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y 1 I STUFF lj Politics and Finance Copyright McClure Newspaper Syndicate W WASHINGTON By George c Durno Dumo r An observer close to ta President Roosevelt compares the present stage of 01 the recovery drive to tactics employed employed em em- during the World war It is his contention the president has att attacked attacked at- at t tacked and gained his first objective For the moment we are going 7 through a up mopping period while the Thc line is consolidated and the backline back- back pine line avenues of communication l. preparatory to another push forward L Just now he says sas the president is r trouble shooting up and down the thet f t line n r a a f That first objective claimed was the theL j. j L signing of a hundred codes The Thet f t White House feels eels it has fairly well t f organized industry All the big bit ones have embraced the blue eagle J Now the president is go going ng back 1 t clear elcar down the line to Iron out t tics ties He Hels is spending much of ot his time polishing codes already signed An unworkable clause Is removed from this this one strengthening a clause is inserted inserted in- in in another The Tho rest of at his labors arc are devoted L to spurring on his other generals to r t catch up with the N R A division I i General Johnsons Johnson's troops outdistanced I t those thase charged with defending the farmers and with unloosing a big pub- pub ilic l c works movement But the In Is loyal 1001 It to hI his arm armY armyL The White House insists the farm relief agencies and P. P W. W A. A have moved as fast tast as conditions per par if m I r TOKENS a One repercussion from our accept accept- ance of that token payment from Great Britain may surprise some of 01 the lads about town Representatives of the hit harder ec ns of the country are going to 1 use u it for an argument in favor of conj con con- j J. J 1 cessions on domestic debts 3 Y You u took k that from England on on a J. J l t 1 l debt because she said she x couldn't pay any more they will j chorus How about us We cant can't r. r pay much either 2 a Senator Hat Hatfield ld of of West Virg Virginia is one who Is trying to work out some some- ij Continued on PUll Pate Three c INSIDE STUFF f. f Politics and Finance Continued from Pare Page One thing for submission to congress in Janu January ry He hasn't the details yet et but is talking about token payments on bonded indebtedness throughout the country Many st states tes counties and municipalities municipalities municipalities are bonded right up to the hilt with not a nickel in sight i It is token taken for granted that some plan involving government aid or underwriting un urn r be e pro proposed STABILIZATION Farm Farmers rs and nd others probably will ask for debt m moratoriums when v en con con- g ass reconvenes eco The possibility of tax strikes is being stirred up in some sections Everybody seems to be preparing preparing preparing pre pre- paring to take as big a bite out of the federal tr treasury as possible Economists agree that th t eventually have to be done about debts The think this revamping should await awalt stabilization Otherwise the creditors might get a worse worse gypping now than they would later on S The administration is is far from rea ready y for stabilization yet Very shortly th that t fact act m may may- y bring on a amerry amerry amerry merry battle over over the general subject of debtS dom domestic sUc and foreign 1936 1956 NINETEEN NINETEEN The latest rumor to get started Inthe in inthe inthe the political hot stove league concerns a gentleman named John G. G Winant governor of New Hampshire Governor Winant Princeton and I Dartmouth graduate is is 44 has a fine A. A E. E EF E. E F F. F record aviation founded the Stable Money association served arid and lower houses of the N N. N H legislature He is an investment banker bank bank- er and strong in Y M. M C. C A. A work There is G a certain n group of Old Guard Republicans which is grooming groom groom- groomIng Ing most Winan-most Winant Winan most most tentatively tentatively for for the presidential nomination in 1936 The theory is supposed d to be bo this Franklin Roosevelt Rosevelt is being forced more and more to previously untried and and therefore radical radical moves Thus the Issue in 1936 should be between I super super progressivism and rind ultra con Ergo the Republicans should go out early and find themselves them them- selves a man of the Calvin Coolidge type ype Winant is represented d as being being beng be- be ing ng even more conservative than Cal One flaw detectable in the line of reasoning is that Winant's state is New Hampshire It carries too few glee dec electoral toral oral votes to cut much ice in a national notional notional no- no election but look at his personal personal per per- connections NOTES The American Federation of Labor Labors Laboris is s getting all set to go to bat against the he sales tax again if anyone dares to o mention it It opposes the tax on the gr ground und that it transfers the burden burden burden bur bur- den of taxation from the rich who can afford it to the masses lease able Disclosures of ot the manner in which Albert H. H Wiggin and other big jig bankers evaded income taxes willbe will willbe willbe be used by the A. A F. F of L. L as an argument ar ar- for tightening of the income laws aws rather than adoption of ot a sales levy Students here of French politics are now predicting the he premier who was just voted out will return to power in short order NEW YORK YORE By James McMullin New York York did did what it could to help head lead off the farm state governors' governors plan lan to fix farm prices and was might might- ily ly pleased when the president refused refused reused re re- fused used to approve it That was one one issue on which local and and antis joined forces Nobody from here approached the White While House directly but there was all kinds of wire wire pulling pulling to bring pressure on every official who might possibly have any say in the matter The impression prevails here that the president has averted certain economic eco eco- disaster at the price of making the he next congress ss harder to handle The will make every effort efort ef ef- tort ort to pr prevent vent ent their many congressional congressional congressional contacts from getting out of hand on this issue FUNDS Local banks think well of the word that the government will counterattack counterattack counter counter- attack by speeding payment of wheat bonuses and corn loans in the disaffected disaffected disaffected areas The big question is where the money is coming from As reported in this column payment of cotton loans has been none too easy to arrange arrange ar ar- ar range because a 8 large proportion of available R. R F. F C. C funds has to be earmarked for bank preferred stock A security issue for the purpose Is hardly feasible at the moment New York banks expect new overtures for their cooperation and some of them are inclined to give it if satisfactory arrangements can be made to secure their advances TAX The processing tax lax on farm products products products prod prod- is beginning to breed casualties among small concerns which put such products to industrial use They cant can't stand the extra cost of raw materials Those that have quit to date are not important but if the trend continues it may have a serious effect on farm outlets ts in the future FORD enemies of N R A think Henry Ford has overplayed his hand in laying off oft men and putting the blame on code requirements General Johnsons Johnson's mild rejoiner that an 10 exception could be made to prevent the layoff seems to have been the right medicine Long-eared Long scouts for Nek York big timers big report Deport definite definite nite anti Ford anti reactions from all over the map for the first time Ford also is putting on an act about abou starting a Q steel plant of ot his own so he wont won't have to pay the stiffer prices resulting from the steel code Steel interests decline to get excited although al al- although though they do not expect any more orders from that source before nex next year STEEL The steel boys are arc beginning to wish they hadn't put on such a strenuous now buy campaign among their customers customers cus cus- before the code went into 1010 ef ef- feet The customers took it seriously serious serious- ly and stocked up co so far in advance that new orders have thinned to a 3 whisper Many orders still to be filled must be executed at a loss That Tha doesn't stop the industry from beginning begin begin- ning to feel that the code will do i isome it some good when readjustments are completed The Tha plan to take ke up the heavy industry industry in in- n- n slack stock with public works end and stimulated rail buying shows no signs sign of becoming a howling success Action Action Ac Ac- tion has been so long deferred that 1 It will be months before the industry and its workers can benefit Meanwhile Mean while winter is just ahead ELECTRIFICATION n Railway circles here are arc watching electrification developments Abroad They hey say that by 1943 the only railway railway rail rail- way station In Paris to be used mcd by steam locomotives will be the Gare Gar du Nord j V t. |
