27 May 1933
Page 1
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Newspaper
Grafton Sentinel
Location
Grafton, West Virginia, United States of America
Date
May 27, 1933
Page
1
The Associated Press reports that U S action to remove the gold clause from obligations affected markets abroad. In London the dollar weakened amid heavy selling and buoyant stocks while Britain welcomed a lighter June war debt payment. Paris saw a bear market as the dollar fell, and Berlin questioned if Germany could sustain gold payments.
The New York stock market opened amid heavy buying pushing prices up across many issues. Gains ranged from a few cents to about eight dollars, with 1 000 to 25 000 share blocks traded as inflation concerns over proposed repeal of gold clauses fueled a frenzied session.
Washington May 27 The house banking committee approved the administration bill to outlaw the gold clause of contracts and to require all contracts both private and public to be payable in legal tender. Vote 12 to 4. Chairman Steagall said he would seek a rule to bring the measure to the house on Monday.
Harrisburg reports Governor Pinchot urges Supreme Court Justice John W. Kephart and William S. Schaffer to resign after Senate committee named them as having benefited from J. P. Morgan interests. Washington dispatch notes Senator Couzens says a subtle campaign targets Pecora, the senate banking inquiry counsel, amid investigations of Morgan and Company.
The Rotary Club held its annual memorial meeting at the Grafton hotel honoring veterans of all wars. Only two Civil War veterans attended, Patrick Flannery aged 89 and John I. Hoffman aged 92. Representatives from Sons of Veterans, Spanish-American War, and World War veterans attended along with past Rotary presidents. Harold Rice of Huntington spoke, delivering a well received address to the veterans.
The Associated Press reports a forecast for the week beginning Monday night with generally fair conditions Tuesday and Wednesday. Temperatures start above normal, dip Tuesday, rise slightly by Thursday, then cool again toward the week's end.
Leonard's Grocery at 236 West Main Street prepares for Decoration Day trade by installing a 12 foot electric Kelvinator. The store promotes faster service and efficiency. Cadiz resident Binion P. Hollis, 79, notes he has 113 descendants.
Washington explains the gold resolution legalizes the present system by allowing lawful money to be used in debts as gold is withdrawn from circulation. Bonds may be retired in currency or silver, and future security issues may be paid in currency or silver. It aims to reduce gold hoarding as gold backs other money, with the government holding over 4.3 billion dollars in monetary gold and federal reserve banks holding over 3.4 billion.
Fort Worth May 27 Major A E Haan spoke for repeal of the Eighteenth Amendment urging voters in six states to decide by July first. He argued prohibition failed to curb crime and claimed the issue is the most important for Texans since the Civil War, with West Virginia a key battleground. Continued on page five.
Washington on May 27 President Roosevelt authorized the board of trustees of the postal savings banks to purchase 100 million dollars in government bonds. The action aligns with the administration open market operation to expand credit and ease the money market. The White House said the bond purchase plan has the approval of Postmaster General Farley and the attorney general.
West Virginia's federal road funds quota under the public works bill passed by the House totals 4.7195 million dollars. The figure, set by the Public Roads Bureau using the Doughton amendment, is a maximum not a guaranteed allocation.
Hollywood May 27 A man identified as Rodney Wellington described by his widow as a South American explorer and landowner dropped dead early today after dictating a note saying he had just taken four poison. He died in the presence of his wife.
Industry tax bill sails through the House 324 to 76 despite opposition. It raises 220 million annually to cover bond interest and amortization for a 3.3 billion public works issue by tightening income tax and gasoline taxes while disallowing year-old net loss carryovers. A rejected 24 percent sales tax attempt kept the bill intact.
President Roosevelt and Viscount Ishii of Japan issued a joint statement after talks noting the unusual Far East situation and expressing hope for peace and prosperity worldwide. They also announced a mutual understanding for stable monetary conditions and improved silver prices.
In circuit court on West Main street, George G. Jolliffe was acquitted after a 40 minute jury deliberation in the arson case stemming from a February 28 fire at his father's department store. Prosecutor Holt argued the testimony, though circumstantial, supported guilt. defense contended the dangers of speculation.
Pittsburgh on May 27 a jury cleared John Coyne Jr 22 in the fatal wounding of his father's 18 year old bride Irene Carbert Coyne The six women and six men returned the verdict at the opening of court Coyne faced charges of shooting his stepmother to death in the home of his 6 year old father The events followed a February 2 wedding with best man Michael Dickson allegedly involved after Coyne tried to clear the house of the wedding party
Grafton Park opens with a dance in the newly refinished and redecorated park pavilion from 3:00 to 7:00 PM. The event features D and J Collegians and invites the public with a note of absolute decency.
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