Show THE DAILY I NEW IV V YORK FINANCIAL FIN A N C I A L vV WHIRLIGIG H I RL IGl G Written for forThe The T Telegram by JAMES McMULLIN NEW YORK YORK Raymond Raymond Molcy is I holding down as important a job job job- unofficially unofficially-as as ever he did when the p papers pers were filled with his doings doings doings do do- ings as No 1 Hes He's acting as Chief chef liaison officer between be be- tween the administration and business busi I ness and financial leaders The kitter latter lat kit ter accept him as an authoritative spokesman for F. F D. D R. R His main job is to sell industry and finance the idea that the president president president dent has no desire to strangle them that that in fact he i is willing to meet their wishes as lar far as he reasonably reasonably reasonably reason reason- ably can He draws draws' the line only at a reversion to the old deal or at It measures which might bring political political political cal retribution from disappointed followers o the new deaL Moley Molcy backs this train of thought with a very real threat He makes is clear that if business doesn't snap out of ot its us fearful and obstructionist attitude attitude if if it lit doesn't work with the government nt to build r recovery recovery- cover cover- theres there's no telling what the next ned congress will do to it The White WhiteHouse WhiteHouse House cant can't guarantee to hold congress con con- gress ja check c if best defense against more radical legislation S Its It's reported that the president especially wants cooperation in building purchasing m power and support for lor his program of ot public spending as a means to that end He wants to be able to raise the money he needs through normal channels without so much annoying annoy annoy- in lag ing resistance from Irom those who claim that government debt is ruin ruining ing the country f Moley's efforts are getting some some- where He has the unofficial collaboration collaboration collaboration col col- col- col of ot about 25 leaders who are trying to get public and private forces to pun pull together The group includes Vincent Astor and andS and'S SEC E C Chairman Joseph P. P Kennedy aswell as aswell aswell well as IS the heads of several important im Ira corporations None of the participants represents what is known as a aMorgan Morgan toran concern The presidents president's mission missionaries missionaries mission mission- aries have made it pl plain in tha they the blame Morgan leadership not bankers and business men in general gen gen- eral for ral-OI for he back turtle ack attitude which has hac led lcd them to contribute to current stagnation by retreating into their sh shells 0 Sources close to the president insist that conservatives are mak makIng making making ing a big mistake in bucking him so hard They say that F. F D. D R. R is using every resource to get the conservatives con con- t to go along go-along along Iong with him himas him him- as per Moley's mission mission mission-in in the hope of checking too violent a swing swin to the left They add that Mr Roosevelt is not likely to use his inflation inflationary ry powers oyer over money and credit nor to yield to demands for still stiffer slitter regulation of ot private enterprise unless un Wi- less and until he- he is he-is fully convinced he cannot work with bankers and big industrialists In that case all aU he has to todo do is release the brakes and let congress congress' do the rest If he hadn't kept his grip on on the last se session sion you Ou can bet that business and arid Wall street wo would ld have found out what rc real jef l grief means Copyright McClure Newspaper |