as Austrian authorities accuse local Nazis of fomenting recent bombings and violence.
A reflective meditation on the origin and meaning of the flag, tracing its woven history through suffering and progress. It honors the flag as a universal emblem of unity, liberty, and humane ideals beyond parties and creeds, stressing peace and progress. It cites mythic figures and Roman color symbolism, ending with a wish for the flag to fly over scenes of peace and human welfare.
A Franco American dispute over who heads the monetary commission at the World Economic Conference intensified as the bureau meeting in London approached. France objects to James M. Cox due to U.S. inflationary policies while Hull presses for the monetary chair with support reportedly assured from Britain and Canada through discussions with Neville Chamberlain.
William L. Mellon president of Gulf Oil and nephew of Andrew W. Mellon is sued in federal court for alleged income tax evasion totaling over 2 million dollars. David A. Olson filed the suit through Charles A. Russell claiming Mellon omitted 73,000 Gulf stock shares valued at over 8 million and deducted 750,000 for interest on purported Gulf obligations.
American League games show Boston beating New York 13 to 4 in seven innings with strong hitting led by Pipgras and Dickey for Boston and Brown for New York. Detroit dominates Cleveland 13 to 2 as Myatt Marberry Hayworth secure the win. Chicago tops St Louis 14 to 7 in a high scoring affair. In National League Boston holds a 5 to 3 win over New York while Philadelphia falls to Brooklyn 8 to 1. Cincinnati loses 2 to 7 at Chicago. St Louis defeats Pittsburgh 7 to 3.
The House approved a partial conference report on a 3.6 billion deficiency bill and sent it to the Senate. The Glass-Steagall bank reform measure, praised as the boldest since the Federal Reserve system, nears presidential signature as advocates forecast eventual unified federal and state banking oversight and broader depositor insurance.
Senator Robinson of Indiana attacked President Roosevelt in the Senate for accepting a partial payment of 10 million dollars on Great Britain's war debt installment of over 75 million due Thursday. He alleged the president favors Wall Street and Morgan interests and condemns debt relief that he says burdens American taxpayers and veterans.
President Roosevelt says Britain’s $10 million payment acknowledges the debt while negotiations continue. He cannot reduce the debt unilaterally and will submit any negotiated results to Congress. He urges Britain to send representatives to Washington to discuss terms at the earliest convenience.
London announces a 10 million dollar silver payment toward Britain's war debt of 75.95 million to the United States, with the rest to be negotiated in Washington. Chamberlain says the move costs Britain about 7.5 million and preserves talks for a final settlement, while Roosevelt does not concede all British debt relief claims.
Jimmy Mattern prepared to lift off from Khabarovsk in a second bid to reach Nome Alaska. The Soviet air ministry was advised Wednesday evening that the attempt would occur at 6 o'clock Wednesday night Greenwich time, 12 noon CST.
Hollywood actress Doris Kenyon widow of Milton Sills married Syracuse businessman Arthur Hopkins in a calm Brentwood ceremony on Wednesday afternoon. The event was attended by close family and friends at her estate.
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