--- --- Back to the vault ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F1%2F1550.jpg&w=3840&q=75) Shop the cover --- January 30, 1933 | Vol. XXI No. 5January 30, 1933 | Vol. XXI No. 5 ### January 30, 1933 | Vol. XXI No. 5January 30, 1933 | Vol. XXI No. 5 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F17%2F1550.jpg&w=1080&q=75) January 30, 1933 | Vol. XXI No. 5 Pageof 56 Zoom+ ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F17%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F1%2F1550.jpg&w=1080&q=75) View page 1 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F2%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F3%2F1550.jpg&w=1080&q=75) View pages 2 & 3 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F4%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F5%2F1550.jpg&w=1080&q=75) View pages 4 & 5 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F6%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F7%2F1550.jpg&w=1080&q=75) View pages 6 & 7 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F8%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F9%2F1550.jpg&w=1080&q=75) View pages 8 & 9 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F10%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F11%2F1550.jpg&w=1080&q=75) View pages 10 & 11 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F12%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F13%2F1550.jpg&w=1080&q=75) View pages 12 & 13 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F14%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F15%2F1550.jpg&w=1080&q=75) View pages 14 & 15 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F16%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F17%2F1550.jpg&w=1080&q=75) View pages 16 & 17 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F18%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F19%2F1550.jpg&w=1080&q=75) View pages 18 & 19 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F20%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F21%2F1550.jpg&w=1080&q=75) View pages 20 & 21 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F22%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F23%2F1550.jpg&w=1080&q=75) View pages 22 & 23 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F24%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F25%2F1550.jpg&w=1080&q=75) View pages 24 & 25 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F26%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F27%2F1550.jpg&w=1080&q=75) View pages 26 & 27 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F28%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F29%2F1550.jpg&w=1080&q=75) View pages 28 & 29 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F30%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F31%2F1550.jpg&w=1080&q=75) View pages 30 & 31 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F32%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F33%2F1550.jpg&w=1080&q=75) View pages 32 & 33 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F34%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F35%2F1550.jpg&w=1080&q=75) View pages 34 & 35 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F36%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F37%2F1550.jpg&w=1080&q=75) View pages 36 & 37 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F38%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F39%2F1550.jpg&w=1080&q=75) View pages 38 & 39 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F40%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F41%2F1550.jpg&w=1080&q=75) View pages 40 & 41 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F42%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F43%2F1550.jpg&w=1080&q=75) View pages 42 & 43 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F44%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F45%2F1550.jpg&w=1080&q=75) View pages 44 & 45 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F46%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F47%2F1550.jpg&w=1080&q=75) View pages 46 & 47 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F48%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F49%2F1550.jpg&w=1080&q=75) View pages 48 & 49 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F50%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F51%2F1550.jpg&w=1080&q=75) View pages 50 & 51 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F52%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F53%2F1550.jpg&w=1080&q=75) View pages 52 & 53 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F54%2F1550.jpg&w=1080&q=75) ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F55%2F1550.jpg&w=1080&q=75) View pages 54 & 55 ![The iconic red rectangular TIME logo with the word 'TIME' in white, bold, uppercase serif letters.](/replatform/_next/image/?url=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Fvault%2F1933%2F01%2F19330130%2F56%2F1550.jpg&w=1080&q=75) View page 56 Page 17 - Jan 30, 1933, Vol. XXI, No. 5 - The Vault - TIME ```json {"@context":"https://schema.org","@graph":[{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":210,"height":60},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://time.com/"},{"@type":"ListItem","position":2,"name":"Page 17 - Jan 30, 1933, Vol. XXI, No. 5 - The Vault - TIME","item":"https://time.com/vault/issue/1933-01-30/page/17/"}]}]} ```