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Commercial
September 5, 1932
Henderson Daily Dispatch
Henderson, Vance County, North Carolina
What is this article about?
Virginia Labor Commissioner John Hopkins, speaking at the Twin-State Fair in Bristol, Va., on Sept. 1, attributes the current depression partly to spending money abroad instead of at home, and accuses the U.S. State Department of misleading investors on foreign bonds while bankers profited by selling worthless securities to smaller banks.
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Says Money Sent Away Is Cause of This Depression
Bristol, Va., Sept. 1 (AP) - John Hopkins, of Virginia commissioner of Labor, said here today that "a disregard of the fundamental law of economics--spending your money at home" is responsible "in no small degree for our present deplorable depression."
Speaking at the opening of the Twin-State Fair Mr. Hopkins charged that the United States Department of State went beyond its scope and "led the investing public to believe in the soundness of foreign bonds," adding that "the big bankers of the United States sold these worthless securities to smaller banks, making a good profit for themselves, but leaving the small banks either to carry or unload the bonds on the unsuspecting investor who had every right to believe that the government at Washington had told the truth."
Bristol, Va., Sept. 1 (AP) - John Hopkins, of Virginia commissioner of Labor, said here today that "a disregard of the fundamental law of economics--spending your money at home" is responsible "in no small degree for our present deplorable depression."
Speaking at the opening of the Twin-State Fair Mr. Hopkins charged that the United States Department of State went beyond its scope and "led the investing public to believe in the soundness of foreign bonds," adding that "the big bankers of the United States sold these worthless securities to smaller banks, making a good profit for themselves, but leaving the small banks either to carry or unload the bonds on the unsuspecting investor who had every right to believe that the government at Washington had told the truth."
What sub-type of article is it?
Economic
Banking
Policy
What keywords are associated?
Economic Depression
Foreign Bonds
Spending At Home
Bankers Profit
State Department Criticism
Investor Deception
What entities or persons were involved?
John Hopkins
Virginia Commissioner Of Labor
United States Department Of State
Big Bankers Of The United States
Smaller Banks
Where did it happen?
Bristol, Va.
Commercial Details
Location
Bristol, Va.
Event Date
Sept. 1
Key Figures
John Hopkins
Virginia Commissioner Of Labor
United States Department Of State
Big Bankers Of The United States
Smaller Banks
Notable Details
Disregard Of Spending Money At Home Causing Depression
State Department Misled On Foreign Bonds
Bankers Sold Worthless Securities To Small Banks For Profit
Small Banks Unloaded Bonds On Unsuspecting Investors