Show INSIDE EJ I- I STUFF Politics i and andI nd I Finance CCo McClure Syndicate WASHINGTON n By Paul Mallon Jt It U Is quite clear the country does docs not yet et understand the true facts about the bonus army Both sides have bave misrepresented the situation J One side pictures them all as r with bombs the bombs the other as starve iline men asking their compensation is 15 correct The police have no oo no records of any bombs being found one fifth of the army W was lS radical ev even n communistic Many ManyI I had hid money In in their pockets Only a f jew Sew few were down to their last dime t Collectively the they were an obvious f menace to the peace of the community community here Actually t they ey were more snore slaw law abiding than anyone supposed s they could be The truth of the situation lies as usual about midway between the f claims of the opposing factions e Dolly DoUy Gann has edged herself in inIS fas IS the ace orator of the Republican I campaign cani Y You u never hear much about her They are holding her down to the smaller mailer towns Her speeches are no not given ven national circulation That is s because ause she delivers the same speech everywhere She has spoken twice u often as as any other Republican orator ora tor tar to date Her effect with the woI women wo wo- I men is cx excellent S The The idea of smart young reporters drawing ing that business booming state state- ment from poor weak Mr Mellon was slightly out of focus Mr Mellon predicted better commodity prices immediately after a conference with the president Nobody wheedled it U out of him He was anxious to say it lL The only restriction he made was was that he was not to be quoted Some of ot the newspaper men had the idea that it was vas propaganda but good propaganda that had to be laid on on n someone to be significant They I laid bid it on him That is the way things were done the old days When Mr Mellon Menon wanted to get an idea out to the J. J he would tell everybody and andraY raY But dont don't quote me Everybody Everybody Every Every- body qu quoted ted him Mr Mellon Menon usually made lade no protest a fj Hurley Hu handled the Inside job of keeping young oung Teddy Roosevelt Inthe in inthe inthe the Philippines Earlier in the game other ather administration actors went vent to Mrs Alice Allce Roosevelt Longworth to get Iet her brother here They were worried be because auses ause's so many uninformed l 1 persons thought the Democratic pres pres- fC Continued on Page An Two Tro INSIDE STUFF Politics Finance Continued from Page fuse One candidate was nearer than a f filth fifth th cousin to old Teddy They changed their minds later fo foat for forat forat at l ast one good reason Young Teddy Teddy Ted Ted- dy is a better governor of the Philippines Philippines Philippines Philip Philip- pines than a stump orator He mada made mad madea a sad mistake in his gubernatorial campaign against Al AI Smith Speaking at a college after aLter a boat boa race he got the names of the contestants contestants contest contest- ants mixed The crowd reminded him it was not Cornell but out Columbia which was defeated He repeated hi his first assertion The crowd protested He fie turned to his associates and loudly loud loud- ly Iy demanded Who that Every time he made an assertion after that In the campaign Al Smith asked Who told him that The effect was devastating NEW YORK By James McMullin The Standard Statistics ion tion believes that a panic has been beet de definitely averted They believe that sufficient confidence conn dence has been restored by the return return re reo re- re turn flow of gold the small drop in currency circulation changed management management man man- of R. R F. F C. C and consequent handling without default of many maturities to justify a belief tharom that tha from rom this improved confidence will wil come at least lease some Improvement Imp i in business Recently news has been filtering through to them largely from the textile industry which would Indicate indicate indi Indi- cate that we cannot ignore the fact that there is a possibility of what may be termed for lack of better words a buyers panic developing in certain commodities Buyers of commodities retailers wholesale jobbers jobbers job job- bers and manufacturers have allowed their stocks to reach extremely low levels Without predicting that such sucha a thing will vill happen one must allow for the possibility of such a condition developing To sum up they believe that the panic is over that the American credit cred credo it situation has been stabilized so that it can furnish quickly the credit to finance wholesale restocking of commodities commodities com should the American people get in the mood to p purchase r hase them 0 C 0 Allowance mus must also be made for fora or a reaction in a stock market which has gone up as fast as has this recent one without material interruption The degree of such a reaction is difficult difficult cult to gauge or even guess at as there are a a great many people who have missed the boat They did not participate in the current rise because because be be- cause they were waiting for evidence of improvement in business and in fact still are but they will probably not hot insist that securities come anywhere anywhere any any- where near approaching their old lows before acquiring stocks which appear attractive to them The sooner sooner soon soon- er the reaction comes the farther it 1 may carry bec because use there would be beless beless beless less evidence of improvement to support sup port the prices If it is delayed 30 days there should be some very substantial substantial sub sub- evidence of business improvement improve improve- ment meat and that in Use itself would give assurance that the reaction would not be very severe severe 00 Th The treasury issue which matures September 15 is now selling half a point above par This is an exceptionally exceptionally high premium and is due to the fact tact that owners of these obligations obligations obliga obliga- have prior subscription rights to the new issue Nearly all big banks are increasing their holdings The new bonds will be tax exempt and this feature is now much more important to banks than it was a few months ago They are beginning to increase their their- earnings again and are anxious to keep their taxable income as low as possible There is a provision in one of the Liberty loan acts that government bonds which run for tor a period longer than five years shall not be tax free This has been a primary factor In determining the maturity of the new issue as as' as the h no no tax feature assures a much bigger subscription The banks are almost obliged d to tn invest heavily In iii gov gov governments r n ts at t the present resent present time In fri to earn money Demand In time and call money markets markets mar mar- Is very slack and there isn't enough nough f first firt rt rate commercial paper to o go around The treasury has worth of actual maturities to meet by y the end of 1932 1032 not In Including luding worth of ot term short-term bills Total otal financing will be well above the he maturity figure Obligations to tobe tobe toe be e met by the end of the fiscal year yearn In n 1933 amount to more than |