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Newspaper
Muscatine Journal
Location
Muscatine, Iowa, United States of America
Date
Jun 28, 1933
Page
3
The Muscatine Journal and News-Tribune issued daily except Sundays. Subscriptions priced 15 cents weekly or 6.00 per year by mail outside zones. All mail subscriptions required in advance. Established and merger dates noted for the publications.
Muscatine residents are urged to buy centennial souvenir pearl buttons to fund events and provide local employment. The article then critiques Wall Street practices, recounting United States and Foreign Securities with a $30,000,000 capitalization, $25,000,000 bonds, $5,000,000 preferred stock, and 750,000 common shares issued to bankers. It notes the common stock later listed at $50 a share and warns exchanges inflate debt. calls for curb.
Senate inquiry into New York private banks widens with Kuhn Loeb exposure. Otto Kahn testifies that Norman Davis received 35000 for 1925 Chilean loan negotiations, linking Davis to Morgan lists and favored clients. The piece notes potential administration embarrassment and cites Harper’s forecast on exchanges engineering excess debt.
The piece notes a rich heiress wedding a Yale assistant librarian with a $45 weekly salary. It contrasts boom era notions of marrying for wealth with a new, cautious realism, praising couples who risk with modest means and shared prospects.
A political analysis notes GOP strength among World War I and World War II veterans may influence 1934 campaigns. Senators Reed, Fess, Kean, and Barbour back veteran payments while Connally and Ashurst face re election battles. Veterans increasingly organize county and district leadership, heightening electoral sway.
The piece discusses political tactics to rally conservatives against government intervention and notes bankers’ influence on policy. It highlights O. H. W. Sprague’s near dictatorial role over credit and currency and recalls Governor Harrison of the New York Federal Reserve Bank amid the Glass bill’s push for formal reports on foreign bank negotiations.
A confidential negotiation context surfaces amid Senate concerns and strategic moves by the U S delegation over temporary stabilization and European forces. Hull faces pressure and potential resignation amid tariff and inflation tensions while Mitchell defense of tax cases reshapes Wall Street sentiment and railroad wage policy gains.
The Second street bridge contract in Muscatine was let to J. B. Lock of Vinton for 5728 dollars. Iowa Union Telephone and Telegraph Co was organized in Davenport with 2 million capital, James Thompson named president.
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