Show I n S i 1 d e S St t U f ff f Politics Finance W WASHINGTON By P Paul ul Mallon Borah and his progressives are organizing organizing organizing or or- in the cloakrooms to keep con congress cress in session this summer That Thatis is the only chance they will have of getting any further relief relic legislation The program from now until adjournment ad ad- June 10 10 Is tight Leaders Leaders Lead Lead- ers are sitting up nights nursing the tax lax bill and the appropriation bills They are are letting nearly everything else go Items Hems marked now for action before before be be- fore the conventions are The Glass bank bill which probably probably probably proba proba- bly will wiIl be squeezed through the omnibus economy bill which will vill be given the right of way after the tax bill and is certain to pass the tax bill which will be concluded in the closing clos cbs ing days early In June the Norris Muscle Shoals bill and the Philippine independence bill which are scheduled scheduled sched sched- for tor passage and death by bJ veto o oThe fI The administration thinks it has put the quietus on the Vinson Hale bill for naval Secretary Stimson went vent to Congressman Vinson recently and asked that it not be pres pressed ed Stimson feared its effect on Geneva at this time Nevertheless Itis Itis it itis is scheduled for consideration in both houses It will not pass a 0 The railroads will get no more Ie leg leg- either helpful or 01 harmful The house will pass the Rayburn bill repealing the valuation system of rate making Couzens will vilI block It II in the senate The house will consider and may pass a bill to regulate railroad holding companies It probably will not get through the senate Couzens wants to get bet consideration for tor a mild I NEW YORK I By James lc l Recent firmness in rail stock prices brIngs to light Ight a bit of psychological kidding which has been used before successfully The first published reports re rc ports of 01 earnings arc are from roads which have made the best showing during the current period Chesapeake peake Ohio and Union Pacific were used in the present instance This brings about a spark of optimism and anda a gain in stock prices When the balance balance bal bal- ance of the railroad reports are arc published pub pub- I it will be a different story I Some of the reports will vill be extremely unfavorable 1 Much credit is given to Union Pacific Pacific Pa Pat for tor its improved showing Operating Op Op- crating economics shaved a very large decline in gross income to a avery avery very small drop in net There is reason to believe that the Chesapeake Ohio dividend will be paid I The L C. C C. C plan for tor control of all at means of transportation meets warm approval in the financial community Authorities believe that the only hope for financial convalescence by the railroads lies in protecting them from unfair competition 0 The chief reasons for tor the improved showing of the oil industry are arc two Organized and intelligent control of ot American production and a sharp decline decline de de- cline dine in Russian output Curtailment Curtailment Curtail Curtail- ment of American production in 1931 was offset by an increase in the Russian Rus sian supply The crash of prices forced many of the Russian wells to shut down do and the soviet government has diverted labor formerly employed in oil fields to other occupations Even Eveh though present prices give an Incentive it will vilI take some time for Russia to pick up momentum again bus regulation bill but it cannot pass now ep Some sort of a world silver conference confer confer- ence resolution will probably be adopted It may be disguised as a commodity price meeting No matter how many whiskers it wears the president pres ident will vIlI not call a conference this time The international situation is such that It might lead to debt or exchange exchange ex ex- change trouble That at least is the White House view e cAll v c- All prohibition bills are doomed both wet and dry They cannot be seriously considered The Davis Kel ley Icy coal bill faces a similarly impossible impossible impost sible situation Senator Reed has not said where he will stand but he will probably oppose it There is a chance It may get through the house It will have to wait until next December in the senate The home loan mortgage bank b bill is being Jockeyed around for a quick thrust in the house Garner Garner Gar Gar- ner ncr has Indicated he will let It go through The administration is exerting exert exert- ing quiet pressure for It Its Its- fate in the senate is yet very doubtful v v a Agitation for more relief legislation legisla legisla- tion is scheduled to get under way at any moment Private reports concerning concerning con con- the seriousness of the situation situa situa- tion in many localities Ues arc are stimulating ing inside activity Many local relief funds have already been exhausted I The relief measures will take the thel form torm of a big bond issue or a direct appropriation Both houses have been against such steps up to now new The emergency na ture of ot the situation may cause a are re alignment Meanwhile American producers can make hay A symptom of ot this Last year freight steamers made a practice of taking on Rus Russian im oil in Scandinavian ports for the Atlantic round trip This year they are arc fueling in American ports There is little doubt that the extra dividend hitherto paid by Standard Oil on of ot New Jersey will be abandoned at the next meeting |