| Show I I THE DAILY WASHINGTON J I i F-i Financial n a n c i 1 V Whirligig h i r 1 i gig j Written n for tor TIle T m By JAMES McMULLIN NEW YORK YORK Open Open shop leaders in New NewYork NewYork York are privately disappointed at the way the thel San Francisco general strike broke up Labors Labor strategic retreat ruined fond hopes for a cli climax climax climax cli- cli max o of public disapproval which would have wrecked union progress Now everything's back about where it was The general strike is discredited as a labor weapon but otherwise theres there's no breach in the union walls waIls In a way they're even stronger because internal dissension has been largely squelched The ship lines' lines feud with the longshoremen longshoremen long long- and maritime unions is closer to settlement settlement set set- but bit its it's far from certain the he lines will wil gain their Onen shop point New York feeling is that nothing has been settled and that the battle against union domination domination domination dom dom- will be stiffer than ever from now on C C Financial insiders get word that conservative conservative conservative conserva conserva- tive labor leaders pulled some ome stu stuff which has strengthened their grip con con- They could have f fought the genera strike harder than they did perhaps did perhaps even headed it off j But to do so would have stirred lasting bitterness bitterness bit bit- bit I not only among out-and-out out radicals but also among the rank and and file of union members This in turn might soon soon soo have cost the conservative heads their jobs and handed the unions over entirely to radical control e C C The point is that the average run of San Francisco union members were restless am and wanted to do something but know what The radical demand for Jor action was more ap appealing appealing appealing ap- ap pealing than the soberer counsels of of conservative conservative conservative conserva- conserva conserva conserva- tive leadership The general strike vote was basically an emotional expression of general genera discontent By swimming with th the tide instead of trying trying try try- ing to buck it the conservatives kept com corn mand This enabled them to minimize friction with the public public and and thus pre prevent ent serious damage damage dam darn age to union prestige The rank-and-file rank has now discovered for itself that the general strike was futile and that its experienced leaders know w their potatoes This isn't to sa say that tha radicalism within the unions is abolished abolished but bu buthe the radicals wont won't find it so easy to gain re recruits recruits recruits re- re for a while Ne New York comments that the heads used their head Banks Are Happy I Its It's perfectly all right with the New York banks 1 if f Mayor Mayo LaGuardia wants to crow about his victory them on the terms of oC ity city fi fi- fi They're satisfied The average maturity of ot the city bonds they have to distribute has been shortened from 17 years years years' to around 7 This makes the new securities much easier casier to market market because because large investors investors' including insurance companies and such have much keener appetites for bonds maturing within five to ten years than for longer longert t term rm issues Its It's due to a heavy demand de de- de mand for medium term stuff stuff to to balance investment investment invest- invest ment mem portfolios portfolios and and ka short supply Under the circumstances it was a positive pleasure to lower the interest rate So ev everybody's happy but the sinking pinking fund which has to exchange sh t term bonds for long and accept a cut in income The sinking fund has no spokesman to protest protest but but fusions fusion's opponents may discover theres there's political hay in inthis inthis inthis this angle of the arrangements Smith Sitting Pretty The prodigal son act staged by Al Smith with the help of new Tammany Boss James J J. J Dooling Doolin has a double background For one one thing its it's an olive branch tendered to Smith by the Roosevelt Roosevelt-Farley wing of the party Dooling is very much Farleys Farley's man man although although this will never be evident in ih public public and and it ita its it's a cinch he would never have taken such an im important un- un step without approval from a above o e I It If Smith can put over oven his ideas of how Tammany should be run it will wiIl help the state Democracy no and and it gives Smith the renewed foothold foothold foot foot- hold in politics missed so sadly Also the move ove serves positive notice on th the Tammany old guard that Farley arley is in fri command and they are on ion the outside looking in They had sworn that if Smith ever made a political political comeback it would have to be by way of Mas Mas- But the old guard hasn't surrendered en en- en It was their influence which killed of off Smiths Smith's pet propos proposal l to abolish the New York b borough presidents in m the charter revision com corn mission io They wai want to show Tammany's new deal that they're still a force to be reckoned with S S CI St State te Chairman Kingsland Macy racy is makin making headway in m backstage Republican circles es Hewon He Hes won support from rom upstate for tor his determine campaign nto to oust Joseph McGinnies as speaker speake of the state stale ass assembly Insiders rate it significant cant that Congressman Bertrand Snell Snell-an old guard guardsman himself if jf there man ever was one one has has a candidate of oC his own own to su succeed McGinnies Moreover it looks as if Macy and Snell SeeR get iet together on the J |
