Show T THE E DAILY NEW YORK Fi Financial ancial Whirligig Written for tor The Telegram by y JAMES McMULLIN NEW YORK YORK New New York has a nervous eye CC on steel labor developments develop develop- ments Insiders dont don't like the looks of ot the rank and file rebellion headed head head- ed cd by Clarence Irwin and William Spang a n bit Michael efforts to lo solve the situation by chucking the tho malcontents malcontents mal nial contents out of ot his Amalgamated union succeeded only in popularizIng popularizing popularizing popular popular- izing the outcasts and adding strength to their cause That's why Tighe and Bill BIU Green are arc privately so io 0 anxious to avoid a steel strike If It discontent were translated into action they would lose control of organized labor In that Industry Industry- probably for keeps As in the case caso of coal a walkout would play directly directly di dl- into radical hands It now appears that the rank and filers mers will be able to force a strike once they get organized organized and and its it's at least an even bet that they will do so Conservatives fear that a n spark Ignited by steel radicals will spread rapidly to left wing labor elements in other industries and precipitate a series of violent and damaging disputes which are arc likely likely like like- ly to block recovery and lead to a 3 major cr crisis in labor relations New Yorkers in close touch with Washington get word that Hue Huey Longs Long's plans for 1936 arc are taking definite shape The dope Is that not only has he decided to postpone his pers personal shot at the presidency but buthe buthe buthe he has a also o selected the candidate who will get his vociferous support sup sup- port The man mentioned In these reports reports reports re re- re- re ports Is Senator Burton K Wheler er of oC Montana silver Montana silver champion and pet nemesis of Wall Street and big business Its It's believed that Senator Sen n- n ator Wheeler Is willing to play An angle worth noting Is that La Follette's Fol- Fol I lettes lette's progressives cs and such left- left wing senators as Norris Nyc Nc Bone and Cutting might easily be Induced Induced In In- to support him where they probably would not go for Long himself Shrewd political observers figure that a third party ticket with Wheeler at the head bend would make a strong showing through the west and In parts of ot the south south special especial ly h Louisiana Arkansas Mississippi and Oklahoma They estimate it might corral as many as 10 million votes nearly votes nearly all of them subtracted subtract subtract- ed from 1932 new deal backers You Youcan Youcan Youcan can figure the effect on F. F D. D s R chances Signs are multiplying that the gold sold bloc is coming apart at the seams Well posted banking bankin sources estimate Its maximum life at 60 days das The members of the bloc are beginning to take the attitude of ot every man for himself France could have kept the group intact awhile longer with comparatively minor financial and trade assistance assistance assistance assist assist- ance to Belgium She chose to look the other wa way while Belgium slid out from under The next gold bloc casualty will probably be Holland Hoarding banding and flight of capital are putting severe pressure on the guilder The Dutch have many Inducements to follow Belgium's example and practically no Incentive to stand fast Switzerland's Switzer Switzer- lands land's position is growing constantly constant constant- ly weaker France alone has the resources resources resources re re- re- re sources to stick to gold gole Indefinitely if it she wants to But she's anxious to cling to her vast supply of the metal as a n war reserve If II any psychological psychological psychological uneasiness starts a wave of ot gold exports from France its it's a safe bet therell there'll be an embargo on such shipments before you ou can say Treaty of ot Versailles And that will be that Financial observers believe the breakup of the thc gold cold bloc will hasten hast hast- en the demand for international monetary stabilization A confer- confer ence for that purpose Is now predicted predicted pre pre- as a virtual certainty before belore the end of ot the summer S S The rIe man behind the labor party's comeback in England is Herbert Morrison He Is La credited with its unprecedented triumph in capturIng capturing In ing control of London's municipal government and his astute political political political cal maneuvering has paved the way for more sweeping victories in the future The ironic part of ot it is that Morrison Mor Mor- rison was a particularly loyal and devoted follower of Ramsay MacDonald Mac Mac- Donald New York learns that when the premier split spilt with his party in order to head the national government Morrison wanted to stick sUck with h his chief It was MacDonald MacDonald Mac- Mac MacDonald Donald himself who privately urged him not to do so so-on so on the ground that his defection detection from the labor party would deprive it of valuable leadership Now it appears appears appears ap ap- ap- ap pears that he will be instrumental in overthrowing the cabinet which MacDonald technically heads An informed English visitor says that school teachers in Britain are arc predominantly Their Influence Influence influence in In- fluence is expected to make itself itsel felt when the tho younger generation of ot British voters go to the polls at atthe atthe atthe the next general election If It tho the party comes to power it will probably probably probably ably be much more forceful in its policies than It was when it held the sceptre previously S S S Bankers and brokers are arc rather envious of the utilities They wonder wonder wonder won won- der if the they mightn't have headed o off some of oC the regulatory legislation legisla tion which cramps their style if it they had been more outspoken in their opposition Its It's conceded the utilities have one factor in their favor which financial people didn't have when they were being taken over the bumps bumps bumps-a a more critical public attitude altitude toward tho the new deal S S S New Yorkers no longer wince when Washington accuses them of ot propaganda They claim that Washington Washington Washington Wash Wash- ington started this propaganda stuff stuff stuff-so so why should they feel embarrassed Its It's noticeable that financial and business leaders who used to shun quotation on controversial controversial controversial contro contro- topics are now expressing opinions for tor publication much more freely S S S SA A man who has had intimate dealings with auto labor problems privately insists that the American Federation of Labor finds it much harder to get the workers to join its us unions than to get the companIes companies com corn panics to deal with them That Industry industry industry in In- is a continual pain in the neck to labor chiefs S S S SWall Wall Streeters cast wistful glances at England's budget sur sur- plus An observer compares the attitude altitude of American financiers to that of a small boy who sees a tempting but unreachable cake through an impassable bakery win win- in dow JIll S S S Financial circles are bus busy doping dop dopIng dop ing out where the social security bill will hit hardest if enacted They figure that industries with a small proportion of labor cost cost cost- such as oil smelting sugar refining and canning canning will will get of off easy At the other end of the scale are arc the groups in which wages are arc the chief chic cost ingredient such ingredIent such as office oUke machinery and equipment agricultural implements and cotton cotton cotton cot cot- ton and silk slUe textiles Assessments for old age ace pensions and unemployment unemployment ment insurance would have a marked effect on their earnings Copyright McClure Newspaper Syndicate |