14 Mar 1933
Page 1
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Newspaper
Sheboygan Press
Location
Sheboygan, Wisconsin, United States of America
Date
Mar 14, 1933
Page
1
Reported by UP the House approved a 32 percent beer tax and sent the Culver bill to the Senate amid a swift push for immediate revenue. Prohibitionists warned against delays while supporters argued the measure would legalize beer nationwide within about 20 days and bring substantial federal revenue in the first year.
An unnamed official announcement states the Mock Exchange will reopen on Wednesday. Davis serves as president with a special committee directing the action.
New York banks reported deposits and check payments on the first opening day after the bank holiday. A surge in cash and deposits, with eleven million dollars in a single deposit, signals a market upturn and revived trade as department stores and advertisers show renewed activity.
The Iowa Supreme Court reversed Elmer Huckins conviction for cheating by false pretenses from Linn County District Court. The state conceded error in Judge John Moffitt's jury instructions, orders a new trial. Huckins and his son George faced funding promises of 26 to 52 percent dividends in an investment enterprise.
The Senate approved the Robinson bill to liberalize emergency banking laws extending Federal Reserve loans to state banks and trust companies. The measure aims to place state banks on even footing with members of the Fed system and was sent to the House after swift, brief committee consideration.
Konrad Testwinde, president of Konrad Schreier company, says the firm will buy all barley raised in Sheboygan county this year and pay cash if beer is legalized by Congress. The company expects to purchase at least a million bushels and will source from other parts of Wisconsin if local barley falls short. The firm prefers Sheboygan county barley.
Breweries in Sheboygan prepare to restart beer production once Congress passes Roosevelt’s request to legalize distribution and sale. Schreier malting plant in New Jersey Avenue and River Street, now retooled, once operated at 1 250 000 bushels yearly and could rehire seventy five workers. malt shipped to eastern and midwestern states.
Walter Nier, 28, hospitalized with four bullet wounds after two strangers forced entry at his home at 1 a m and fired. His children, Dick 4, and Eddie 14 months, slept nearby as four bullets pierced the bed. The attackers fled in a small coupe, leaving a light Chicago label hat behind. Police suspect hijacking motive and note Nier was injured months ago at a farm near Krakow.
John BE Erickson, Montana governor, resigns and is appointed by Lt. Gov. Frank A. Cooney to the U S Senate seat of the late Thomas J. Walsh. The dramatic 11 minute transfer includes Chief Justice L I Callaway swearing in Cooney as governor and Erickson’s farewell. Erickson turns 70 today and has a long career in Montana politics.
Department and specialty store managers in Manhattan and Brooklyn report a pickup in retail buying. They note sales despite bad weather and bank holiday closings, with a dress price at 50 dollars selling out in minutes and a batch of 10 000 pairs of shoes purchased in line.
The Wisconsin assembly approved a measure giving the insurance commissioner power to halt policy loans and cash surrender payments during the banking emergency. The 68 to 27 vote allows suspensions and grace extensions to prevent policy lapses while funds are tied up in closed banks.
C D Williams secretary of the United States Brewers association predicts economic gains from 3 2 percent beer legalization. He cites consumption and expenditure figures for plant rehabilitation materials cases bottles cooperage autos advertising electrical equipment and apparatus totaling hundreds of millions of dollars.
Approximately 25 percent of Wisconsin's 100 state banks were released from the banking holiday under authorization by banking commissioner A C Kingston. More than 100 banks under stabilization plans and several Milwaukee banks, plus others in Sheboygan Green Bay La Crosse and Wisconsin Dells, were examined and certified sound enabling reopenings today. Local banks in Sheboygan Green Bay and La Crosse resumed unrestricted operations. others reopened with limited permits.
In Ahualulco Jalisco a high tension wire fell to the Hidalgo theatre balcony during a film. Twenty were electrocuted, eleven trampled dead, and at least seventy injured as 1000 spectators rushed for exits. Efren Ramos, theatre owner, was arrested.
A Marshfield farm wife opened her first bank account by depositing 5100 in gold gold certificates and old style currency at a local bank. The woman said she heard President Roosevelt’s plea to put hoarded money into banks and noted 1209 of her total was in gold coins.
Senate Democrats in caucus pledged support for the president’s 500 million economy measure but retained freedom to vote on amendments. Several senators indicated they would not bind themselves to pass the bill without changes, leaving the final savings potentially reduced from about 383 to 400 million annually. The House had approved the bill as Roosevelt proposed.
Senator F Fyan Duffy, newly elected Democrat, signals support for the presidential measure if party members are bound in caucus. Senator Robert M La Follette, Republican, would reserve judgment until final form and amendments are revealed. Duffy criticizes unlimited veteran cuts and says the caucus will shape the majority stance.
Madison Wisconsin Governor Schmedeman was confined at the executive mansion with a slight cold today. He is expected back at his desk later this week.
Banks in Sheboygan County including Security National Citizens State Bank of Sheboygan South West State Merchants State North Side State and Sheboygan Trust Company plus State Bank of Sheboygan Falls Haven Howards Grove and Cascade reopen for normal business. Authorities say hoarding or speculative use of funds is prohibited and re opens signal banks are sound and liquid. Deposits flood in as customers bring money back, boosting reserves beyond prior records.
The Public Service Commission says it is considering a new emergency rate order for Wisconsin Telephone, possibly cutting rates again after a 12 percent reduction set last June 30 for one year. The company may seek a hearing with five days written notice, before June 2, as the case moves through federal and Supreme Court review.
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