| Show INSIDE STUFF ON POLITICS FINANCE NEW YORK By JAMES IES McMULLIN lULLIN Copyright McClure Newspaper Syndicate Even Roosevelt's Roose end bitter opponents opponents in the financial district are beginning beginning beginning be be- ginning to believe his nomination is isn in n sight Hagues Hague's blast is interpreted as s a last ditch attempt to save the cause ause Roosevelt's probable success hasn't made him any more popular around here He is frequently referred to as Franklin Delay Smiths Smith's announcement that he has no o second choice candidate is taken with several large grains of salt In In- siders iders close to him say that he knows he has no chance but is maneuvering maneuvering maneuver- maneuver ing ng to hold his followers together so that hat he can deliver them Intact to the favored candidate Owen candidate Owen Young if possible Observers close to Tammany state that lat Currys Curry's favorite candidate for first or second place is R Ritchie The Garner Jarner gesture is merely to please Mr Hearst But Tammany cannot aford af af- ford ord to be on the losing side and a switch witch to Roosevelt is probable i if 11 the bandwagon picks up speed A large section of Wall street is pulling for the Ritchie Baker corn com Some are even indulging In pipe dreams which have John W. W DaIs Da Da- viz vIs Is as secretary of state slate Owen Young Youngs as s secretary of ot the treasury and Al Smith mith leading the senate Garners Garner's last minute conversion to repeal gets nothing but a derisive hoot loot from Wall streeters They say that Garner would go out for repeal of f the constitution if he thought it would get him the nomination S The political motive behind the Hoover disarmament proposal is isaken taken aken for granted in New York But Buthe the he gesture is liked Nothing is expected expected ex- ex from Geneva or Lausanne but it if f anything favorable does develop it will certainly bring a favorable reaction re re- action in terms of bank and market psychology The Association of Railway Executives tives had a hot argument at their recent recent reent re- re cent ent meeting in New York about the plan for the railroads to borrow money money mony mon- mon ey y to buy In their own bonds Most of f those present were favorable but others contended vigorously that money could be better spent in maintenance maintenance main- main and internal improvements Local sponsors have worked out a system whereby the plan could be put in operation without specific congressional con con- gressional permission The idea would be for the railroads to spend their heir own money in buying their bonds to reduce interest costs and then hen apply for loans to the R. R F. F C. C to o meet operating expenses or for other ther purposes already sanctioned Title and mortgage people here are watching developments with keen attention If It the plan is put into ef- ef feet for railroads they are all set to stick tick in their own oar They figure they bey are Just as entitled to relief from fixed charges as the railroads Critics of ot the plan are increasing in n number Some of them say that 1 if f the banks think the idea is so keen why dont don't the banks lend the money to the railroads themselves S S S Delaware Hudson has made a remarkably good showing during the I depression but not because of exceptional Jonal luck or judgment in traffic methods Foresight which got rid of holdings in Wabash and Lehigh Valey Valley Val Val- ley ey in 1928 and has since kept the thein proceeds in short term governments is s responsible S S S There Is reason to believe that the Vacuum part of the Vacuum merger got the tho better of ot the deal Vacuum hasn't held up its end as well wells as s officials hoped when the merger took place WASHINGTON By P MALLON Cop Copyright McClure Newspaper Syndicate Roosevelt managers were fumbling and stumbling in Chicago in senate and house opinion Political novices are arc in charge of his candidacy They are arc lined up against the greatest possible array of brains and power power Smith Smith Hague Ritchie Reed Garner Gamer Raskob McAdoo McAdoo McAdoo Mc- Mc Adoo et al No man has ever been defeated with as many pledged delegates as Roosevelt has No man has ever won against such formidable opposition Sixty per cent of ot the political authorities authorities authorities au au- au- au have felt Roosevelt would win Forty per cent have not S S S Wise politicians strongly counseled counseled coun coun- Roosevelt against starting the fight on the two thirds rule His confidential con con- advisers told him he could not get away with it They also said that even to mention such a plan would be a confession of his inability to obtain two His manager Farley Fancy thought oth oth- S S o S The administration is making political pout pout- ical hay out of disarmament The Hoover proposal for a one- one third cut never had a chance The administration knew it if when the offer offer of ot fer was made Its real purposes were Forcing the disarmament conference conference conference confer confer- ence to continue when it was about ready to break up without doing any any- thing Putting a card on the table which will ill be helpful for bartering purposes when it comes time for Europe to ask cancellation of our debts 1 Creating a good domestic political reaction for the president especially among women voters to whom the Republicans this time arc are planning their greatest appeaLS appeal S 9 e 05 Administration agents have sincere sincere sincere sin sin- cere hopes that some moderate compromise compromise com corn promise may be worked out Chances of even that much are not very good Italy was the only important nation nation nation na na- na- na tion which really approved the presidents presidents president's presidents president's pres pres- ident's laudable offer She did it for fora a good reason She does not have parity with France and has no chance to get it because she has no funds to build up to it The presidents president's plan strengthened her relatively The Japanese were privately rag rag- ing It would have ruined their Imperialistic imperIalistic Im im- im- im ambitions in Manchuria The French hid their opposition be be- hind Nippon's wrath I Even the British could not accept some phases of ot the proposal S SS Ambassador Gibson Is our spy at Lausanne He sits in the reparations game entirely unofficially with one hand while playing disarmament pinochle at Geneva with the other His recent transatlantic telephone bill will be stupendous S e S SWe it We have adopted a two-faced two policy required by the situation In la Geneva Gibson tells the newspaper newspaper news news- newspaper paper correspondents we cannot consider consider con con- sider cancellation of war debts unless unless un un- un less Europe shows good faith by real disarmament That is necessary In the cause of disarmament In Washington on we deny that Gibson Gibson Gib Gib- son ever mentioned debts to anyone We deny we have anyone save a vice consul at Lausanne We claim we do donot donot donot not know anything except what we read in the newspapers That Is necessary because the public public pub pub- lic lie is not yet educated to the fact that the money we loaned to Europe has already gone down the sewer S S S The final flop of the senate stock market Investigation was the biggest The committee saved its face b bj by getting more money from the senate senat to continue the inquiry Then it eased out of the situation by privately de dc deciding de- de elding to do nothing until December There was an important reason why Information upon which it planned to continue hearings would have been harmful to the financial situation Runs might have been started unfairly unfair unfair- ly on one or two large institutions The institutions were perfectly safe But public confidence in them might have been disturbed by disclosures The investigators thought that was wasa a good time to quit I V V The appearance of continuing the Inquiry will be maintained A small smal force torce will work through the summer mulling over some 50 tax evasion cases against stock manipulators Some money will be recovered for forthe forthe forthe the government The big bears will be safe sale One of the biggest has become so ill that he heis heis heis is beyond reach at present The French heard about Mr Hoovers Hoover's Hoovers Hoover's Hoovers Hoover's ers er's disarmament proposal 24 hours ahead of ot time and came out then with an offer of a 10 per cent cut As a matter mat ter of fact a third one-third cut would improve improve im im- im prove their fighting efficiency in the opinion of ot some of their younger gen gen- Frank Hague Jersey City mayor may may- or did the undercover work for the theAl theAl theAl Al Smith forces A noticeable change has come over Republican leaders since the convention They are happy that they escaped with no nomore nomore nomore more of a fight Their one real concern concern concern con con- cern right now is money French feelers to Washington for security guarantees were rebuffed none too politely There is no one In an official off cial position here who would think for a minute of giving France any security guarantees |
