DailyTimeCapsule brief
October 20, 1932
On October 20, 1932, the rug industry faced a significant crisis as manufacturers testified at a Customs Bureau hearing, highlighting the impact of foreign competition on domestic production. The hearing revealed that Japan and Czechoslovakia were the leading culprits driving down rug prices, prompting pleas for anti-dumping measures to protect approximately 9,000 American workers. The broader context of this hearing was set against the backdrop of the Great Depression, where economic challenges were rampant, and industries struggled to maintain their footing amidst global competition. Meanwhile, Republican leaders reported fundraising efforts totaling $1,000,000, significantly lower than previous years, as they aimed to reach a goal of $300,000 more. This fundraising was indicative of the economic struggles faced by political parties, reflecting a broader sentiment of financial restraint across the nation.
Key developments
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On October 20, 1932, a hearing was held at the Customs Bureau, where manufacturers of the rag-rug industry testified about the inability to compete with low prices from Japan and Czechoslovakia. The event highlighted concerns that 9,000 U.S. workers could be affected if anti-dumping orders were not issued. The manufacturers' pleas underscored the broader economic challenges faced during the Great Depression.
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On October 20, 1932, investigator S. Seabury stated he would not pursue bench deal allegations, asserting that the facts were clear. He announced the nomination of Hofstadter to lead an inquiry into the situation, with tensions high among Bronx Bar members. The session was marked by strong opposition to candidates Steuer and Hofstadter, while Deutsch and Alger received endorsements.
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REPUBLICAN FUNDS TOTAL $1,000,000; Leaders Seek to Raise $300,000 More -- Total Is Lowest for Party Since 1912. MILLION DEMOCRATIC GOAL Radio Expenditures of Two Parties Only Half 1928 Figures -- Travel Is the Most Costly Item.
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