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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 15, 1933
Page
1
The Cedar Rapids area reports a bank reopening surge as federal actions restore confidence. Banks resume operations with state approval and growing retail revival, while gold returns and expectations of inflation loom. Roosevelt administration faces opposition but earns early praise for swift decisive steps.
The House passed the Cullen 3.2 per cent beer bill by 316 to 97 after three hours of debate. If the Senate approves quickly, states permitting the beverage could begin sales in April after President Roosevelt signs. Breweries face a $5 per barrel tax and a $1,000 license. sale rules left to states.
The article recounts an African traveler mauled and left to die who finds hope through a small moss fragment. It parallels a wounded British soldier who, in dawn light, sees a wild flower and feels God is with him. The piece urges mindful attention to tiny life to reveal life’s meaning.
German ambassador to the United States Dr. Frederich Wilhelm von Prittwitz resigns after five years in Washington. He dissents from the Hitler Nazi program and recall is expected soon as the Nazi victory reshapes the Reich.
The House approved the 3.2 per cent beer bill by 316 to 97. Democrats against included Allgood Ayres of Kansas Bankhead Bland Blanton and many others. supporters listed names such as Adair Adnams Arnold Auf der Oelde Ayers of Montana Bailey and Beam.
Washington reports a fifteen day extension for income tax payments due to banking turmoil. Taxpayers using the extension owe six per cent interest for the first fifteen days on a quarter of the total tax, with installments due March 31 and June 15 September 15 and December 15, no interest on later payments.
President Roosevelt will ask Congress within days to consider an emergency farm relief bill enabling the administration to tailor aid by product. Secretary Wallace said the draft includes parity pricing and a processing tax to fund relief, with the aim to reduce acreage and shift to cooperative producer processor arrangements.
Paris reports France plans to settle the December 15 war debt payment to the United States without a new parliamentary debate. The move would complete the overdue installment, easing currency and financial concerns.
The Senate authorized federal reserve banks to lend to state banks and trust companies for one year or until Roosevelt suspends the practice. The bill extends emergency banking laws to these institutions amid criticism of the previous measure. The Reconstruction Finance Corporation and Fed banks may lend to conservators to aid bank administration. Reports from reopened banks suggested fear of the holiday era has passed.
Des Moines AP Texas Iowa banks reopen after emergency restrictions. Forty six state banks and eight national banks were cleared to resume unrestricted deposits and withdrawals. Banking officials report heavy deposits and cash withdrawals, with expanded staff at tellers. Authorities stress the action does not imply broader bank instability. A dedicated division in the banking department handles interbank and out-of-state transactions.
Paul M. Schleiffer, 35, vice-president of the H. G. Barker company, a Cleveland printing business, was found clubbed to death in the company offices. Police say the death appears to be the work of a robber.
Attorney General Cummings said the justice department is probing testimony on banking in the senate stock market inquiry involving National City Bank of New York and Charles E. Mitchell. Joseph W. Harriman, former bank president and now chairman, was arrested at his Manhattan home as federal investigators indicated misuse of 1,393,000 tied to bank stock purchases.
The Cullen bill passed by the House could allow sale of 3.2 per cent beer in twenty-one states that currently have no state prohibition laws. States listed include Arizona California Colorado Connecticut Delaware Illinois Louisiana Maryland Massachusetts Michigan Missouri Montana Nevada New Jersey New York Oregon Pennsylvania Rhode Island Washington Wisconsin Wyoming. Minnesota lawmakers weigh repeal of prohibition.
Trading on the New York Stock Exchange, paused since the close of business yesterday, will resume Wednesday. A ticker notice said all members and their offices must be prepared to conduct business tomorrow March 15.
Former Senator James A Reed, in Cedar Rapids assisting with his brother’s estate, urged President Roosevelt to “use an axe” on government expenses. He singled out the departments of commerce labor and agriculture and criticized funds for a new commerce building, voicing a blunt fiscal stance.
Cedar Rapids banks resume 9 a.m. Tuesday reopening following holidays. Merchants National and Peoples Savings see deposits outweigh withdrawals with payroll checks cashed. Other local banks under stabilization act also reopen. federal rules limit gold issues and cash payouts.
The Gazette reports Cedar Rapids banks, including Peoples Savings Bank, will reopen Tuesday after a state banking department release on Monday. Officials say opening will stimulate trade as money returns to banks and business channels. Citizens welcomed the banking holiday and regained confidence in the credit system amid rising commodity prices.
Cedar Rapids banks saw a flood of currency and gold returning to circulation. Officials noted a new trend as hoarded money reentered the financial system and aimed to stimulate local trade and economic activity.
In Washington Senate Democrats caucused to back the president’s economy program while leaving room to amend. The party did not record votes to bind all members to the bill, signaling openness to changes. Leaders expect quick passage and a possible House debate soon.
The Bureau of Engraving and Printing receives an initial order for a two billion dollar issue of federal reserve bank notes. Production aims to handle panic withdrawals with up to six million notes daily, secured by government bonds and member bank securities.
Amid a banking restart, President Roosevelt directs focus to dishonest bankers blamed for the crisis. Secretary Woodin promises swift reopenings and conservator appointments while asserting the era of fear ends and banks return to normal operations in authorized cities.
Local bankers report an additional 45000 in gold and gold certificates received Tuesday raising the total since last Friday to about 159000. Banks anticipate a rapid return of money with federal decree easing hoarding. many old large format gold certificates found among deposits. Federal Reserve extends hoarded gold deadline to March 17 with banks to list names and addresses of non redeposited withdrawals.
Washington AP The American Red Cross appealed for 500000 in contributions to aid small homeowners and others without resources affected by the California earthquake.
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