| Show i U I t L STUFF Politics and Finance t SP per VAS WASHINGTON INGTON By Paul FuI The boys bOJI backstage beran began to L get ct Mid gd feet teet in Sn n the Morran Investigation i t I fur feW da days hick buck I ne who bo were chuckling at the I fr of the country's leading firm began n to wag waC ar their ST doubtfully They whispered to ch ir elber ether that it ft would be a s bad iSar IC t. t f fr r the tho country If u faith In m the banking house houie was destroyed ncy ht It IL was waa time to call a tall JaU Eren en Prosecutor Pecora beran began M fa ti talk Wk about needing a lon long rest A Democratic leader dared to assert auert Oe nae floor of the senate that If we fur roD down our Ideals Ideal we will live lire to S m S mv v The reason for th this sudden caution probably was the fact tact that certain liberals were then secretly ertly at work tomake to make the investigation stupendous i Prime mover in the scheme was wu wuI I Senator Costigan He Ho called in an expert New York financial lawyer Together they worked out a resolution lion tion ti 1 expanding the scope of the InI in in- I 1 i The definite te objective would 5 be to exp expose e New York control over mone money and industry Thee The e would be to write ite legislation j the entire financial and 1 ir 11 f setup The he public was not aware of it but the conservatives were when they t talking about easing up S S T t 1 The ne proposition got along so far ar that it was WM submitted to Mr Roose- Roose yelL One of his closest advisers I l In Inthe the New York attorney who vis w aS working with CostIgan They rot ent over the matter and later the attorney saw the president The liberal crowd did not intend I t to oust cst Pecora They thought he was doing a fine job They believed heI he I do a better on one if given and free subpoena access to the books of all aU banks brokerage houses and corporations Part of the plan also called for bolding holding up the Glass bank bill The boys boys' believe that after they get getT T through trough more legislation than the Glass bUt bill will be needed to plug the tf boles bole Wall street tred would lik like that thu part ofIL of off f J 1 IL A Abird bird inthe bush is worth two Afa the hand like the the Glass Glass bill t w when orry when the had a over He a time me talking to o eople people he never Dever j senat before or en tors rs reporters pho pho- lad ana p w He Her iu s sUte 4 Ute a man nn from Kansas visiting the for the first lint time E S v vOne One dull session Morgan went over 10 the press table to gab with the reporters He was WM obviously pleased iP the way the investigation wa was WM going Someone suggested the thc publicity heu he hei bI be bad for i u getting might not so h him u At least leut it was breaking down the popular idea that he was a mys- mys f d us unseen ogre The point was WILS nude that it was a good stunt for him to to h have yc taken that midget on his I Dee 5 F r. r Oh i Oh oh hn said Morgan slyly its i for forme me to leave when you men meri menan an that at I 0 S fy Mr Hr Roosevelt did everything but t the capitol trying to ret get out of town this week 45 He lie was excited particularly beucie be be- rUle the he boys were retting getting out from tinder his hi thumb lie He realized this I wu Wa h the of the end of blind i loyalty He lie did not jant ant int that Idea to ret get abroad It fht hurt burt business confidence If he Continued on Puce PAn Two S. S INSIDE STUFF Continued From Pace On One were to io be Involved In the usual maal presidential with That IK I. one why he lie WM wu so 10 a anxious t to compromise r on the various rlou po points tJ in n. n dispute 11 ute Word was passed along alon to the boys la in congress that the reason they they- had to adjourn was y that the world economic eco ceo conference was wu convening on Monday That was an absurd excuse Nob Nobody No No- b body dy e expects the conference to do anything for three three- weeks A few d. d days cLays yS' yS more for congress would make no difference It might make malc some lome difference ce on oa i the war debt issue In In- Ita nta tI are due next Thursday It If the tat truth were known that act has lias more to do with Mr O VeUa haste hute than anything else ebe S TJ There ere appeared to be nothing more this W. Howe Rowe toilet kit cue case than some iome Ter very bad management and a a- ahalt halt half d dozen doten en errors of judgment No o one connected with It was wal en- en n titled to any my bouquets bouquet but the facts Were not hot as bad as as they sounded o IY was wa lost t to the rov IOV because everyone was w. In au such h a hurry to get Iet the forestry in movement going ol The Inefficiency was comparable io to w wartimes wartime l es Centralized authority was u lacking Political opponent WIll trill be able ble to io harass hams the adminis on the point for the next four yean ean The Th truth tr th Is Ii that th t U It w wai wO not nearly l aa u the Job done on the bank openings opening but the facts about thai nev never r got ot out a a. a The 1110 administrations administration's ona private preliminary pre pre- figures indicate business is holding up JP wen well beyond the s seasonal trend The two figures they are watching closest are showing up well They ar ares are department store sales and factory fac tao tory employment These indicate th the pres present nt and future consuming market market mar mar- ket Production will follow these so ono no one pays any attention to it any more The are that retail trade maintained d itself nationally the last we week in May and nd the first week in jn J June ne Factory employment showed some Increase In the l larger centers a a a aThe The one thing the Morgans privately private private- I ly wanted wante wu was an assurance L that theft co competitors would berried the thet e t tsam as they were They Thoy went ewY rk f th they had t w I wv r y t 1 and R Republicans Republican broke fairly even orthe on or the Morgan expose There were about t the same number of men nen in In- from both political parties s and they held same ranks Dr Leo Ph D. D Dp Columbia will join the brain trust trw trust family to te help in the industrial control ad ad- ministration His record is decidedly decidedly de do to the left left He was once attorney for tor the Amalgamated Clothing Cloth cloth- ing Lag workers The man who has pushed the administration along toward r refinancing of the Liberty b nd issues is Senator Bone of Wash Wash- ington It can be done before October Legal authorities agree the thc president is not required to act acl during legal periods but but may call callin callin callin in the bonds any time on six six months months' notice That will vill save some mone money NEW NEV YORK By James McMullIn l New York Tork is having a quiet gloat float over Its victories on several leveral Import taft ant t Washington fronts In the past week eek First the baby bond plan of government government gov gov- financing has been laid out with lilies Second the deposit insurance In In- lurance project ha hu been beeD stepped on onby onby ony by y the administration This figures to o kill the whole Glass Glan banking bUt bill so 10 far far faras as the tho current session of con con- greis ret Is concerned The feeling Is strong here that the state bank defenders defenders de de- de fenders will never let It pass pus without without with with- out some lome such luch provision Local bankers bank bank- era ers are so gleeful about this development development devel devel- they may burst Into song son at any minute Third the proposal to l abolish consolidated con con- income tax returns for corporate corporate cor cu cor- cor groups has hu been bern sidetracked In n favor of a trifling quarter of f one per ier cent increase on the charge charre for such luch returns That's That a lifesaver for tor fora tora a flock of big holding companies Fourth the tales sales sale tax tx tax favored favored v red almost al 1 most mot unanimously by financial New NewYork York York York-Is York York-I Is believed ti t. be gaining laIn ground In ln congress a aThe The New York influence on these tec matters has ha been exerted exert very ery subtly There Tere has ha been ben no direct lobbying that you could call cal by that name But discreet advice advie has ha b been jeen n whispered in i the ears of congressmen con con- gressmen who seemed in i doubt and ad adte he the conservative elements cement In i the administration ad administration ministration te have been ben given the te strongest kind of moral support Treasury Teay Secretary Woodin has ha been a big help You may hear rumors rumors ru rUe ru- ru mors of a private understanding between him and Wall Wal street They are absolutely unjustified d. d All Al that was wa needed was wa to t encourage his natural natural nat nat- na ural inclinations The Te baby bonds bond woud would have hurt the savings savIni banks bank and to a lesser leer ex extent nt the commercial banks anks ban The Te deposit insurance provision provi provi- ion sion would have raised raise hob bob with wit plans plan for unifying the banking tern ter em He was wa reminded of these fac tao tots tr ors and responded as a expected in i his hi own judgment a a a Budget Director Lw Lewis Douglas was also hi in i sympathy with the New NewYork York ao attitude ab about abott t these the policies and his h opinions carry great get weight It I is i understood understood un here that tat the senate nat is i sus suspicious suspicious su of him hi as a being big too close to to Wall Vail street He is rata having havig no path pat of roses roc to the te cabinet if it Woodin Voi should hould resign reIgn a a aThe The Te New York banks ban had it i all al figured out how to get around aroud the Vandenburg amendment if i it i had gone through trough The insurance inia fund ud was wu to have been br raised rai by direct det levies levie against accounts of less le than ta 2500 Several banks actually had bad announcements announcements announce announce- ments ment printed and read ready to t send out that hat t deposits below blow 2500 20 were no longer acceptable That Tat would yere have havel l et let t t them em out of Cn contributing the fund und and they ty would woud not have minded losing the te small sal business buie National banks baks are arc cooperating wit with the government by using the note issue privilege much more freely Cir Clr- culaton of national bank currency has weeks as increased sharply in i the past pat few week a An A R. R F F. C C. C loan to the Harriman bank ank ba to pay off of 50 per cent of ot de- de was practically set a week ago Then hen Ten it i occurred to the lawers lawyers who whore ate are re really reay running rung the bans ban's banks bank's affairs I that hat tat something should be bo tacked on ono ont onto to t o t the e loan to meet expenses of contesting con con- testing esting lawsuits lawsuits especIally especially the suit suito to o undo udo the merger with the Liberty National The Te R B. R F. F C C. couldn't see it IL it That's why the depositors still sti haven't been b cen paid a nickel w w New York Democrats Democrat will wi be beed treat treated I ed to a surprise surprie According to intimates inti itI mates mate of ot John Joh the powerful powerful power- power ful ul Brooklyn boss Aderman Alderman Tommy Tommy Tom Tommy my Ryan is b. b about about to t receive the choIce federal plum of appraiser of the he port This is i no help and ad comfort for Tammany Hall Hal because Ryan Rya recently hu has las been designated privately as a crown crow prince for te the Brooklyn leader leadership ship by McCooey himself himel Power piles pUe up on that tt side of the te river S Financial leaders here have figures frel to t show that there it Is 1 more mor money moey on deposit in i English banks bak today than tha there here has ha ever been before bore London financial circles circle say y that tt a great part of this money is i bad money noney In the sense sene that it is I foreign which may be withdrawn sea at any ay and moment moment air It I I is u arriving daily by Confidential reports report from Holland Belgium and Switzerland show how that tat as a a result resUl of gold hoarding the amount of gold sold per capita capit in those countries has ha risen from a normal level of about 10 to 50 Q a a a aThe The security bill bi has b cramped the style dle of the boys boy who write brokerage brokerage broker broker- broke broke- age are house market make letters Some houses houle are ae considering cutting them out Brokers Brokers' branch offices of of- which cater largely to women have been especially active lately The ladles line up up to watch the board bord bordas as they did In 2 29 |
