Six Billion Dollar Deficit Predicted By Treasury Head
Secretary Morgenthau expects a new peak in public debt surpassing 37 billion pounds while a six billion dollar deficit is forecast under the Treasury head.
01 May 1936
Page 1
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Newspaper
Charleston Gazette
Location
Charleston, West Virginia, United States of America
Date
May 01, 1936
Page
1
Secretary Morgenthau expects a new peak in public debt surpassing 37 billion pounds while a six billion dollar deficit is forecast under the Treasury head.
Secretary Morgenthau presented revised figures showing public debt could reach about 87.5 billion dollars by June 20 1987. He urged Senate committee approval of tax proposals and noted potential adjustments from the stabilization fund and treasury cash position.
New York police report a bold bandit incident at a restaurant where a suspect fled after holding staff. The chaotic scene involved a brief struggle and a quick exit into the streets. Witnesses described a lone gunman or intruder in a rushed escape.
April 30 story in Washington reports Secretary Hull praising the administration trade program to expand world commerce and peace. A Chamber of Commerce resolution seeks continuation of trade agreements with safe guard provisions for American agriculture amid calls to resist rising threats of global conflict.
Brooklyn District Attorney announces new indictments and a rising death by own action case involving Harry Weiss and others tied to the Pal A. Wendel kidnapping. Weiss attempted suicide in his jail cell, was cut down, and remains under 24 hour guard amid a widening probe and likely more charges. Names include Janet Ehlinfold and Murray Bleefeld, with further actions expected as the grand jury reconvenes.
Automobile purchases in West Virginia rose sharply in April with the privilege tax totaling SB558414 after month-end books. The April tax take rose by $32,150.96 from March, while February saw $866.52. The year began with a shift of the tax to the road department, maintaining a 10 percent rate. April purchases totaled about $4,276,206, up from $2,887,650 in March.
In Washington April hearings focus on the naval appropriation bill. A committee report shows the navy request at 31,660,707 with ordnance totaling 22,625,000, a cut from prior estimates though higher than last year. Rear Admiral Rehioh testifies fifty workers stayed at a plant, with curtailment details not specified.
Paul I. Cornell of Geyer Cornell and Newell Advertising in New York was elected chairman of the board of the American Association of Advertising Agencies at its nineteenth annual meeting in White Sulphur Springs Ap ril 30. He succeeds Raymond Rubicam of Young and Rubicam. Other officers elected include John Benson as president Henry Eckhardt as vice president Ralph H. Jones as secretary and EB DeWitt Hil as treasurer. Gene ral results list Maymond Rubican and Mowe Loo B. Fe phar among elected directors with several New York and Cincinnati firms represented. Page 16 Col. 1
Charleston is named among ten top business cities in Forbes May issue, joining Portland Columbia Youngstown Rockford Little Rock Roanoke Denver Lansing Lima and Stockton. The ranking praises recent gains and better year over year conditions across the country.
London April 30 AP workers across Russia Britain France and Spain mobilize for large May Day protests to weld a united labor front against fascism and war. The movement grows amid Rhineland tension and Ethiopian war fears with a Moscow inspired call for world labor unity and peace conferences.
County Prosecutor announced there was insufficient evidence to try James Day on murder charges in the Loeh case. Day had claimed self defense after fatally stabbing a University of Chicago student in a jail cell last January. Trial was set for May but may be stricken amid a prison scandal involving bribes to guards by the defendant and his associate.
Four aging World War I veterans and the singing contingent of Thenth Bulie guard their Pershing hall headquarters against Paris police orders to close the bankrupt American Legion post. Fire-lit candles illuminate the barricaded lobby as sentinels vow to resist eviction until debt payments may allow continued occupancy.
One U S senator candidate and three for governor spoke at gatherings in Milltom last night. Charles E Hodges, Democratic gubernatorial hopeful, said he would do his thing in my power to avoid a dictatorship in the party and attacked critics of Van Bitiner, head of the state United Mine Workers.
Alexandria April 30 A Republican representative from Washington faces charges of speeding reckless driving and disorderly conduct after allegedly driving a high powered roadster 42 miles an hour down Alexandria main street while en route from a honeymoon. His bride Rubye Louise Nix remained in the car as bail was sought. Colleague Rep. O Connell from New York rushed to aid him. This marks a second arrest in two weeks for the lawmaker who previously paid fines and faced contempt in court.
Ethiopian capital panics as Emperor Haile Selassie and cabinet assemble in emergency session. Italian legions push toward Addis Ababa, Ras Kassa faction urges peace while defense crumbles and the government contemplates retreat to the hills west of the city. British Red Cross reports arrive as chaos spreads and the road out of Demaye is dynamited to slow the invaders.
Two former Townsend club officers testified at a congressional hearing in Battle Creek Michigan that they quit the organization believing it was a money racket. Rev David B Moore of Traverse City and Mrs Juanita H Jackson of Jackson stated the plan’s $200 monthly proposal faced criticism from an aging audience as Rep Clare Hoffman led the inquiry.
Chicago April 30 A new Dillinger styled gang ends in murder and robbery losses as Al Brady 25 and two lieutenants are captured with three women. Brady admitted killing Sergi Rivers in Indianapolis but officials dispute the confession. The gang, wanted to be the second Dillinger, is broken, moving away from big city targets to quiet towns. Detectives uncover a 350,000 treasure of stolen jewels and plotters are seized in an uptown hotel room amid a Chicago northwest side arrest.
London reports Emperor Haile Selassie, hidden wireless gear in Addis Ababa, seeks a bargain with Mussolini. He proposes Italy take control of Ethiopia under Egyptian-like terms while he may stay on the throne or abdicate to his son Crown Prince Asfa Wossen if Mussolini balks.
In New York on April 36 Edward Mc Grady assistant secretary of labor urged a deferral of the current anthracite labor agreement. John L. Lewis head of the United Mine Workers announced negotiations would continue with workers instructed to stay at work as the present pact neared expiration.
The Federal Reserve Bank reported better business in the Fifth District including most of West Virginia. Loans rose while deposits dipped slightly. securities and cash in vaults increased. Employment improved in six weeks, with labor shortages for farm work and road construction in some areas. Coal output declined from February, retail trade rose, and first quarter 1936 sales exceeded 1935. Building increased with permits nearly double 1935, valued at Bluefield Charleston Clarksburg and Huntington. Agriculture faced delays from weather with late freezes damaging some fruits though apples fared better.
New York stock prices reversed an abrupt April retreat with gains across major rails and industrials. Union Pacific rose about $8 while Steel, Santa Fe, American Telephone, Chrysler, New York Central and Consolidated Gas posted notable advances as the market recovered from intraday losses. The session ended with mixed to higher levels, a partial recovery from the prior day’s drops.
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