| Show N SLI D E STUFF Politics and Finance It L McClure Newspaper Syndicate WASHINGTON I l' l By Paul Mallon I f Rc Republicans turned on the heat for fort t their final drive if The program is to frighten labor ind and business into voting against a rj change In administration The strategy t hu clicked in the past 1 Horror of tariff changes always has brought brought rought the manufacturing boys bos Ju wound rud und on election day Their influence influence ence as employers of labor always i has been suf sufficient to swing that class hith nith ith them The workers have been given ghen to understand there will be beless beless J less Jess work if the Democrats winI win Mr Hoover started that ball rolling i I In the Cleveland speech on the tariff Henry Ford came through with a fol- fol statement to his I Others are scheduled to follow right u up up to election ejection day I How the thing will work out this time time is a subject for most of the in in- jide ide political discussions now i It has never been tested before in f like these v You will not know how effective it b is until the votes are counted It is 1 obvious that the argument is less convincing to employers whose mills f t ire are shut down and to men who have f no po employment and perhaps even to w to those who have suffered heavy rf Wigi cuts r 1 S SD D The presidents president's doctor was never ore m Bore re than a yard ard away ay from Ills his elb el- el f b w during the Cle Cleveland la d campaign trip It n quite obvious to everyone fa fn Io the presidential party that Mr Hoover was trying to do too much glio N nun man can work until midnight on oni ona i a speech climb aboard a a. rattler alT al at atI T I ft L m. m campaign all day with 10 atoP work on his speech all alt the time and then deliver it happily at ht V His fatigue showed in the way herud he be lead rud the speech S S His good doctor will naturally never limit admit there is anything wrong with him hm The president is always robust for publication Those on the inside t tell a different tale The They do not think there is a possibility ty of anything serious Lenous They do insist that he take care rare of himself fc S S S The petition by college collece professors Mr J Hoover for reduced tar- tar tUr Is old stuff It IL was put out b by the Progressive league to help the Roosevelt cause The time selected ws 1 s Immediately after Mr Hoovers Hoover's Ian speech in Cleveland r. r f College Collee professors always are the tariff They did the same thine thIng for Smith four years ago ao and lo for Lafollette in 1924 S S 9 o S oThere There is a d reason why Mr Hoover talks as ag long as he wants on the radio and d why Governor Roosevelt has had bad hu IJ speeches cut off t t The rhe Republican contract with the broadcasting companies provides provid es the president may utilize all the time he needs The companies then bill the the national committee for actual time used d. d I I The Democrats buy so much space en cn the air ah- When applause drags the out beyond the allotted time I t e 0 candidate is cut off oft at the tion on of ot the purchased time There is f no skullduggery about It The e man roan who made the Republican was just smarter smarter smarter-or or less Continued Continued on on Page Pace Two INSIDE STUFF Politics Politic Finance Continued from Page Pue One thrifty thrifty than than the one who made the contracts for the Democrats t S Some editors were driven dizzy tryIng trying try try- Ing to piece the Cleveland speech to to- gether It was given out in six sec see lions Nos 1 I 3 i and 6 came first Nos 4 and 5 next and No 2 the vital part came hours later The manuscript was finished when the president boarded the train in Washington He divided it Into sections sec see for revision A mimeograph aboard the train ground out the sections sec see as he revised them Between times he dashed out to the rear platform to meet station crowds S SS The Canadian British trade agreement agree ment turned out to be worse than our experts had figured No one can cansay cansay cansay say how much the loss to our trade will HI 11 be It all depends on how energetically energetically ener ener- British and Canadian industries industries indus indus- tries act to take advantage of It It owned American Canadian plants Are arc likely to be out In front Some of the agreements arc are mean mean- ingless The British Iron and steel tI industry for Instance nee will be unable to take full fuU advantage of all the preferential treatment granted ranted Her lIer automobile auto auW mobile Industry is In the same boat It looks as though our chemical Industry Industry In In- will suffer lurter most I S S I Governor Roosevelt heard about the promised Republican bombshell I on his German marks speculation and issued a statement before the Republicans cans fired d It at him That forced a change in original plans for far breakIng breaking break break- ing the story Assistant Navy Secretary Sec See ghost writer was dIsclosed disclosed disclosed dis dIs- dis- dis closed by a nosey Washington correspondent corre corre- He found Sam Jones newspaper ex-newspaper man man had been put on the navy payroll orders A cursory investigation was forced upon Navy Secretary Ad ams It is well understood however however how how- ever ever that Jahncke will have the assistance assistance as as- of Jones until the campaign is over He will have no need for a n ghost writer after aUer that The Pennsylvania railroad gave the White House a bill of 1400 for the Des Moines trip It is supposed to come out of national committee funds NEW YORK By Dy James McMullin Easy money and tight credit are making duck soup for the treasury in planning its refunding operations for the coming year Seven securities totaling have to be bc betaken betaken taken care of by September 1933 Two relatively small Issues come due In 1934 one more in 1935 and one in 1936 This situation can be handled without difficulty as long as the money market permits the government government govern govern- ment to borrow more cheaply and for a longer period at each succeeding refunding operation Behind it all Is the probability that the United States will stage a conversion conversion con con- version loan of its own in the fall of 33 Six and a quarter billion dollars worth of 4 s come due between 1933 and 1938 and are callable at any time during that period If easy mone money continues conversion should be simpie simple sim sim- pIe and profitable to the government Present treasury policy is apparently built around this keystone S S So far as the banks are arc concerned l I government credit is entirely O. O K When congress meets again you OU will i 1 hear further wails walls about the unbalanced budget and the horrible things that cash payment of the bonus would do These laments should be interpreted interpreted inter inter- I I as stage effects Actually the the banks have to find a use for tor their excess reserve U. U S. S notes and certificates certificates still offer the most mt attractive investment field Short term obligations are more popular than long solely because of money conditions conditions credit credit Is not riot a fac fac- tor The bonus payment would probably probably abl ably depress the long term market but would have virtually no effect on short term maturities After all all the present lineup Is fairly soft for the banks Through R. R F. F C. C operations they are loaning money to railroads and others with a government government govern govern- ment guarantee They arc are taking no risk at all as long as they can safely assume that the government will honor its debts The treasury once in 1922 owed six billion dollars more does at present and everything worked out beautifully S S 5 I The pressure of bank reserves Is making itself felt definitely Member bank loans to business increased last week for the first time since September Septem Septem- ber 7 7 may It-may be significant that this happens at the moment when seasonal seasonal sea sea- recovery is lagging Bank funds were diverted wholesale Into government government govern govern- ment channels during the July Octo ber quarter S 5 5 Quaint sign of the times The Big Five banks in England have 1 motif their large depositors including American banks that they will not hereafter pay interest on deposits in excess of pounds How sad Most foreign branches of American banks have also stopped paying Interest in In- terest on private accounts S Se Investment trusts got a a break for almost almost al al- al most the first time in the depression in the quarter ending September 30 Previous market rallies since 1929 have always arisen and subsided again within a single quarter so that they l I i 1 I did not benefit trust statements at atalL atalL alL The value of trust holdings s was less ess at the end of September than it was at the thc end of August but the Improvement over June 30 was sufficient i dent clent to call for some banner waving Copyright fc 1 McClure Newspaper Syn Syn- |
