U.S. BUSINESS CRASHES

Poverty Bay Herald, Volume LV, Issue 17606, 23 October 1931, Page 5

U.S. BUSINESS CRASHES

1234 BANKS CLOSED U. THEATRICAL HOUSES FAIL NEW YORK, Oct. 21. Two of the most important theatrical houses -in America have failed. Tlie Schubert Theatre Corporation, the largest operator of legitimate theatres, (add Ai Woods, one of the nation’s leading producers, will go into the hands of the receivers. The Schubert Corporation's . liabilities total £2,149,000 and Woods’ 1 liabilities £205,200. Two years of decreasing attendances at the legitimate theatres, duo to the depression, are held to be responsible for the failures. An announcement was also made that 298 hanks failed during September, with total deposits of £54,200,000, the largest monthly total since December, 1930', when 344 banks closed their doors. A total of 202 of 1234 banks which had suspended since January 1 last have reopened. Baron Walther von Munn, a member of the famous family of champagnemakers, who is said to have lost a fortune on Wall Street, seriously wounded himself in an attempt to commit suicide by shooting. Ho had been reduced to working for a brokerage firm here.