| Show c t i STUFF Politics and Finance 1933 by Paul Mallon aHo V WASHINGTON By Bi Paul Mallon tallon f nere There was more titan than romance In inthe gibe the wedding of the blue eagle and tb the roa black blaek rose Groom Johnson th the geral bu hii u encouraged the whisper chi it ft was wu a shotgun meeting of th the Indi HU IlLs folks say the run gun was ws held hed by John L. L Lewis mine organ orran- tier who claimed med to have bave 98 per cen cent 1 if f the mInts mines signed on his bis union ros ros- ier They would have everyone believe be be- i. i lien lieve that fear feu of a strike drove tb the into what looked like an abject surrender I REALITIES That phase unquestionably played a aIn apart part In la Inducing the operators to reIr retreat re xe- Ir treat t a mile after refusing to give an anfor lich for w weeks eks However it does fot tell teU the whole story The opera opera- ton tan are soft coal men but not that They are ire saying nothing about it ilot bt at they believe e they have hav a price with the government whereby most of them can sell seU coa coal cOllI it at a profit for the first time in many In Iri other words it looks like deaL The government Von won the for far unionization The operators received promises to establish a profit profit- price That may not be evi evl- evident t dent for a while but you will vilI see i confirmation of it IL when the price oJ of oaI starts going up k O Of I f Economists Economist inside believe It IL Is Es a rod pod compromise They realize that i tile he price of soft coal coat may go 10 very high h. h That Tb-at may encourage the use if substitutes However it seems to toe e e ethe the only chance of saving the In In- pastry il try It is in a bad wa- wa way Few mines aloes are re operating at a profit Most lira Ire kept going only because it JL Is IsI I cheaper heaper to run them and lose loso a little money oney than to close dose them and lose losea 1 a lot Once a mine Is left idle it deteriorates more rapidly than an idle manufacturing plant T That t deterioration de de- de- de angle is connected with the labor phase of ft n. F. F Widespread strikes now would be huhl doubly harmful The mines would le ke be unable to care for demand while entering upon their big big- season suson of the year cu Also Abo their veins would gather costly moss i V Lewis has been signing miners right And left The estimate of 98 per cent Jl ii probably much mach too high However Jf ii if it It Is 1 only 70 per percent cent it means that thai the Ibi United Mine l Workers Workers' org has been revived as a powerful toll alter after being belne dead for years ears l t. t I SOLD GOLD SOLDA GOLDi i A lot of ot money was made in the stock market out of ot the presidents president's jold zold mining concession Those IA ix 1 the know here expected it six weeks g ago Since th then n gold stocks have been beena a t h hot nip tip Some who bought earlier lot old feet recently and sold out However Howe they made money because sU aU the stocks showed strong profits s sInce lace March Much of the wise money iU as in jn a little company J K l The inside stor story is that the pr l. l Cent ent held up the order as long as 31 he could rould because he knew there was Speculation peculation in gold zold stocks He wanted to 14 defeat it as 31 much as he could Modifications of ot the embargo were issued at the treasury from irom time to time but they would not suffice A number of ot unemployed now working forking placer mines will benefit as well as the large companies In brokerage brokerage bro bro- circles they say the man who will benefit most is Mr Roosevelt's No 1 political enemy Ogden L. L Mills former treasury secretary Mills l has holdings in Alaska Juneau I I REGRETS Hu Huey y y Longs Long's defeat in irs the battle of ix Long ng Island caused no great stir sUr here Me He- He has been criticized around the len senate te as a a sheep in wolves wolves' clothIE cloth- cloth IE lag mg The ne Politicians are somewhat disturbed underneath for fear Huey's Hueys assailant may disclose himself himsel and capitalize capitalize- his anonymous popularity Re ne might run for the senate on the basis buil of it One thing assuages their The man who did it Continued on Pose Pare Two INSIDE STUFF Continued from P Pa Pal On Ons Ond could not have been a politician else ele ho 10 would have Issued a statement Immediately I f NOTES There were almost alost as a many enthusiastic atc onlookers at the N R A parade here lere as lS there were at the Roosevelt inaugural parade arade You hear a lot bout about abut Rockefeller and ad Mellon Menon control in inThe n the te coal Industry The fact Is th that hat t their com combined companies companie control only G 6 per cent of the total tota output output They have more Influence on the he Industry through their banks bank than through their coal business busies The tory story believed in banking circles Is i that hat Montagu Montag Norman wanted to see Roosevelt solely because he anted wanted to o meet the man nian he had hd heard io so much about Mr Roosevelt took tk no o chances and made a picnic out of the visit inviting everyone he could find fid NEW EW YORK By James McMullin Copyright McClure Newspaper Syndicate Syndicate The only mysterious thing about bout Montagu Normans Norman's recent visit to t New few York Is b the fact fad that he wore ore his own wn whiskers AH All Al the ent nt disguises of earlier trips were abandoned Of or course Norman would like to see sec seea seca a currency stabilization agreement between between be- be tween this country and Great Grea Britain but ut he be knew perfectly well wel in advance that hat tb it I couldn't could be done lib ills Hi mission was simply to find out what wa fid really reaty roes foes on over o here with wih special refer refer- reer- reer ence cace to inflation What he found out wont won't mke make the English particularly happy We still decline to t make commitments com corn on currency policy poley which would p permit England Englad to o frame a definite deft deft- del nite competitive program pro InsIders get the dope that Britain is I all l upset because we refuse reuse to t play according to traditional rules The current pastime In I British official dries cirdes dr dr- cir cir- des ies cle Is I trying to guess ues what we will wl do next Their position Is i that of a bridge player plyer up against a ft new and unorthodox system for the first fist time Norman has bu sort sor of lost caste cute at t home Ills Ils policy of keeping the pound lound tied ted to the franc frano by using using the stabilization fund has hs been quietly but ut definitely abandoned The pound h has been gradually ly but significantly sliding oft off of in terms of francs for tor the past pat ten days doYI This means mens that tha the commercial element which wants to cheapen the British currency further furthers Is s winning out out TACTICS The inflation boys continue to think tik up new ways of exerting pressure presure A leading New York advocate of devaluation devaluation deval deval- tried to get his hi friends friend and acquaintances ac- ac ac to write letters not letters not to the he president but president but to such of ot his hi intimates In- In as a might be expected to have real eal influence The presidents president's son James was wa a particular target The Te maneuver fell flat atin in fel one important respect Most of the people who were Wee asked to write wie didn't didn't t JAMES Son Jame James Is I becoming an increasingly important figure in Wall Vall Wal street calculations He hasn't had much limelight but Insiders say BY that he Is b eer certainly an anally anally ally worth winning Nobody here knows Just jut how much weight weigh he does carry arry but there are signs that his views lews get rd more than casual attention BLOW Moley's resignation was a n blow to the he inflation crowd They counted him lim as a one of their own 1 0 although he was vas more diplomatic than positive in its his hi relations with them them Of course the he fight will vill wi still sti go on but some of the he starch has ha been removed HULL nULL New York does doe not Interpret Mo Mo- Moey's Mo ey's eys quitting to mean that Secretary lull Hull now has ha an inside track Insiders InId- InId ers say he remains a minor figure but mt will wi be kept on the Job for a while because of his h value s a-s a a political in- in i- i Ater After all al the senate meets meet again in fri January New York expect expects it will wi move in more mare mysterious ou ous ways Was than ever Its it wonders wonder to perform and people who know kow those ways will wi be handy to have around the White House UNLOADING The old unloading racket Is I In full ull swing s again llin Only this time Its It's Is bonds and not stocks as S in the phenomenal phenomenal phe phe earning ernig power days The securities act ad makes things tough for tor forthe forthe the would be sponsors of ol questionable securities and the bad bad stocks of 01 former former for for- former mer days day cant can't be be palmed off of on a I suspicious public So the boys are Ire peddling bonds of reputable corpora corpora lions to t their ther customers on hot tips and So Trill the interest earn o wU on their heir bonds bond five times time over and and these thee bonds bonds will wi certainly go 0 up 40 40 points point Is I s the usual line lie In I addition the prospect b Li I never told that the bonds lond in question queston are arean arean arean an unsecured junior Junor lien len without even en a mortgage e. e l MISSIONARY A New Yorker of ot some importance recently appointed himself hiel a mL missionary missionary mission mission- ion ary ry to the unenlightened west of the Alleghenies Specifically he went to Cleveland to discuss the of ol the new deal and ad ways and ad means mean of getting gettig back bacK to normal through the congressional elections next electon year ear He lie was wa fresh from an indignation meeting of New Y York rk Tories Torie where the Roosevelt Roosevel policies had been branded os as ns practically bolshevik and he was wa filled fied with wih zeal for his cru cru- sade He came back sadder but wiser It I seems eem that nobody had told Cleveland Cleveland Cleve Cleve- Cleve land that the new deal was wa a failure Leaders there in buic business and finance fiance actually felt that conditions condition were improving im i. i proving and that N R A was wa a grand gram grad idea Herey Heresy So the mission was wasa wa a d distressful Hop flop GOLD The greatest gold raId rush in history in is now in progress Search for the metal has hs never been so eager carer as 1 1 it has ha since the world started slipping off gold lold Less than un three thre years ago ao all 11 the gold rold mines in West Veat Africa Arla were wee valued at o barely Today Today To To- day one mine alone aone b has hl a market marke marke value six II times time that tt In I India Idia they are arc going down dow a whole mile below the surface lurace SIDELIGHTS New York hears heas that regardless o of rumors Lewis Lwi Douglas Dougla is i still sti sitting pretty f t are after his hi scalp b but t he doesn't doest scalp easily You haven't heard of him lately because because be be be- cause he is i busy buy with wit the budget This T column colun recently referred to Ba Barch men mach as a Barney Barey It Iv I should have been bee Bernie ernie Thais Thai's t what Wall Wai WallStreet Wal Stee Street calls cal him |
