12 Mar 1933
Page 1
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This newspaper page contains 8 articles. Subscribers can read the full text of each article.
Newspaper
The Sunday Times
Location
Mobile, Alabama, United States of America
Date
Mar 12, 1933
Page
1
The American National Bank and Trust reopens under Regulation 10 after a closing. President H Denniston orders removal of signs and says the bank will honor payroll and life needs under treasury rules. First National Bank waits for Washington to authorize reopening.
An appeal warns that hoarded gold and currency weaken national credit and the economy. Government will publish large hoarder names if the practice continues, and force may follow. Legislature approves a deficiency judgment bill to curb foreclosures and ensure fair recovery limits. The Dragon of the British fleet visits Mobile with sailors and a social reception.
The Times questions loan sharks and the role of banks in Mobile. It denounces small and large loan outfits exploiting public employees and warns that county war rants are being sold for far less than face value. It urges residents to oppose the financial oligarchy harming honest workers.
An open letter directed to Alabama state solicitor Bart Chamberlain argues against criminalizing discussion of bank strength. It cites a March 4 Washington speech by President Roosevelt and urges Chamberlain to consider national leaders' views on banking practices rather than punishing citizens who criticize Alabama bankers.
In a Mobile Times letter the writer argues against loan sharks describing the little loan business as parasitic. He questions why a poor worker could not borrow elsewhere and condemns practices that push families into poverty while comparing lenders to big “pot calling the kettle black.”
Severe earthquakes devastate Long Beach and surrounding cities. Police order evacuation of all downtown buildings while death toll climbs past 144 with about 1,500 injured. Long Beach reports 87 dead. total damage reaches tens of millions of dollars.
Washington March 11 Senate debate over federal aid for banks grew heated as Senator Huey P Long clashed with Senator Carter Glass. Glass accused Long of personal attacks while Long denounced Glass and urged swift banking emergency measures. A near- physical confrontation occurred as adjournment neared.
The House voted 266 to 138 to grant Roosevelt dictatorial authority to slash veterans' benefits by about 400 million dollars annually and to cut federal salaries by up to 15 percent. The measure, framed to enable broad benefit reductions, faces a doubtful Senate battle as leaders plan a drive on Monday.
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