| Show INSIDE STUFF ON POLITICS FINANCE Gloomy Bloomy Outlook of Big Figures 3 in ill We V World of Finance NEW YORK By Br James McMullin Opinion in the finan financial ial district has hascen been cen becoming more positive every week that we are rapidly approaching a crisis A number of highly placed officials see a period of receiverships and riots if drifting continues 0 00 There Is a growing feud between the Federal Reserve bank of or New York and the member banks in the district Reserve officials are annoyed because the he banks halted cooperation in the credit expansion program The banks are irritated because they feel the federal reserve is trying to force their hand land An official of a large New York bank blames the Kresel rivalry rival rIval- ry for part of the present ultra ultraconservative conservative con banking policy He says that hat activity in prosecuting Bank of United States officials and andIn andIn In n furthering the trial of Broderick has pla placed ed the banks in a position where they do not dare to make even the slightest mistake in policy A wealthy man who has been one of the largest holders of railroad se securities securities securities se- se in the country has been going going gong go go- ing ng hat in hand from bank to bank for fora a loan He has had no luck Railroad securities are arc not acceptable collateral under current conditions Partners in a large private banking firm have been quietly accumulating stocks o of the companies controlled by bythe bythe the he firm Living essentials show pretty profits through good manage manage- ment Much of oC the latest liquidation In both the stock and bond markets Is ascribed to rent selling selling selling se securities securities securities se- se in order to pay spay the rent The sharp decline in the prices of chain store stocks is partly due to in increasing increasing increasing in- in creasing apprehension of riot conditions condi- condi ions Secretary of Commerce Lamont Lament re recently recently recently re- re called a meeting in New York of business organizations interested In home modernization The idea is to start a national campaign for new roofing plumbing heating lighting etc American Radiator and Johns- Johns Manville l are arc strongly behind the movement Steel companies are blaming a lot lotof lotof lotof of their troubles on the difficulties of obtaining credit Disinterested observers ob- ob servers consider this an effect rather than han a cause Seven years may call for tor seven lean ones Still further wage cuts in the steel industry are arc in prospect Savings from recent reductions have failed to change red ink to black Associated Gas and Electric has decIded decided decided de de- de- de not to make derisive gestures toward oward Its banking connections after all Banking cooperation has turned out nut to be necessary in order to refinance refinance refinance re re- re- re finance a short term issue of the Staten Island Edison company due this his month Utility managements have cause to be polite at present The political calm around them carries storm warnings The intricate national national na na- na- na publicity organization has been let go Rates may come down 0 0 9 0 Highly placed authority is more im impressed impressed im- im pressed with the expansion possibilities ties tics of air cooling or conditioning than with anything else that has been brought forward thus far Trains commercial and residential buildings offer limitless sales possibilities ties if it some flexible credit system were made available It is quite possIble possible possible pos pos- sible that concerted banking action may meet this problem before long The way will ill not be all smooth The great investors in mortgages such as the insurance companies and savings savings sayings sav say ings banks may oppose They see sec the threat of depreciation In property for lease without the new installation if H others are available providing it mt There may be a financial battle royal roal over the question of making summer cooling as much a matter of course asIs as asIs asis is winter heating The great organizations set up to market electrical refrigeration see the possibilities in the air conditioning field They are arc all set to go They may give a demonstration of how salesmen create employment that will equal the miracles accomplished in motors and radios When When Congress Calls It a aDay aDay aDay Day Business Will Get Gel Geta Gela a Lift WASHINGTON B By Paul Taul Mallon There are Ire increasing indications that the administration will wm put some stronger business lifting derricks to work as soon as congress gets out of town The credit throttle will be pulled out as far ar as it can go The R. R F. F C. C is understood to have decided to dig deeper into Its pockets for the railroads railroads railroads rail rail- roads and some industries The national national national na na- na- na cooperation commission may be called to meet while the political conventions conventions conventions con con- are in session Those on the inside claim the ad administration administration administration ad- ad ministration is preparing to go the 11 limit m it 0 Interested senators have dropped the idea of repealing the War Finance corporation act They have been assured assured assured as as- again the president does not intend to go so far as IS to invoke it They have their doubts as to his legal authority to revive the drastic control of industries exercised In war times They Ther are convinced it is not sary e The best thing that can be expected out of the Lausanne con conference is a moratorium of six months to two years ears The administration will not publicly admit it but that Is its judgment judg judg- ment Since the new burst of Hitlerism In Germany there Is some doubt as to whether even that maximum hope will be realized Obviously Germany is using her local situation to frighten France into concessions The indications indications indications indica indica- arc are the Hitler Hiller bogey is having the desired effect The one possibility that may upset everything is civil war in Germany Von Hindenburg's hand Is now trying to stay that by tr tricky means 0 0 0 Great Britain squeezed us into a guarded assent for that London economic eco ceo conference There is no reason reason rea rca son as yet to believe it will ever be held The administration will not permit permit permit per per- mit discussion of our tariff policy polle Definite trouble will come when the agenda is being arranged A conference conference conference confer confer- ence cannot be held In any event until after the Lausanne and Ottawa economic economic economic eco eco- meetings These will unquestionably unquestionably unquestionably change the whole situation The present official understanding is that credits and a sharply limited silver silver silver sil sil- sil- sil ver discussion are the only things MacDonald hopes to have the conference conference conference confer confer- ence t take ke up The vanity of statesmen has become an important issue in hi legislation Ni Night ht sessions of the senate had to tobe tobe tobe be abandoned because senators could not let the crowds go unspoken to So flowery words filled the chamber there was no time left for action Most amiable offender was Huey Long Movie l theaters complained no noone noone noone one would go to their shows when Huey Hucy was performing free in the sen sen- ate He does docs everything but sing I Taxpayers paid a big bill bilI for these night shows Smoot claimed congress congre cost the country a day Neeley got It down to an hour That would make it every time your heart beats An Art effective plan was worked out by senators who wanted action They forced the senate to sit only until 8 p. p m. m Crowds were at dinner then Most of oC the items Hems of the tax bill were voted upon at that time I o Japan has lias troops in Manchuria Manchuria Man Man- churia churla and yet et contends all she plans to do is suppress Chinese brigands Russia naturally does not believe that One reason for the bickering at Geneva is that all the delegates are sick with colds The climate is un un- bearable Stimson appealed to Secretary Secretary Sec See of War Hurley to save his aide Captain Regnier Hurley will try to work something out out maybe |
