Salt Lake Telegram | 1934-01-25 | Page 4 | Daily New York Financial Whirligig

u I THE TIlE DAILY NEW YORK F Financial t Whirligig i J I Written for Zor The tb Telegram J. J By JAMES McMULLIN I NEW YORK YORK President President Mendieta isn't sitting sit sit sit- ting so pretty in spite of those Havana cheers He will be just one more of the again on-again gone- gone again brigade unless he gets strong American assistance That doesn't mean official support by our government government although although recognition accorded by this government last Tuesday is certain to help him materially But if his unofficial Yankee friends will just see to it that he gets enough money to pay an army and enough food to quell Havanas Havana's hunger he is likely to get by Mendieta Likes Corporations It might work that way Mendieta is distinctly dis dis- dis friendlier to American corporations with Cuban interests than any other Cuban with a chance for his job In some quarters he is frankly rated the only hope for tor salvaging even evena a fraction of American investments from the Cuban wreck The boys who feel that way about it will give him a hand if they can S The radical elements may complicate things by announcing the formation of a government of their own with headquarters at or Santiago Mendieta will make slow progress progress ress ness outside Havana The new president nearly cost himself his job by getting his signals mixed His statement in support of ot HeVia was a complete surprise to his own followers and they almost decided to chuck him overboard Trouble Loomed as Grau Left New Yorkers with Cuban stakes say that confiscation was getting awfully close under San Martin Holders of ot defaulted bonds were informed they would be allowed to bid in the properties at about half the face value of the bonds But the San Martin government re reserved reserved reserved re- re served the right to take over the properties at atthe atthe atthe the price bid within 30 days San Martin had no dollars so payment would have been in shaky term long-term notes or in Cuban currency currency and and there aint no such anima ani ani- ma mal Such confiscation would have been no sweeter for being called another name British Heart Warming Varming Local insiders understand that a British general general gen gene eral election is in the cards for this spring or summer All signs point to large gains for labor perhaps to the point of regaining control of the government If that happens you will see some startling chan changes es in British monetary and foreign policy The labor party is much more sympathetic to the Roosevelt program than it has advertised Russian Trade Being Underwritten Two New York banks are underwriting the purchase of bales of cotton by the Rus Rus- The banks will take Soviet promissory notes and in turn will furnish good American collateral as security for loans from the theR R F C. C Cotton purchases for Sovi Soviet t account have be be- be gun The banks hope to buy all the cotton under 15 cents Informed sources learn of substantial orders for wood pulp machinery placed in Norway by bythe bythe bythe the Soviet Sovie government The machinery will give Russia a production capacity far beyond her domestic needs This ties in with o our r earlier report of an arrangement whereby Russia Russia Rus Bus sia will gradually take care of American pulp requirements over a year ten-year period and permit subsidization of American pulp producers to remain idle Grain Board to Be Walloped Wall street is privately gloating ov pr reports that Chicago's financial community is going to take it on the chin even harder than the local brethren The dope is that the AAA AM has prepared a alethal alethal alethal lethal wallop for the Chicago Board of ot Trade in inthe inthe inthe the form of a grain exchange code which flatly forbids the more popular forms torms of grain lation The securities act is said to be a love tap by comparison Also several Chicago banks are slated to run the Pecora gauntlet soon It seems that the thes s senate n te committee has developed a lively curiosity curiosity curiosity curios curios- ity about certain aspects of Insull financing that have not yet reached the public eye All the sympathy their plight will get from tram here could be packed in a thimble New New York G. G O. O P. P Chiefs Worried State Chairman Macys Macy's futile fight to prevent prevent pre pre- pre pre- vent Fred Hammond from becoming cl clerk rk of the state assembly has left an aftertaste which worries party leaders A number of bitter primary fi fights are arc in prospect In one case already a Young Republican group hns has indorsed a Democratic nominee rather than support an anOld anOld anOld Old Guard congressional candidate to fill a vacancy N