29 Dec 1938
Page 1
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Newspaper
Moravia Union
Location
Moravia, Iowa, United States of America
Date
Dec 29, 1938
Page
1
An air view captures the Olympian wreck after a bridge failure near Miles City Montana on June 19. The Milwaukee Road passenger train plunged into flood waters, killing about 40 and injuring many others as coaches twisted and the engine buckled in the disaster.
The column surveys shifts in U.S. and British financing to China as relief from Tokyo’s gains prompts economic backing. It notes a $25 million Export Import Bank loan and a British 10 million pound export credit, with China guaranteed by the Bank of China, as Washington and London seek new leverage. It also touches on Romania's trade stance amid Nazi pressure and political maneuvering toward 1940, including Patman’s chain store tax proposal and Washington power plays.
Reginald Denny, once a pro boxer and film star, expands his hobby into a venture selling toy airplanes and guiding radio controlled models for army experiments next summer. He co-owns Reginald Denny Industries with James Blacktos, and works on a small flying torpedo with remote bomb guidance, aiming for broader U.S. use.
The forecast discusses cancellation of the 1933 Concordat between Germany and the Vatican and the subsequent enactment of Nazi laws targeting the Catholic Church. It notes Japan’s northward drive near Canton to boost Tokyo’s position in a potential Russian conflict, an expected European war scenario, and a rise in the Export-Import Bank’s lending to bolster Latin American trade. It mentions Franklin D. Roosevelt’s presidential candidacy and a congressional push for a system of credit banks to aid business.
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