07 Mar 1933
Page 1
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Newspaper
Hope Star
Location
Hope, Arkansas, United States of America
Date
Mar 07, 1933
Page
1
Editorial by Alex H Washburn surveys current city affairs with opinions on public policy and social issues, reflecting a mid century newspaper voice. The column analyzes local topics and offers viewpoint commentary.
The U S Treasury received 3 449 850 from financier Solomon Guggenheim after a lengthy court fight over the timing of gifts for tax purposes. The Supreme Court ruled gifts are completed when the donor relinquishes dominion, upholding a more realistic view and signaling strong tax collection intent.
The Arkansas legislature advanced emergency banking measures giving the bank commissioner and an advisory council broad powers. Bank officials and Federal Reserve officials discussed plans to issue scrip statewide while bills move between houses. The House required reporting on withdrawals and the Senate passed a tax check payment bill and district school funding measures.
El Dorado banker Charles H. Murphy said his First National Bank would not reopen safety deposit boxes to hoarders on Tuesday. He insisted there will be no discrimination among depositors and that all bank departments will open when the bank does. Berlin hosts a Dutch airline invite to Dr. Hugo Eckener to visit the Dutch East Indies to study launching an airship link between Batavia and the Netherlands.
Governor Futrell warned newspaper men that a failure to pass essential government appropriation bills before adjournment would be a public calamity. State Bank Commissioner Wasson said banks cannot open Tuesday without Treasury permission, only allowing customer changes and access to safety boxes until Washington approves banking changes. He added that issuing scrip or local currency in Arkansas is on hold pending a new banking bill.
New York markets show optimism for higher commodity and security prices when the stock market reopens. Bears buy above prior close while bargain hunters seek lower entry. Chicago pits quiet with limited grain trading and cattle and hogs trade at higher prices before a 2 pm exchange closure. Massachusetts probes a semi serious rise in weekend food prices as cities see modest gains.
Washington delegates urged President Roosevelt to sign the Smith cotton bill left unsigned by Hoover, marking a potential pocket veto in the final hours of his term.
O L Boden hamer of El Dorado Arkansas former national commander of the American Legion was rumored on Capitol Hill to be considered by President Roosevelt to succeed Frank T Hines as administrator of veterans affairs. Senators said no decision had been made and Roosevelt postponed patronage moves to focus on the banking emergency.
Berlin reports Hitler to rule without Reichstag for two years after a sweeping election victory. He may become Prussia's premier while remaining chancellor as cabinet eyes the first Reichstag meeting. At Karlsruhe Nazis demand Baden government resignation and a Hitlerite head of new administration.
Washington reports Senate Republicans in caucus named Senator McNary of Oregon as leader and Senator Fess of Ohio as assistant. Senator Reed of Pennsylvania failed to push discipline against independents who backed Roosevelt in the last election.
Japanese forces advance past Jehol City and occupy Sanchienfang pген after heavy fighting. town lies 25 miles southwest of Jehol City with General Kawahara leading an infantry brigade.
Meat packers announce a Tuesday price rise in Hope with wholesale increases averaging about a cent per pound. Cured hams and boxed bacon up 3 cents, pork up 4 cents, dry salt meat 1 to 1 1/2 cents, other pork cuts 1 1/2 to 4 cents. Butter unchanged. Eggs 7 cents a dozen cash, hens 6 cents a pound, cream 10 cents. Short supplies and few new receipts blamed for the jump. prices may hold or advance further unless packing inflows rise. Local market prices for poultry unchanged.
Little Rock reports Justin Matthews, reforming real estate developer, unveiled a 21 000 acre colonization plan in Fulaski and Jefferson counties. The project would divide land into five acre farms funded with federal dollars, backed by the Lena Lumber and Farrell Lumber companies, under a bill debated by the Legislature with Reconstruction Finance Corporation aid.
The Naval Air Station in San Diego reclaimed 3,500 gallons of used aviation lubricating oil in one month. The process cost 2.85 cents per gallon plus enlisted labor.
Police recover six tires stolen from Loreco oil station near the airport after a robbery of two bulk oil stations Sunday night. Officers watched the loot through Monday night. two persons were under surveillance with no arrests. Hacksaws cut locks to enter Lion and Loreco stations. files and drawers were ransacked for currency.
President Roosevelt proposes a central agency to act as a clearing house for national relief. Speaking at a governors conference in Washington, he notes swift state action to avert panic and outlines objectives to curb gold withdrawals and provide circulating currency before Congress returns.
Hope voters selected Joe Floyd and Charles Harrell to serve three year terms on Hope School District No. 1-A board. A 18 mill school tax was on the ballot as the sole issue, with 21 votes counted by noon. The election was held at city hall, unique in the county as the only district voting Tuesday.
In municipal court Troy, Sambo Trotter was found guilty on two charges of stealing hay and fined 10 dollars plus costs with one hour in jail on each count after two trips to C A Reece’s barn. Willie Jackson pleaded guilty to petit larceny, fined 10 dollars and costs and sentenced to 10 days in jail for stealing an Elgin watch from L B Rogers.
Col. Clarence M. Young announces forty five radio range beacons on federal airways will receive transmission line antennae to eliminate night variations in mountainous regions. Twenty seven installations are under way.
The Board of Trade and Town Council of Amherst Nova Scotia approved a municipal field near the New Brunswick border for a new airport. The site will be the old Victoria Driving Park which is owned by the town. Construction will begin at once.
Dispatches from Washington report a proposed house scrip as a nationwide money substitute amid banking paralysis in the western half of the United States. Arkansas banks faced brief closures with unclear changes. state officials and bankers met with federal authorities to plan a clearing system, aiming to release the new scrip by weekend.
Washington reports a guarded reopening of banks via issuance of Clearing house certificates to replace money. Scrip would be asset backed and prorated among creditors or depositors. Regulation may be revocable if inconsistent with a broader plan under consideration.
Secretary Woodin outlines banking activities allowed during reopening to meet community needs, payrolls, and employment, with strict limits to prevent hoarding and withdrawals. Gold payments are banned. documents and securities may be delivered. checks drawn before March 4 can be completed. Depositors may be allowed to withdraw one third of their funds.
The managers of the New York Cotton Exchange will keep the market closed until further notice, they said Tuesday noon.
Treasury secretary Woodin announces banks may reopen Tuesday to transact business with new deposits separate from old. District of Columbia banks to reopen and cash checks drawn on them in currency while old deposits receive clearing house certificates. Banks decide whether to accept checks on old deposits as new deposits or only currency.
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