| Show N SI D E fI STUFF STU Poll PolItics tics I and 4 Finance 1933 BJ fly Pa Paul Paid l MaDon WASHINGTON By Dy Paul raul Mallon lallon The honeyed farewell that Pres J dent Roosevelt sent un to lo the London conference ITU as as hot Dot the message h he f f. wanted to send There w wai wat another more Important f- f fone one which never saw the light of day Pit crit U would have held out oat more definite f f hopes to the nations of the world on ont t f I the taboo topics of currency and tariffs r Hi It was thrown in the waste aste basket baske for tor obvious reasons The conference blew frost all over State Secretary BaIl Holl when he tried to suggest sac such sucha a mild thing as continuance of the 1 temporary tariff brUf truce It w have bave given a similarly frigid recep to any iny definite proposals from r the president The only onty thing to do dol dows l was ws to to- save the Idea for later You hear hur bearmore more about It in the fall fan Everything so far stid about the French goes double now Behind all the pretty phrases at atthe atthe the closing dosing conference session our officials held the privately bitter opinion that the he Parisians promoted the frost Hull was barely able to toi i contain himself in his final speech Amid Aid all aU his happy words you ma mahave may have noticed such phrases as ma mant nt opposItions opposition those w wantonly inclined to destroy the conference The French knew whom he was Stalking about 4 V S The conference farce turned out just as the insiders here said it would Professor Moley carried out officially his mission of breaking up the meeting meet meet- ing ig with the le least st possible commotion commo commo- tion jion although he sacrificed his own personal in doing it il The first result seems to be a tacit pegging of the pound with the franc i That is denied at London but essentially essen essen- proved by exchange quotations It probably wilt will be the only result for fora a time i t World statesmen seem to hate each other a little more than the they did But that is not riot important J There probably will be no rio world trade war except the one which has been going on on all the time S 0 S A what What is likely to happen now is t Wo will m worry along with ith N I R A Aal Aland al land and d our d domestic situation until we wen t can n stabilize prices and nd currency After sl stabilization we will renew rene v our our pressure for r la a W ld i tiding on currency and tariffs No doubt we will be compelled to offer something some thing d definite in order to get the Lon Len back together again Nobody knows when the time will wiIl come November 1 is the date the then n administration has in mind It believes be be- ieves stabilization here will be accomplished ac ae- ac- ac by then That is why Hull tried to get the conference to adjourn to to that date e a e. e The Inn inner r circle has hu been humming bumming for a we week k trying to help the gold miner Diner Those in charge whisper that the embargo probably will be lifted slightly to permit the gold producers to sell abroad but not Dot here At least that tbt thatis Is what they have been trying t to do 40 Their efforts have hav been complicated com corn by the ruling of the attorney general That Is why the ruling was kept confidential S SS General Johnson got a little ahead of himself on his high wage drive He turned on the psychology pressure before his machinery was ready to toWe towe we use it itA A good example lies in what ha happened hap I backstage on the thc posters His N I R A had to have them at once About were ordered from one firm The firm protested that haste would cost It promised a saving of that much if it permitted a afew afew few v days days' leeway This was not al al- al lowed The pictures actually arrived three days before they could be used They came so soon there was not even a aI ailace I place ilace ce to put them S e S SNo No one who knows Washington will criticise General Johnson seriously fOr lor the post poster r It was on Pace ElihU INS INSIDE IDE STUFF Continued ron Frou Pate On Ont ab to the drive to gc get the posters on time I Enough peo la aro picking on him now His radio speech caused bli bu comment from certain business men and manufacturers They were strong for Mr Roosevelt's radio appeal but thought the general went nt too far a aThe The Kellogg peace pact has been broken broken and and apparently by our own government An official recently stated Several thousand members of the civilian conservation corps will be utilized by the United States forest service as ns reinforcements in that organizations organization's organizations organization's or or- war against wild gooseberry gooseberry goose goose- berry and currant bushes Major Robert Robert Robert Rob Rob- ert Y Stuart announced today The C. C C. C C C. C song hereafter will be Over there there there-in m the currant bushes bushes' 0 Professor Moley's breakfast conferences conferences confer confer- with the president were resumed resumed re re- shortly after he returned here I 0 o I The theory theor behind the gold change Is that it will help thousands of placer miners in the west It will help the larger producers more Administration tion economists say It will not inter fere with the purposes of the embargo which is designed to protect financial gold gord reserves Governor Black of the federal reserve reserve reserve re re- re- re serve says sas open market operations were were curtailed recently because excess ex ex- cess reserves were high enough Extent Ex Extent tent of future operations will be based on future excess reserves statistics The treasury recently wrote a check for made out to a certain railroad Few people ever V sa saw a check o of that size NEW YORK By Dy James McMullin lulUn Copyright McClure Newspaper Syndicate The Glass GIus acts act's teeth are ning to bite the New York banks They have bave been ordered to prepare to-prepare prepare detailed reports of their affiliates for forto submission to the federal reserve board oard at Washington An affiliate Is defined as any company in which they owned a majority of the stock actually actual actual- ly Iy y voted at the last election of di- di rectors Also they have to report on n companies In which a controlling Interest Is owned by their affiliates under this definition It would take a a. couple of Einstein to o figure these things out for lor some of f the larger IUfer banks or private bankers bank bank- ers era n. n And they have been ordered todo to todo too do o it three times a year Hence a anil bull buU nil market for lor headache remedies Nobody knows exactly what th the reserve reserve board is going to do with aU all II this Information But local bankers bank bank- ers rs are sighing and expecting the worst I I Every member bank in the country country coun- coun try ry has to do the same thing Even companies which are controlled by bythe bythe the he majority stockholders of the not bank ank not by the bank itself must itself must be e reported New York experts say thIs his may mean Infinite complications in n small cities where the local banker bankers is s also the local department t store hardware and hay nay and graIn gram mer- mer chant hant Still another report Is required of or orall all 11 directors in federal reserve member memer mem mem- ber er banks They will be obliged to submit complete lists of their security hOldings three times a year They will vill be living like goldfish so far tar as asic the ic reserve board is concerned The whole thing brings home homo the reality of the Glass act to the banks They feel like Huckleberry Finn when he was sent to school They are re mighty sorry orry for tor themselves but you ou dont don't hear any talk of rebellion now now ow o III o e All AU kinds of rumors about dollar devaluation evaluation have been floating und round in Inner circles lately The best est sources say there Is nothing to them hem yet The dope Is that devaluation devaluation will be held in reserve against a serious business recession or to help out government financing by broadening the gold rold base Professor Warren who favors de devaluation devaluation de- de valuation seems to have gained an andge edge dge on Professor Rogers the credit expansionist Recent local visitors to Washington report that administration Ion tion conservatives are getting ov over r their heir fear of devaluation and credit Warren with the missionary work which brought this change hane of heart 0 The same sources say th that t Secretary Secretary Secre- Secre tary ary Roper has done valuable work behind the scenes in smoothing tho ruffled plumage of visiting skeptics He talks their language and they come away feeling that the world isn't going going go go- going ing to pot after all o e Theoretically 1 speculation in foreign exchange is forbidden in this coun coun- try ry Actually there Is 15 plenty of it For Forone Forone Forone one thing exporters are shipping merchandise mer mer merchandise chandise abroad and leaving the money they receive over there in pounds or francs or what have you Stock market trades arc working another another an an- other gag to get around the Ions They buy stocks here sell them again in London and leave the proceeds pro ro reeds over there This sounds like that terrible menace men ace ace ace-a a flight of ot capital Federal reserve reserve re rev serve authorities know all about it and wink at it Jt Why Because the flight of ot capital 1 if it it- doesn't reach serious proportions helps keep the dollar down in terms of ot foreign cur cur- And that's thaw just w what t we want right now So the people who take so much trouble to evade treasury regulations are playing squarely into Uncle Sams Sam's hands to hands to his satisfaction o 0 Q 4 eo 0 The City of New York is in contempt of the supreme court of the United States Several years ago New Jersey complained complained com that New York City garbage was ruining her beaches The supreme court agreed and ordered i f that the thee city must arrange to have all aU Its refuse Incinerated not later than July 1 1933 So fat nothing has happened It Its It's a standing joke among coas coast pilots that navigation to New York is easy You just cruise north or south until you run Into a coll collection o of orange skins and empty b tUes Then make m a rs right angle turn and there you o are arc 1 re The supreme court has hIlS other things thing to think about besides New York gar gar- bage But some New Jersey lawyers think it would be lots Iota of fun to prod prot the ico seo Whai Wha Jap |
