Show THE DAILY DAlLY NEW YORK o Fin Financial a n cia I W Whirligig h j r I i g g Written for tor The Telegram by JAMES McMULLIN NEW YORK YORK New New York observers ers regard the next three months as among the most fateful in our history Thc They figure that period will settle whether the administration tion will wUl continue a policy of or modi modi- tied lied liberalism which liberalism which see seeks to combine social gains with encouragement to private enterprise or enterprise or whether popular and political pressure pressure pressure pres pres- sure will force a decided shift shiH to the left Only a handful of or incurably in Sn- curably optimistic conservatives J really expect F F. F D. D R. R to move mO farther farther far far- ther to the right than he lie alre already idy has his has although although h plenty of ot those who have no such hope will keep on trying to push him in that Hlat tion 08 0 it Insiders rate Donald Donnld the ke key piece of ot the puzzle puzzle even even more because became of the antagonisms he has stirred than for his undoubted ed influence at the White House Well posted scouts report he hc has stepped on a L lot of highly placed toes in his Job as OLe a n one-man one clearing clearing clear clear- ing house for lor government departments depart depart- ments and new deal agencies Men accustomed to authority in n their own right dont don't colton cotton to this business busi busi- nc ness ne of at having their ideas edited before thc they reach Its It's understood that liberals especially es es- es resent recent what th they y call Rich Rich- bergs berg's catering to big business sen sen- The inside friction is reported reported reported re re- re- re ported plenty hot enough to burn burnout burnout out a bearing in iii the new deal machine ma ma- chine Add to this congressional suspicions of oC au an assistant president who is Ls in no way responsible to the legislators and you have the makings of a whopping political which F. F D. D R. R may need all his skill to prevent a You hear the prediction In r re responsible responsible re- re quarters that either cither Rich Rich- berg or several other Washington headliners will be on the way to the showers before long If Ie its it's New York looks for foe a sharp harp left turn If not it will be betaken betaken betaken taken to mean that the pilot plans to hold his course Conservatives w iv uld be genuinely genuine genuine- I ly sorry to see go go- go o- o though they'd have laughed i if anone anyone anyone any any- one had suggested such a reaction six ago They find him practical and reasonable But they suspect hes he's a more likely casualty casualty cas cas- than his opponents if if only because its it's so much easier to handle han die dle one resignation than a flock of them e a tA t A steel strike is several steps closer since the steel labor board ordered collective bargaining elections elections elec elec- in the DUQuesne and MacDonald MacDonald MacDonald Mac- Mac Donald plants of C Carnegie Steel The boards board's hand was forced The unions flatly refused any compromise compromise com com- promise which failed to provide for majority rule rule and and which was one concession the employers wouldn't grant Efforts to stall or off trouble by postponing the election order were only making labor madder madder mad mad- der del b by the minute Further delay would have precipitated a ruckus anyway with anyway with the added feature that labor would have openly accused accused accused ac ac- ac- ac the board and by b- inference the administration on of ot bad faith This in turn would have made leftist left lert 1st congressmen that much harder t to o keep leep in line Now the steel companies instead of the unions are sore at the board which is less harmful politically but is no help to a peaceful sobs sobs- lion tion The managements will definitely deli deli- refuse to turn over o their payrolLs payrolls pay pay- rolls as lS ordered ordered and and tl there ere can b bno bno be beno no election without them This means a prolonged court contest and you ou can lay 20 to 1 that labor will get Jet tired of waiting The rank rank- filers and are rapidly winning recruits re rc recruits re- re with their demand for tor direct di di- action business Cooperation between and government may ma- have come apart at the scams but the banks have no kick coming The chan changes which Leo head Crowley head of the Federal Deposit Insurance corporation corpo corpo- ration will ration will recommend for lor deposit de do- posit Insurance legislation are arc practically a carbon earbon copy of bankers bankers' bankers bankers' bank bank- ers ers' sugg suggestions He will ask that permanent insurance Insurance In In- be restricted to deposits of ot or less and that ass assessments ments on member banks be definitely limited lim lim- These are ore the two amendments amend amend- ments meats most urgently wanted by the banks His contention that banks should be adequately capitalized as well as solvent In order to qualify quid quid- fry for Insurance also gets gel cordial Indorsement from the big fellows fellow e S The arrest of ot a Japanese naval i officer for or taking pictures in Florida Florida Flor Flor- ida fda reminds a New Yorker who frequently lies flies to Washington that he has several times seen Japanese passengers taking copious photographs photographs photographs photo photo- graphs and notes from the windows of oC the plane The They were especially busy around Wilmington Wilmington home home of or orthe the Du Ponts Fonts He adds that the copilots on the trips had plenty of chance chanc to see sec what was wao going stong on but just didn't seem to be interested S Youve You've heard about the stock exchange cx ex change rebels who want to bounce Richard Whitney and nd his hs crowd on their ears cars Some of those reformers reformers reform ers are authentic but others other are arc arcas ac as extreme wingers right ers as you'd oud find in a month of Sundays They TIley want to evict Whitney because they figure hes he's somehow responsible for getting gettin them regulated regulated and and his words of ot f praise for lor regulation have them frothing Apparently you class clas as a liberal if it youre you're agin the thc established regime a It aa Deposits In commercial banks dropped 18 billion dollars during the depression and have come back five fi billion mostly billion mostly due to government government govern overn- ment financing Its It's ls l's estimated that rev revenues of or cl class 1 railroads will be up 5 percent per percent percent cent for 1934 but 1934 but net operating Income will be down nearly 7 per percent cent Looks as if it Jesse Jcsse Jones has hasa a job bai bailing ing out ut the ocean Copyright McClure Newspaper Syndicate |