Show THE DAILY NEW YORK 1 Fi Financial i I W Whirligig h i Ii n a nc a r gig Written fo for fo The Te Telegram by JAMES McMULLIN NEW YORK YORK New YORK New New Yorkers In close touch with Washington behove believe be be- hove lieve the next few weeks will be extremely important In shaping the future course o of the n new w deal Some of ot them go beyond that thatto thatto thatto to predict that Mr Roosevelt's Roosevell's decisIons de decisions de- de on policy between now a and d January will go far tar toward o outlining outlining out out- t- t lining American political trends for years to come It isn't that they expect expect ex- ex ex cx- any sensational developments in December but but r-but but they are arc convinced convinced convinced con con- vinced the president has reached a road fork which will vilI compel him to 10 move definitely to the right or left At present the administration Is maintaining skilful balance between between be be- tween iween conservatives and radicals On one side the goodwill gestures between government and business revision of the N R n A the lowering of relief reHe Wages talk of ot curtailing federal feder l expenditures and other give evidence of oC strongly strong ly iy conservative conservative tendencies But against these you have the Hopkins work relief plan the Biddle Biddie appointment appointment appointment ap ap- ap- ap to the National Labor Board threatened prosecution of or orthe the Houde case refusal to stabilize the dollar definitely and arid other signs that the leftist influence in n the administration administration administration ad ad- ministration is still alive and kickin kick kick- in ing p a aThis This fence the stuff pleases neither camp Both are turning on every ounce of pressure to tip the scales their wa way The Moffett Ickes-Moffett housing argument cut much deeper than most people realize It symbolizes symbolizes symbolizes lizes an issue of ot the utmost import import- ance mcl F. F D. D Rs R's apparent intention tion to carry on ou Moffetts Moffett's housing setup for those who can afford to build their homes and ond Ickes Ickes' for those who cant can't settles nothing Conservatives Conservatives Conserva Conserva- tives privately and fervently insist insist in in- that the Ickes plan must be bc scrapped or sharply contracted to prove the governments government's good faith toward private enterprise They are not yet ready to concede defeat defeat de de- de feat on this issue despite the presIdents presIdent's presidents president's presidents president's dents dent's attitude Liberals are ju just t as insistent that it must not only be continued but expanded Drifting along in n the status quo will only irritate irritate irritate ir ir- ir- ir both sides a as The situation is complicated by bya a stalemate between groups of the presidents president's advisers Ickes Miss Perkins and Tug Tugwell are arc all for bigger and better spend spend- ing Moffett Roper and others others others-in- in including eluding Brain ex-Brain Truster Ray Moley Mo Mo- ley want Icy want Uncle Sam to pull in his horns leans toward the latter although he is trying hard to stay in m the middle The split has grown so wide that the disputants have given up trying to settle the argument among them them- selves Nor can coordinator Rich Rich- berg bridge the gut gulf That puts it squarely up to F. F D. D R. R h himself It isn't fetched far to sa say that the presidents president's final decision on how v much shall be spent next year for will be vital and andre re reliable liable on where the new d deal al goes from here New York still expects expeels expeels ex ex- ex- ex peels a conservative victory W a 1 a 1 e eOn On this premise New York analysts analysts analysts an an- look for a fundamental change in political battle lines They dont don't figure the question of ofa ofa ofa a liberal Democratic party versus a conservative G G. O. O P. P will be important im im- im- im Some even prophesy that as early as 1940 the major contest will be fought between the Democrats Democrats Democrats Demo Demo- as liberal conservatives and anda a new radical party formed on the nucleus of LaFollette's progressives and the Farmer Labo rites a e a aA a A close s student o of security market market market mar mar- ket conditions is firmly convinced that ta taking ng th the political and e econ econ- On- On I picture a 3 it stands stand today today- prices of sound securities arc are still close to the bottom Most of his Informed Informed informed in In- formed friends agree with wilh h him But a keen critic points out that the judgment o of Wall streets street's smartest calculators is usually defective defective de de- de- de in one important respect They almost invariably regard NewYork New NewYork NewYork York sentiment as typical of or the whole nations nation's views He remarks that their appraisals would be sounder if it thc they were provided with witha a political charted charted like that put out by the department of a agriculture which agriculture which would clearly clearly clear clear- ly indicate differences In fri sectional conditions a a Cautious Wall Vall street Ct lawyers have thought up a new worry for their corporate clients client By cx examining mining min min- ing lag the Securities act with a microscope microscope microscope micro micro- scope they've discovered that any officer or dire director tor who expresses an opinion about his company's fi financial financial fi- fi status unless status unless it is based on facts contained in an audited and published report report report-is is taking an awful awful awful aw aw- aw- aw ful chance It appears that he can be sued for damages If jf a his statement statement statement state state- ment later turns out to 10 be inaccurate inaccurate inac mac curate or b if he doesn't broadcast broadcast broadcast broad broad- cast it to all his concerns concern's security holders at the same timeA time A number of companies have always always al al- al ways believed that silence was golden colden when it came to answering stockholders' stockholders questions This legal opinion is Ice cream for them They now have a perfect excuse for tor refusing refusing refusing re re- re- re fusing to satisfy the curiosity of inquisitive inquisitive in in- shareholders and nobody nobody nobody no no- body can ac accuse use them of nefarious motives in keeping mum Copyright McClure Newspaper Syndicate |