Show THE DAILY NEW NEV YORK Fin Financial a n cia I W Whirligig h i r I i gig I W Written llen for The Telegram by JAMES Mc McMULLIN ULLIN NEW YORK YORK The The law that government government gov gov- I shall receive no remuneration from other sources Is 15 Ismore Ismore more honored in the breach than the observance Informed New Yorkers say there are literally hundreds hundreds hun hun- of federal workers workers especial especial especially ly on the thc staffs stalls o of N R It A and vanous various various vari van ous commissions who commissions who are collecting collect collecting ing both from Uncle Sam and their regular employers Mostly they've been lent by corporations who still pay their salaries because the government government gov gov- cant can't support them in their accustomed style Technically they give their time but in many cases they collect expense money from the treasury which brings s them within the scope of ot the law Keen observers predict a Roman holida holiday when congress catches on They shudder to think what would happen for instance if it Huey Long Longor or Homer Bone should discover that men in the pay of communications companies are arc working for forthe forthe forthe the communications commission The fact that such men know more about the business than anyone else isn't expected to soften the roar of the le legislative lions on the scent o of corporate prey This angle makes companies which have lately been asked to tooan loan oan executives for tor the good of the cause doubly cautious They're taking darn good care that their men dont don't accept a nickel of government government gov gov- cash Even so they wince at the thought ht of the senates senate's probable probe probable able reactions S S S Financial sharps rate Ambassador dor Bingham's latest plea for Anglo American cooperation as Unusually unusually unusually un un- usually significant They say hes he's trying hard to convince the British the they can deal w with th F. F D D. R. R without risk that any agreement they may reach with him will be repudiated later ater Europe has been twice shy of oC dickering with American presidents presidents presidents dents since it burned its fingers by taking aking Woodrow Wilson too liter liter- ally Its It's hard to persuade foreign leaders that the senate wont won't tear up up the tracks after they build the road Bingham Bingham and and others others have have been conducting a quiet but thorough thorough thorough thor thor- ough campa campaign to prove that F. F D. D R. R is no Wilson and that the nation nations is s so solidly behind him the thc senate wouldn't dare tear up lip any document docu document ment that bore his stamp This campaign is preliminary to serious conversation about international international international inter inter- national monetary stabilization Things are moving In that direction direction direction tion behind the scenes s France and her gold bloc allies have privately been invited to the dance along with Britain Se 0 eo New York Ironically calls it real sporting of ot Senator Elmer Thomas to allow business two months to bring the country back to prosperity prosperity prosper prosper- ity before he and his inflationary friends start shooting the works Conservatives dont don't like this gift horse one little bit No responsible ble authority is rash enough to predict pre dict diet miracles of recovery by February February February Feb Feb- and Insiders frankly believe the senator Is simply preparing an effective backdrop against which to stage his monetary dream S S Well posted sources understand the federal reserve has an unusual experiment with security loans up its sleeve but hasn't quite decided whether to trot it out If It it does develop you'll probably hear yells from Wall street For the first time a distinction may be bc made between securities pledged forstock market credit and those put up as collateral for lor other purposes The maximum loan value for the former category is fixed at present at 55 per cent The federal reserve could change this but isn't likely to in the near fu lu- future ture Instead Its It's said to be thinkIng thinking thinking think think- ing of encouraging loans by allowing them a higher collateral value value perhaps perhaps as much muchas as 75 per cent of oC market quota quota- S S new Anti deal pessimists get scant comfort from recent statistics statistics statistics statis statis- tics of business gains Here are arc a afew afew afew few samples of percentage Improvement Improvement Im Im- Im- Im provement In earnings for lor various groups In the first three-quarters three of 1934 as against the same period in 1933 Auto company earnings are up by 14 per cent chemical companies by 45 per cent office equipment companies by per percent percent percent cent tobaccos by per cent mines and metals by per cent Thirteen steel companies converted a R deficit of or into a profit of or The utilities stand in lonely and unenvied grandeur with an earnings earnings earnings earn earn- ings loss of 11 per cent in the same period SS More and more sources are plucking plucking plucking pluck pluck- ing up courage to give the beleaguered beleaguered be be- utilities a hand The National Association of Manufacturers Manufacturers is the latest organization to take up the cudgels publicly And Wall street is amused to note that Winthrop Aldrich of all people people- the original new deal banker has banker has spoken out against the danger of crowding the power companies too hard New York Is pleased with other evidence that Mr Aldrich is no longer the evangelist he was called His argument for lor a direct dole instead of work relief finds warm support not only among fi financial financial financial fi fi- leaders but also among amons right wingers within the adminis adminis- S S S Informed New Yorkers share William Greens Green's belief belie that this winters winter's relief problem is the most serious yet The increase in part- part time workers he mentions is directly directly directly di di- due to industry's efforts to ease the wage cost burden imposed b by N R A. A Despite the publicised rebirth of confidence business is not disposed to incur expense for forthe forthe forthe the sake of ot increasing consuming power Many leaders privately contend that the profit Incentive is still too uncertain Others argue that such caution is shortsighted sighted but their advice has has' made little headway against self interest Copyright McClure Newspaper Syndicate |