02 Mar 1933
Page 1
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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Mar 02, 1933
Page
1
Local bankers report no change in withdrawal restrictions and a better overall situation. The Chronicle-Telegram survey finds no real shift as Cleveland actions loom, Elysians fear cash depletion and city employees wait for pay. Firms rely on on hand cash or loans as deposits remain tight amid hope for swift relief.
In Columbus on March 2 bankers from major Ohio cities reported an inrush of money into new accounts opened under emergency banking statutes. They debated transferring these deposits to the Federal Reserve Bank without mixing with old funds, urging segregation as required by law and considering amendments to Ohio statutes to address the issue.
Ohio Senate banks committee prepares two resolutions to study guaranteeing bank deposits. Donovan resolution would authorize a governor named commission to study feasibility and draft needed legislation. Ackerman plan would form a five senator study group including Dearmond and Lewis to explore a deposit guarantee fund financed by depositors and banks.
The forecast calls for cloudy skies tonight in Ohio with temperatures not changing much. Friday should bring fair weather and little temperature variation across the state.
Elyria and many communities face bank withdrawals restrictions, halting normal business. The piece urges bankers to create a usable medium of exchange backed by bank assets so money on deposit remains in circulation, allowing checks and deposits to move commerce forward without draining cash. It cites mixed leadership and calls for coordinated action from bankers, depositors, and lawmakers.
Chicago mayor Anton Cermak showed improvement after a night of rest as physicians reported his peritoneal condition was not developing into peritonitis. A bulletin by Dr. T W Hutson noted Mrs Joseph Gill, wounded by the same assassin, remained in critical condition from infection.
George Swearinger, 33, of Hillsboro, died Wednesday after a collision between an automobile and a truck, authorities said.
Charles Boettcher II, a Denver millionaire, was released after 16 days in a kidnapper's hideout. He was taken with his wife on Feb 12 and held in a musty cellar before ransom payment and a late night release in suburban Denver. Gunfire marked the ensuing manhunt.
Two Elyrians, Max Goldstein and Earl D. Bacon, joined about 150 Ohio businessmen in Columbus for a conference on proposed sales tax legislation. Goldstein chairs the Lorain County sales tax committee. Bacon represents the Elyria Chamber of Commerce Merchants' Division. A campaign to educate business people and the public about the bill's effects was outlined.
A coalition of city village and township representatives met at Lorain city hall to study lowering electric rates. They adopted a rate schedule and will demand Ohio Public Service Company meet the terms or face a municipal plant capable of serving the entire northern county.
The Senate adjourned for the day out of respect for Senator Walsh of Montana who died in North Carolina. Condolences poured in from President Hoover and other leaders as lawmakers mourned a long serving, highly respected member.
All bills concerning county supervision of schools in Ohio are indefinitely postponed. R P Vaughn county superintendent reports the decision was made at a recent hearing and conveyed today.
President elect Roosevelt expressed sorrow over Senator Thomas J. Walsh of Montana dying two days before his inauguration. Roosevelt called Walsh a trusted friend and grieved for the country and upcoming administration. He said filling Walsh’s cabinet post will be difficult and his loss personal. Roosevelt was in New York when the news arrived before departing for Washington for the inauguration.
Washington gears up for Roosevelt's 1932 inauguration with 500 firemen 1400 blue coats 200 law enforcers 400 Marines and 950000 visitors expected. Secret Service agents patrol overviews while a Star Building tank and viewing stand prepare.
Senator Thomas J. Walsh 73, slated for Roosevelt Cabinet Attorney General post, dies suddenly on a train to Washington with Cuban bride Lenora Truffin. He collapsed after indigestion in Daytona Beach and died in Wilson on the way to Rocky Mount. physicians cite heart trouble or brain hemorrhage. Walsh rose from Wisconsin to Montana politics, then Senate, noted for oil scandal investigations and constitutional law expertise.
Seven persons named in open indictments by the grand jury yesterday afternoon. Four secret indictments were issued while six cases were ignored and one passed. Indicted defendants include John Allen arrested February 25 for burglary and larceny after being caught fleeing a high school. Roland Arnold of Lorain faces burglary and larceny in the Motegar and Robinson store theft on February 19 totaling 46 dollars. Charles Bater of Grafton accused of assault and battery on daughter Dorothy Bater on February 19. Oat Smith of Obertia linked to liquor violations. Further details continue on page 8.
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