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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 26, 1933
Page
1
A reader argues Morgan Bank’s 1929 tax paid while losses in later years justify scrutiny. The piece questions bank regulation, public interest, and the influence of Morgan’s “preferred list.” It attacks political capital building and notes nonpartisan revelations while defending bankers and officials amid a broader probe.
A federal grand jury returned an indictment in the Drake estate case after years of cross border inquiries. The report was given to Judge George C. Scott. Names remain undisclosed pending custody matters. Hartzell, once in England, is linked to alleged mail fraud.
Details of Morgan and Company funding surface in the senate banking inquiry. The probe links favored leaders in politics and finance to Morgan deals, with mentions of Coolidge, Woodin, McAdoo, Lindbergh, Pershing and Baruch. Tax and stock actions tied to the investigation are noted, including large allocations and profits.
An American narrator recounts joining a Rainbow club in England where diverse attendees, from crusty Tories to radicals, discuss daily life. A misread compliment about being "homely" reveals British use of cozy and friendly, leaving the guest amused and confused by the cultural nuance.
The Senate approved the Glass bill authorizing partial bank deposit guarantees and reorganizing banking. A conference will reconcile differences before it goes to President Roosevelt. Treasury Secretary Woodin opposes deposit guarantees. The House previously passed a companion bill.
J P Morgan testified before the senate banking committee that he paid 7000 pounds a year in British income taxes for 1930 1931 and 1932 and admitted paying no American income taxes in the last two years He noted the English system taxes rental value and has no capital gains tax He said he would have paid more in the United States if the English system had been adopted here and that he pays all taxes due to all governments for himself and his partners
Investigations in South England and the United States led to Hartzell's deportation and prompted an inquiry into the case locally.
James H. Douglas of Chicago former assistant secretary of the treasury and Cedar Rapids native slated for a federal reserve board post to represent the Chicago federal reserve area. He would be the sole Republican on the board and the second member named by President Roosevelt.
The Cedar Rapids reading climbed to 86 degrees at 1 15 pm, the warmest day so far this year. The Cedar River fell to 5.7 feet from last Monday’s 7.2, with forecasts suggesting possible showers tonight or Friday. An 82 was noted at 2 30 pm.
A Senate banking committee disclosure lists J. P. Morgan favored clients in Standard Brands including Bernard Baruch 4000 shares Calvin Coolidge 3000 Norman Davis 500 Gen. John Pershing 500 and others. The compilation names numerous financiers bankers and corporations with share counts. continuation noted.
The narrator recalls preparing for his first English sermon at City Temple and fearing miscommunication, then finds a vase of flowers with a note saying welcome and prayers from homely locals.
Washington UP reports the Reconstruction Finance Corporation authorized loans totaling 23.2 million dollars to the Southern Pacific railroad. A 22 million loan covers equipment trust maturities interest on funded debt and judgments due by January 1 1934. A 2.2 million work loan funds a new terminal at Houston Texas.
A new administration farm bill proposals regional agencies to carry out President Roosevelt orders. It authorizes a revolving fund of 120 million dollars to establish twelve production credit corporations. The production credits associations will fund local groups rather than lending directly to farmers. Senator Byrnes introduced the bill in the Senate.
State agent W. H. Zelinsky halted the investigation into Dan Kruidenier the public safety commissioner after departing the city for Des Moines. County Attorney G. K. Thompson completed questioning those subpoenaed as Zelinsky prepared to confer with his office.
American League games featured Cleveland, Boston and Detroit with wins over St Louis, Philadelphia and Chicago. National League results included St Louis beating Washington and Cincinnati defeating Brooklyn, with key pitching and batting see-saw performances across the slate.
U S chief delegate Norman H. Davis said Washington would make further drastic reductions in naval strength during talks on a new world arms limit treaty. Britain and Japan opposed Japan’s plan to scrap the Washington and London pacts and favor a revised agreement. The session debated who is an aggressor as delegates argued over naval force definitions.
Internal revenue agents under Joseph R Bardel at the customs house are examining income tax returns filed by J P Morgan and his partners in recent years. No further information was provided.
Washington insiders report George “Icicle” Whitney of J P Morgan told the Senate Banking and Currency Committee that common stocks should not be sold publicly to the uninformed. He defended Morgan’s postwar sales and implied they aimed to build the country’s future.
In a razor thin vote of 213 to 194 the House adopted a rule barring amendments to the public works measure, amid Democratic bolters and Republican opposition. Leaders worried over the split as Bacharach proposed recomitting the bill to replace the program with a manufacturers sales tax to fund a 3.3 billion dollar bond issue.
Senator Robinson challenged Norman H. Davis as Americas spokesman at Geneva and questioned Woodins usefulness while citing Morgan loan disclosures. Senator Tydings defended Davis arguing his 1933 Europe trip aimed to avert war and praised Daviss stature as a statesman amid calls for a disarmament pact.
Washington officials said the United States is arming itself for an economic war if London London June 12 conference fails to cut trade barriers. Some fear rising nationalism could hurt prospects at London and Geneva talks while Hull stays optimistic.
The New York Federal Reserve bank cut its rediscount rate on Thursday to 2 percent from 3 percent, in a move aimed at easing borrowing costs. The decision affects member banks and signals monetary policy adjustment by the central bank.
Iowa and Minnesota reach a reciprocal tax pact for truckers after talks led by L. E. Wallace and J. P. Arnoldy. Under the agreement common carriers operating between fixed terminals will be taxed in both states with Minnesota registered trucks paying the Iowa ton mileage tax.
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