| Show 1 I THE DAILY WASHINGTON J I Financial Whirligig I Written for The I By JAMES McMULLIN 1 NEW V YORK New YORK New York insiders learn that tha several large corporations have decided they've had about enough of the blue eagle cagle and if General General General Gen Gen- eral Johnson doesn't like it that's just too bad Reports from reliable sources indicate that one important company has already begun to v vio yb- violate o- o late its code deliberately by i ignoring noring hour regulations regulations reg reg- and by hiring and ad firing in disregard of or code provisions The company is said to expect eventual discovery discovery discovery dis dis- dis- dis covery and prosecution but is not unduly con con- It plans to fight its case casc step by step stepin in the courts on constitutional grounds and is definitely counting on a shift in public opinion to strengthen its cause It rather hopes to be hailed as a heroic champion of American individualism individualism indi indi- before the story ends Theres There's a background to this boldness The corporation in question deals extensively with farmers and long ago discovered the blue eagle cagle is no help to sales Nothing would hurt its feelings less than to lose the right to display the bird Federal Reserve Chairman Local bankers get et word that Eugene Blacks Black's impending resignation as chairman of the federal federal fed fed- eral reserve board is entirely voluntary and that the government would like very much to have him stav stay on the job New York speculation specula specula- tion as to his successor is active and centers around three men Professor Jacob Viner is is thought in several quarters to have hava the inside track Viner is already a member of Secretary staff and recently completed a secret mission to Europe on behalf behal of the treasury He hasn't had much publicity but its it's hinted that he has succeeded Professor George Warren as the ad administrations administration's administrations administration's administrations administration's ad- ad ministrations ministration's favorite financial adviser Former Presidential Candidate James M. M Cox I is also mentioned for the job Its It's understood hero here that he was offered it before it was given to Mr Black but turned it down His recent statement indorsing Roosevelt policies is rated sign significant 1 A third man discussed hereabouts for lor the post is Adolph Miller who Miller who has been a member member member mem mem- ber of the federal reserve since the Wilson Wilson Wil Vil Wil- Wil Vilson son administration He is known to have worked closely with the president on several occasions He ha has independent means which may be a factor The Tho salary of a year is no overwhelming inducement for someone who has made his mark in private life Follow the Leader Country correspondents of the big New York banks are still asking asking and and receiving receiving advice advice on credit policy They've played follow the leader too lon long to break away suddenly And nd their New York mentors are still urging them to keep liquid The informed call caU this the chief reason why credit expansion has progressed so slowly in spite of record reserves Silver and War Debts New York authorities doubt that war debt payment in silver would work They point out that England alone through alone through its Indian re resources re- re sources could sources could make moke an appreciable payment without buying in the world market which would probably raise the price pric above the 50 cent level and thus eliminate the bargain day feature Silver experts c contend this point ex explains explains ex- ex plains treasury opposition the opposition the treasury's own bargain shopping would be upset by the price I jump ump h Coal and Oil Anthracite producers find it hard to worry about the threatened shortage of U. U S. S oil The competition of oil in household heating has forced them to sell their smaller sizes 35 sizes 35 per percent percent percent cent of the total tonnage tonnage tonnage-at at a 1 figure below cost of oC production Increased fuel oil prices would look remarkably like a break for lor them The producers haven't had much luck at re reducing reducing reducing re- re costs Labor Laboris is the principal item Negotiations Negotiations Ne Ne- for lor wage cuts were opened with the mine unions last fall but were abandoned at Washington's request with success in sight Efforts have also been made to stimulate sales through lower prices to consumers In one case the producers cooperated with a railroad railroad railroad rail rail- road to bring the price down by 1 a ton All it accomplished was to add just that much to the dealers dealers' profits 0 S S American Telephones Telephone's maintenance of the 9 dividend rate was a surprise to Wall street The informed trace it to a directors directors' decision to follow exactly the opposite psychology from Consolidated Gas A. A T. T 1 T. T will need loyal stockholders b before fore its ordeal by publicity is over and the directors figured fi the best way to keep them loyal was ws ti to keep them happy Food manufacturers are het bet up about the extension of A AAA A A control fr from m basic to all agricultural commodities as provided in agricultural agricultural agri agri- cultural adjustment act changes desired by the administration They consider the measure tantamount to confiscation but confiscation but they manage e a R grim smile mile at the inclusion of minor amendments amendments amend amend- ments to the A AAA A A act in ut the presidents president's list j of Df must le legislation UH 14 NC eradicate I |
