Show i i STUFF Politics and t Finance l 1633 By Paul paui Mallon r f WASHINGTON By Dy Paul Mallou 2 i No one but Little Red Ridin Riding Hood Dood will vill be fooled tooled by bythe the Innocent look of r the Wan Wall street atred wolves these days das f They have MYC not mended their ways was After all iU the hullabaloo raised over the hr J. J P P. Morgan Morlan lists a a. certain prominent prom Ine Inen private banking house hous not the Morgans MarIam has bas done the same thing I The house bouse recently issued a new toe flock in an fl eastern distillery I financing inanc lag ing scheme It offered blocks of the tock privately to a preferred list of customers The price was around 15 a share hare The opening public sale on the tock stock exchange la later ea was about ISO per cent higher That shows clearly clear ly Jy how m much ch the average Wall street street- er rr ecu If Ii afraid frid of the senate investigators All AiL II those thos involved In the distillery deal realized the transaction would probably be bared by the senate in the tall fill Committee sleuths already are on the trail They will soon have the private list if they do not have it now The public will wilt be bo let in on it when hearings bearings are resumed It should be belate safe late to assume that the government KO officials who were ere burned by cation of the Morgan lists will not be been ben en tn n this one Anyone w who o has had a peek inside r the White While House knows the friendly r Informality there is not a pose In days past dinner was announced by bya a fully dressed attendant He Hc would go from room to room bowing scraping scrap- scrap ing announcing Dinner is served 1 Now it is not uncommon for one of the younger members of the family to call upstairs in a loud voice Come on down dinner is ready Any doubting also would have been convinced if they had seen Mrs Roosevelt recently tripping through historic corridors in a wet bathing suit uit She went for a swim in the new 1 pool and dressed upstairs 0 o 00 t An economist from a midwestern University was called in by the ad ad- j to look over the steel t ode de Ho He declared it illegal meral He said l the labor pr provision would have hac to be Changed His reasoning was based on the thc fact tad that It gives employers the machinery to organize nationally but cd not provide the same machinery for At the saIne same lame time some administration spokesmen were whispering whis p to labor r lead leaders rs that they could use the code to their their own ad nd- vantage yanta nta If It the comp company n union Is 15 ac accepted accepted ac- ac c- c union i organizers can then devote de de- vote vot vol themselves to taking It over over Into In in instead stead of trying to set act up a new organ organ- l Su It n becomes more evident every everyday everyday day dar that the labor section of the code Is not yet in final form torm The Thc one fi finally ft fl nally made public Is the fifth code submitted by th the industry The first o four lour were turned down privately by General Johnson Madame Perkins et d II al j i There l is one man mait here who knows these stori stories s about Treasury Secretary Secretary Secretary Secre- Secre tary Woodin resigning cannot be bo true H He is Mr Woodin's colored mess messenger messenger messen messen- enger en- en ger Gus Glis the he only important holdover hold- hold holdover holdover over from the Mills Mellon regime Gus points out that Mr Woodin has leased a Washington home containing 32 2 rooms and 10 baths It is utterly inconceivable inconceivable in- in conceivable to him that a man would require so many baths unless he was planning on staying here Apparently Mr Woodin is not so certain Recently he saw a story in ina a I. I New Mew York newspaper stating Senator Senator Sena Sena- t tor r Couzens would succeed him H Hc He c called Acting Secretory Secretary Dean Acheson Acheson Ache Ache- son Ion on the telephone asking How do you like your new boss Mr Acheson did not understand until un un- un Iii til Mr Woodin mentioned the story 1 Mr Acheson then said that pending more substantial information he Continued on Pan Page Five FUe INSIDE SID E STUFF I Continued From Front P Page Pue e Oni On would continue to fo take orders ordel's from irom Mr Woodin r The White House flatly denies that Mr WOO Woodin is resigning That does not impress experienced observers very much The White House has de de- several things which later proved to be correct Mr Woodin has r b been n away from his job for a solid saUd month now He telephones his office occasion occasionally all There is no particular I reason for tor him to be here before the I new recovery program begins to need cash The treasury is coasting along on ona a n neat lt cash balance However he hc is is ii the only government official to have havet t such an fl extended vacation I HI The supposition continues that her he heV r V will wait until embarrassing rumors 1 ia die down and then step 0 out gracefully I After Arter all there is nothing criminally criminal criminal- ly wrong about private stock issues t. t below the market price At least there is no law against it yet One of the theto most prominent witnesses in the senI senate sen sen- j I ate short selling elling inquiry is now working working work work- iri ing a radio pool He has given up the i short side 0 0 0 Those close to Mr Hoover said he heIs heis is more interested than anyone else elseg lIP g in the formation of ot protective agencies agen agen- rJ cies for holders 0 of South American bonds He had some I NEW YORK rORK I f By James Jame McMullin L Copyright McClure Ne Newspaper Syn I I r- r The bir speculators are be beginning to ret let out of the market market market-as aa per Intimations Inti InU- 1 from but but how howl Some o ot the fanciest pool maneuvers maneu q vers Tero on record have been pulled In Inthe the last last week Every worn time-worn trick of the trade was wa trotted out for the publics public's edification Pool favorites 4 were jiggled upward In a manner to tomake make the amateurs amateur's mouth water to the accompaniment of luscious rumors ru rUe mors about miraculous earnings And J the amateurs bit in carload lots Jots N Now w the professionals In question can sit b back ck with their profits and enJoy en en- 2 Joy beta virtuous What happens to the amateurs amateur's peace of mind and p. p pocketbook doesn't worry them o 0 New York authorities say that the income tax law has undoubtedly contributed contributed con con- to the speculative fever People Peo Peo- pIe with profits hesitate to take them because th they y dont don't want to pay the taxes This reduces the supply of or stocks in relation to demand 1 and helps inflate the gaudy price I bubble e 0 e 0 0 k kLehman L Lehman Brothers did a nice piece Ii of ot business for themselves in floating an issue sue of Schenley Distilleries common cornmon com corn mon stock The issue was oversold almost before it was offered Schenley Icy lcy ranks second only to National Distillers Distillers Dis Dis- tillers among th the whisky makers and andr r the new financing will vill put it In a aswell aswell swell position to take advantage of oft t r repeal p S New V e York friends of Lewis Douglas Dour Doug las hear that tbd his rumored appointment appoint appoint- ment meat as secretary of the treasury is likely to come off within a month or so 50 That way Vay it may be to avoid avold a battle over his confirmation It Jt is much harder for the senate to refute relue to confirm a man who has held office for tor several months than a candidate can te who Is offered while congress is I In session I The same friends say this would be bethe the best solution to a situation which is becoming embarrassing to both Douglas Dourlas and the administration As budget director he is 15 In continual conflict con filet with certain aspects of the new deal dul The clash of Ideas would be minimized in the treasury department depart depart- ment anent S 9 9 New York comments that Washington Washing Washing- ton tori showed a sense of f humor in naming naming nam nam- ing lag Professors James Harvey Rogers and George orge Warren as coworkers Both are but Rogers is isa isa a warm advocate of credit expansion and thinks devaluation is the bunk I I. I Warren holds exactly opposite te views i They say here its it's like ilke asking California Califor Camor I t nia ma and Florida to agree which has hasI I the better climate 1 a as 9 New York political experts are stunned with admiration for the move to place postmasters under the civil service er law They say it will do more to make the world safe for the Democracy De Do- than any political stunt that has been tried yet The top three angle will take care careo o of deserving Democrats This pro vides that any anyone one of the three candidates candi candi- dates with the highest examination fr marks may be chosen for the job If It Ifa a congressman hasn't a candidate candida J t who can qualify in the thc top three there is 15 something wrong with his system And once in the postmasters are in into to stay Local observers also point out that 1 this plan will spare lots lotsof of ot grief who have hav several candidates for lor the same job They can simply tell the competitors to hop to it and I t may the best man win Then the vast vastI vastl I f national organization which trains its t own boys to win in examinations will f get 1 f th the political necks t The fact bet that politicians apparently haven't discovered these angles yet is t seen here as one of ot the smartest aspects as as- t peels ecta of ot the plan Half Halt Its iL publicity 3 value would have ha been destroyed If they h had d been pleased with it H. a j a I A group of Industrialists who have no love for the New York banks ar are planning a a. stroke which hat has local fi financier fi r flanders worried The Idea is to establish a 3 new bank bankIn In New York which will be kept In mch condition that it can advertise Ii that Its Iti entire deposits are arc covered conred by bv assets ands with the federal reserve A bank with such a platform could draw plenty of nr deposits from fromI's 4 s I competitors which competitors which would please H Its Ib x no end The project protect Is still In the talking f stage taffe Nothing may come of ot It for some lome time But Rot the people behind II it aro UP neither nor piker piker- C t o 0 t Some lawyers think the abolition of the gold Rold clause e may have the legal I effect t of clo all open c. 1 There will be plenty of excitement u If that happens |