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Newspaper
Cranbury Press
Location
Cranbury, New Jersey, United States of America
Date
Jan 02, 1914
Page
2
Washington implements a far reaching currency bill affecting banks finance and money supply. It creates regional reserve banks a federal reserve board and treasury backed treasury notes to provide elastic currency while preserving bank stock ownership and a gradual shift of reserves over three years.
The conference altered many provisions on federal reserve structure and banking. Changes include seven member Fed Board with ten year terms, Alaska excluded, and 80 day capital stock subscriptions for national banking associations after district setup. Individual stock limits rise to 26000, voting power restricted to member banks, and regional banks set between eight and twelve with four million minimum capital. Senate kept no senator as officer and prohibited class O director ties. banks may nominate directors. 6 percent subscription. Other shifts: deposits guarantees dropped, reserves rules adjusted, par collections restored, bonds retirement limits, gold reserve at 40 percent with tax on depletion, and higher salaries for board members. Terms for reserve board members extend to up to ten years with staggered terms. Recess appointments expire 80 days after next session. Net bank balance used to set reserve deposits.
Mr and Mrs John Pitt of Trunach Norfolk have just marked their golden wedding. Surviving on weekly wages from 2.50 to 4.00 dollars they raised a family of ten children, all of whom are living.
The article notes that American homes require about 239 million dollars worth of furniture annually and that furniture factories remain busy to meet demand, reflecting strong consumer spending and steady production levels nationwide.
A city magnate pays one thousand dollars for a doll with a full parade of miniature fashions. The piece, described as a marvel of workmanship, is intended as a gift for his little daughter. Cancer toll in the United States reaches about twenty five thousand annually.
A Maryland hunter fired on a trolley car, mistaking it for a deer, while questions linger about why his ammunition came from a corner drug store. The note labels him negligent and remarks on the quartet of young men cited as agreeable but discordant when they sing.
A fragment from The Joy of Youth by Eden Pholpotts reads of a long kiss, described as lasting through many creatures that live on earth, capturing a tone of romantic excess.
A historical note praises child prodigies like Mozart Liszt and Chopin, claiming the infant pianist surpassed peers with extraordinary talent at a very young age.
Federal reserve centre selections continue as currency hearings occur in fourteen cities. Applications pour in from cities seeking designation under the new currency law. President Wilson signs the Currency bill and lauds it. The House passes the conference report on the Currency bill by 298 to 60.
Personal Admiral George Dewey, hero of Manila Bay, celebrated his 79th birthday. President Wilson arrived at Pass Christian Mississippi to remain three weeks with family. Ezra R Thayer Harvard Law School dean declined a nomination to the Supreme Court. Secretary and Mrs Bryan in Miami Florida for holiday rest.
The New Jersey Board grants pardons to 92 convicts. Other items note a Calumet fire panic federal inquiry not held, deaths including Henry W. Woodrow in Chillcoath, Pa and 100 year old Elizabeth Coburn in Guy's Mill Pa, among many varied national events.
A review of varied 1913 headlines notes Congressman I. B. Pepper of Clinton Iowa died of typhoid. Other items include Bethlehem Steel laying off 6 000 workers Armour & Co fined for rotten chicken in NYC and Alaska development as focus of Interior Secretary Lane report.
Umpire Sporting Hank O'Day promotes removing the intentional base on balls to curb its use at key moments. Levinsky defeats Jack Driscoll of South Brooklyn to add another win to his record. Pittsburgh Phi’s heirs buy the Indianapolis American Association Club for 175000 dollars, naming William Smith and James C. McGil as new Hoosier owners. Brooklyn likely to join the Federal League with Cleveland rumored to be dropped.
The report notes 200000 destitute war refugees in Bulgaria receive government aid. It claims Cardinal Rampolla’s rooms at Rome were sealed without judicial authority. Arrests are said to be pending and the ebony will box in Rome found empty, suspected stolen. An explosion near Naples kills nineteen and injures eighteen. Francisco De La Barra is honored in Tokyo. James Larkin plans a visit to the United States next year. Alberto Aguilera, Madrid governor during the Spanish American War, is reported dead.
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