04 Mar 1933
Page 1
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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Mar 04, 1933
Page
1
United Press reports bank holidays expanding from New York and Illinois to New England and other states. Major exchanges including the New York Stock Exchange and Chicago Board of Trade suspend trading as foreign exchanges also curb dollar dealings.
Dispatches from Washington say President Roosevelt will move rapidly in the banking situation. The nationwide moratorium extension to nearly all states is aimed at enabling swift, uniform national action. The measure, including closing exchanges, is seen as putting the banking system in a protective paralysis to let the President act directly.
Jars and foreign banks refused to cash American checks and drafts. Government financial officers met during inauguration festivities to devise a plan. Several Federal Reserve banks announced compliance with the moratorium. Citizens kept station calm while trades extended credit due to cash shortages. Large sums in obligations were postponed as banking holidays or operation restrictions spread. Three states Colorado South Carolina and Virginia remained actionless up to noon.
County commissioners discussed appointing a three member relief committee to oversee county relief operations without pay. The move follows a state welfare suggestion to ensure maximum benefits from relief expenditures managed at the county level.
Thom as A Ryan, a Cleveland attorney, will explain proposed Ohio sales tax legislation to Elyria Rotary Club members at the Elks Club during the weekly meeting. A music program by the CM and College Singers of Jackson, Mississippi will also be offered.
Gov. R Fancher of the Federal Reserve Bank in Cleveland announced that the bank will accept deposits from member banks and keep the funds in a special segregated account.
Ohio outlook shows cloudy conditions tonight with Sunday sunshine and a gradual rise in temperatures. Daytime highs will ease into milder ranges as the weekend progresses.
President Hoover signed the Fletcher-Steagall Bill providing a two year moratorium on Federal Land Bank loans and the War Department Appropriation Bill. The Farm Loan Bill was rushed through in the closing days of the current Congress.
Mrs Pauline Irish a 46 year old Cincinnati interior decorator jumped to her death from an upper floor of a 29 story hotel. Her body was found on a roof five stories above street level. She had not registered at the hotel. A note to her son cited worries over money losses as the motive. She was divorced three years earlier from Louw H Irish of New York City.
President Hoover signed the Treasury Post Office Economy Bill giving executive power to reorganize the federal government. He also enacted the Navy Department Appropriation Bill and other acts. Harvey Couch of the Reconstruction Finance Corporation told Hoover the American people would keep their heads in the crisis.
A trio of bandits robbed Texas Guinan outside the Lake Shore Drive Hotel in Chicago stealing $30,000 in jewelry and a $2700 fur coat. The incident occurred today March 4 as Guinan stood with onlookers.
Tokyo March 4 The Japanese House of Peers passed the Foreign Exchange Control Bill aimed at stabilizing the Yen exchange rate and preventing capital flight.
Ohio banks accepting new deposits under emergency language must hold funds and pay out on demand. The law keeps new deposits separate from old, with losses possible on old deposits but not on the new. Bricker notes the measure is a temporary emergency in effect for liquidity.
Governor White, in Washington, maintains constant contact with Commerce Director Theodore Tangeman and Ohio officials about a banking crisis. He reports that a widespread financial disturbance may require national action and notes his direct communication with President Roosevelt and other governors.
The Merchants' Division of the Elyma Chamber of Commerce reports it is studying scrip or other exchange plans to support Elyma business during the current emergency. They have considered several options and hope to present a plan to local bankers for feedback. The division says bankers are busy, so merchants are taking the lead to help resolve the issue.
John Nance Garner was sworn in as vice president of the United States in the Senate chamber with President Hoover and incoming President Franklin D. Roosevelt in attendance. Charles Curtis, retiring vice president, administered the oath ending Garner's 29 years in the House and his 1931 election as Speaker.
Washington March 4 House of Representatives adjourned at 11 21 am marking the end of Speaker John N Garner's term as presiding officer. Democratic members presented him a watch as a token of esteem while the chamber gave a thunderous ovation and Garner thanked them in a tearful farewell.
The Elyria Township Tax League met last evening to discuss bills before the state legislature. Led by H. A L. Shryock, with Wensick also speaking, the meeting also covered school affairs.
Washington march 4 the field marshalls of the new deal the wine men and one woman who constitute the roosevelt cabinet were ready to tackle a magnitude of problems. Franklin d roosevelt would send nominations to the senate for swift confirmation. Frances Perkins would head labor and focus on workshop home women and babies. William h woodin eyed banking problems as treasury secretary. Cordell Hull would be secretary of state dealing with world war debts and disarmament. Claude a swanson named secretary of navy would work closely with hull. Harold Ickes headed interior and signaled a progressive tilt. Henry wallace's young son addressed interest as details unfold.
Vice President Charles Curtis delivered a final speech to the Senate after 40 years in Congress. He handed the gavel to John N Garner and urged united support for the new administration and economic recovery. Curtis recalled a long career and noted Claude A Swanson’s shift to the incoming Cabinet.
Elyria paid final respects to Elmer B Rice president of the Elyria Savings and Trust Company as funeral services were held at the First Congregational Church. Rev William Muir Auld led the service with Masonic Quartet singing and tributes noting his work as a baker lodge member and neighbor.
Washington March 4 259 000 visitors witness the pageant of the Presidency as Franklin D Roosevelt and the Democrats take the reins for 48 months. Major General Douglas MacArthur leads the parade with military bands and classical marches as the capital displays its inaugural pomp.
Franklin D. Roosevelt became president vowing drastic action to confront the financial crisis. He condemned money changers and warned he might seek broad wartime powers to wage a war against an economic emergency. He outlined banking and currency reforms and pledged to urge Congress and the states to enact them.
The Washington inaugural text outlines candor and bold leadership amid national hardship. It condemns money changers, calls for restoration of social values beyond profit, and urges work, faith, and public service as the nation faces economic distress.
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