| Show THE TIlE DAiLy DAILY NEW NE' YORK Financial Fi na n cia I W Whirligig h i r I i gig Written for The Tho Telegram by JAMES McMULLIN NEW YORK YORK Informed Informed New Yorkers say that the long-delayed long debt and trade agreement with Russia will probably be announced with the return of ot Ambassador Wilham William Wil Wil- I liam ham C. C Its It's understood to tobe tobo tobo bo be signed sealed scaled and read ready for delivery The exact terms are arc a n carefully guarded secret but insiders predict they will include a credit to the Soviets soviets accompanied accompanied by tho the stipulation that it n is to be bo spent Pent exclusively for American goods and chiefly for the products of heavy industry They also prophesy that hat the Russian debt to American corporate creditors willbe will be toe collected in the form of ot a surcharge sur stir char charge e on purchases amounting to about 2 per cent Those who have followed followed negotiations siege siege- remark on the irony of or holding up the announcement to honor Mr Ir Bullitt They say he had very little to do with it IL Not that he didn't try hard hard but but he and Litvinoff Litvinoff Lit- Lit were never able to agree on terms of the understanding which the soviet foreign minister was supposed to have reached with F. F D. D R. R The actual spadework s was wa done by Secretary Hull and Ambassador under the watchful eye of the White House Then went to Moscow to o osell sell the arrangement to the soviet bosses Its It's possible that th the celebration celebration cele cele- bration may be postponed for or his return also At present hes he's in Japan on s special business a Experts say we will have to bu buy extensively from Russia if she ic It is isto to acquire the exchange to repay the credit Most 1 of the Russian goods we would be likely to import imPOrt import im im- im port are competitive with American Ameri Amen can products You can safely expect expect ex ex- pert heated protests when the industries industries in in- affected catch on Labor will ivill probably also have something to sa say Comment runs that Secretary Secretory Secre Secre- tar tory tary Hull and md other members of or orthe the government involved had better better better bet bet- ter ter be ready to duck a deluge of bricks a a a Railroad circles are ane encouraged by the much more liberal ral attitude altitude the R R. R F. F C. C has adopted toward their problems They feel that tha t Jesse Jones is taking his unofficial job of saving them seriously teeth Eye-teeth arc are no longer necessary at collateral before a road gets a loan Ioan Credit can be Had almost for forthe forthe forthe the asking if it the need can be I proved worthy and urgent Also it looks as f if the plan would go through whereby the R. R F. F C. C will exchange its own year four-year 2 per percent percent percent cent bonds for Cor securities of or the weaker roads at the current mar mar- ket Under this plan the government government government govern govern- ment would in e effect underwrite the reorganization of embarrassed railways and greatly ease their debt worries i iNow I Now New York sharps harps believe e this move would do the stricken carriers carriers carriers car car- more snore good od than the rate rise they've been yelling for Theres There's no guarantee that higher rates rates wouldn't cost the roads more in curtailed freight shipments than they'd gain in Increased charges Certainly they would tend to slow up recovery On the other hand financial a. a assistance of ot the sort described described de de- scribed would be sure be-sure sure to benefit roads in difficulties and could not harm inn innocent nt bystanders rs Of Ol course it steers clos closer r to 10 direct gov government ownership but a lot of New Yorkers a aft aie getting accustomed accustomed accustomed tomed to that idea e a a Showdown after showdown Is piling up for the national labor board The Goodrich and Firestone rubber companies are grimly in earnest about refusing to allow the board hoard to conduct elections among their for collective bargaining bargaining bargaining bar bar- gaining representatives Both corporations corporations cor cor- cor are extremely conservative conserva conserva- live tive and have decided its it's time to stop this newfangled new labor nonsense nonsense non non- sense once and for nIl alt They are Ina in ina a a strong position to resist and nothing nothing nothing noth noth- ing short of a U. U S. S supreme court decision decision If If that that can can make them change their minds All industry try Is to watching these two companies If they get away with their defiance therell there'll be darn few large corporations which wont won't follow their lead The board will have to land a fish tish or cut bait pretty soon oon a a a aNew New Yorkers Yorker friendly to the new deal suggest that those who complain complain com corn plain about regimentation take a careful look at Germany T Talk lk about limitation of profits Minister Minister Minis Minis- ter Schacht's recent decree that any company which earns more than 6 C per cen cent t in a few cases 8 per cent must muot invest the excess in German government bonds makes snakes the laments of American in industry industry in in- about interference look as trivial as a peanut at a banquet a a a aThe The only reason theres there's any capital cop capi tal left in Germany is because it cant can't get out A few of ot the wealthy have evaded this absolute prohibition prohibition prohibition tion by lavish bribery but bribery but not notman man many The German government even tries to collect a a. large slice of the incomes earned by its iL citizens working abroad Of cour course e collections colle are ore small small- small but but those who dont don't pay had better belter not be in a hurr hurry to go home Some of the stock exchanges exchange's personal personal personal per per- brain ma may resign shortly i if the exchange doesn't pay some ome attention to their advice They make suggestions and nothing nothing nothing noth noth- ing happens and they're beginning to think they're wasting their time The real trouble is that the exchange ex ex- change hange prefers to take a back seat and let the securities and exchange commission ion do all aU the driving driving so so Its It's not in a mood for innovations Such resignations would be Ibe a bit awkward after all aU for the publicity the exchange has given its advisory committee Comment runs that the exchange might go so far lar as to act acton acton on some of ot the advice 1 if that's what what- Is needed to keep the happy family I Intact Copyright McClure Newspaper Syndicate |
