Show THE DAILY NEW V YORK Financial Whirligig Written for The Telegram b by JAMES McMULLIN NEW YORK The vendetta which a group of or prominent educator educators educators tors tor has declared against William Randolph Hearst will be no sham battle Leaders of the t teaching achin profession arc genuinely stirred by bythe bythe bythe the Implications of the vigorous campaign n which the Hearst papers are about to launch against the red menace They regard it as asa asa asa a veiled thinly attempt to brin bring about the suppression of all liberal thought in American schools and colleges colleges and and they dont don't intend to take it lying down The Progressive Educational association as as- with with a membership of 1000 teachers teachers teachers-is is slated to carry the bann banner r in the counter counterattack Tho The National Educational association tion wIth tion-wIth with members members members-hasn't hasn't taken a position yet ct but the informed informed in informed in- in formed predict it will join the fight within a few weeks o e 4 Heres Here's an incident which indicates indicates indi indi- cates that Hearst is in a hurry to get et action The on come-on letter written to Professor sor George Counts of or Teachers' Teachers colle college e by a Hearst reporter in the gui guise e of a prospective prospective prospective tive student was spotted at once Professor Counts replied that he was too loo busy to talk to the inquirer now but would be glad to do so after aner the New Year Apparently the delay didn't fit with Hearst's plans plans because because the reporter showed up anyway and readily admitted authorship of the letter Forewarned by what happened happened happened hap hap- at nt Syracuse where Syracuse where the educators educators educators edu edu- involved charge deliberate the misquotation the Teachers' Teachers college people had stenographers on the job o e e eA o e eA A New Yorker involved in the controversy expresses the teachers' teachers viewpoint this way This talk about red propaganda In the universities universities is 99 per cent bunk Hearst just wants an excuse to put us all allon allon 11 on le leash h. h We feel that free speech is worth fighting for He may think hes he's gunning cunning for rabbits but buthe's buthe's buthe's hes he's likely ely to find they arc are wildcats wildcats wildcats wild wild- cats instead o 00 o c Insiders understand a complete legislative program for revamping the federal reserve system has been framed for early carly presentation to congress The idea is to ram it through before the central bank advocates have a chance to get or or- As forecast here the charges will vill centralize control of the s system stem in the reserve board at Washington Apart from being given full authority authority authority au au- au- au over the op open n market marke operations operations opera opera- of the regional banks the board will be empowered to broaden broad broad- en the classes of co collateral eligible for tor or rediscount at the reserve banks which are at present rigidly limited by law Liberal use of this power would undoubtedly speed speedup up credit expansion Senator Glass's Glans's blast at Professor Viner's embryonic solons foreshadows foreshadows foreshadows fore fore- shadows active resistance on his part to changes In the federal reserve reserve re rc- re- re also to the thc serve a act and act and probably confirmation of Marriner Eccles ased as federal ed ral reserve reserve governor New NewYork NewYork Yo York rk conservatives agree warmly with the senator but they have no illusions that he can play Horatius at the bridge e successfully And they much prefer preter t tighter government government government govern govern- ment control of the present system system tem tern to the central bank alternative o o o Consolidated Gas hasn't lost all aU its friends Some phases of LaGuardia's LaGuardia's LaGuardia's La- La Guardias Guardia's municipal power plan must come before the state legislature legis legis- lature and lature-and and are likely to run hard aground on the Tammany r reef ef Its It's doubtful whether the combined combined com corn influence of F F. F D D. D R. R and Governor Lehman can prevail over o Tammany affections of long stand stand- ing K It it cant can't theres there's little chance of or selling city cily power to private private vate atc consumers Meanwhile Comm Commissioner Davidson's Davidsons Davidsons Davidson's Davidsons Davidson's David David- sons son's assault on the holding compan company com corn pan pany as the cause of high rates Indicates indicates indicates in in- a cooperative technique between between between be be- tween federal and city It fits Ills neatly into the double objective of forcing lower charges and busting up the holding company company com corn pany pyramids The bankers may maj have their wrangles with the New York City Fusion administration but their actions actions actions ac ac- ac- ac indicate appreciation of the Improvement in city credit Last summer all nIl the local banks had to combine to put over a bond issue and even so there were creaks and md groans On the recent offerings two rival b banking bank bank- in jag ing syndicates bid for the whole thing and there were several other bids for tor parts of the issue Perhaps the most significant sign of or approval approval approval ap ap- ap- ap is ic the thc revived appetite of or insurance companies and other investing investing investing in in- vesting institutions for the city's city securities ties One reason for the zest is the fact that taxpayers are laying it on the thelIne theline lIne lino more promptly Collections are running to about 76 per cent of the total amount due as against about 65 per cent a year jear ago This in turn Indicates that property owners are beginning to be aware a of re rc- rc covery e tI The trend of or high grade real estate estate estate es es- es- es tate bonds is another indication that the real estate situation is looking up An average based on such s bonds has risen p per percent percent I cent since the end of 1933 and 52 2 per cent since the end of 32 During During During Dur Dur- ing the same periods the thc Dow- Dow Jones average of 40 bonds advanced ad ad- only per cent and per cent respectively o e eo o 0 oThis This story is a favorite with New NewYork NewYork NewYork York new anti dealers to illustrate the confusion in Washington on Two were driving home after a highly convivial evening evening eve eve- ning at the club Their car swerved madly from side to side narrowly mi missing ing other cars trees and t telegraph telegraph tele tele- le- le graph poles Finally o one el of or them became a trifle nervous patted the theother theother theother other on the arm and said Lishen ol 01 man I don wanna be critical or anything like that but wont won't you ou please be a little careful where youre you're At which the other looked at his companion in surprise and replied Me UMe Why I thought jou you were 4 4 World motor fuel consumption will probably reach an an time all peak this year U. U S. S consumption is about 2 per cent under 1931 but other countries are arc using about 10 per cent more than they did then 0 0 o 0 o Authorities estimate that the railroads railroads railroads rail rail- roads will need more from the in the first half of 1935 The hullabaloo about allowing office partners of stock exchange firms to serve as exchange governors governors gover gover- nors leaves Informed observers cold Comment runs that its it's usually usually all ally the office partners who put up the capital and thereby have authority to tell floor partners what to do Dont worry about those fellows having no vote Money talks just as ilS plain of off the record as on on Copyright McClure Newspaper Syndicate |