Show The Financial Whirligig By JAMES JAl McMULLIN lULLIN NEW NE YORK Oct 10 War lo-War War developments developments developments de de- de- de arc panning out exactly exactly exactly exact exact- ly according to informed New York predictions reported here before Mussolini cut loose II 11 duce now has his military triumphs to crow about abouL The put up just enough resistance to enable him to stage a good show is avenged now avenged now for a compromise settlement with Britain camouflaged as tile the fruits of victory Both England and Italy are Understood understood understood un un- to be anxious to reach an agreement France will naturally do everything possible to help it along and restore a strong allied front against Germany England will be glad to help il ii duce solve his economic and colonial problems 1 if only he will tone down on the Roman Roman Ro Ro- Ro man empire stuff As for Mussolini Musso Musso- lini ini he can talk all he likes about the Italian people having the courage cour cour- age ago to stand up under the leagues league's economic sanctions but these wouldn't help his 1113 difficult domestic situation at all Further deprivations Lions ions might lead to an explosion explosion- and he knows it Well posted observers see the only serious obstacle to an agreement in n tho the possibility that England or Italy may still try to play too stiff a game of poker Of course what Ethiopia thinks about peace terms doesn't count unless the Ute British decide decide decide de de- de- de cide to back her to the limit which limit which is s very unlikely A hidden factor i in the European I tangle that carries much weight behind the scenes is the communist menace Communists and other radicals have been pushing the idea of oC league sanctions applied to Italy for all they're worth Their strategy is i simple Italy is I Ithe the outstanding fascist state If economic pressure can cnn force an end to fascism there it would discredit fascist movements elsewhere elsewhere and and thus facilitate the progress of communism communism com corn as an alternative Germany continues to play playa a cagy i game New York insiders are impressed impressed impressed im im- im- im pressed by her latest move in giving giving ing a secret pledge to Britain not to start anything anything in in Austria or elsewhere while elsewhere while the Italian crisis remains acute Naturally the British British Brit Brit- ish government is is gratified by the promise which promise which furthers the nazi campaign to make sure that Britain remains friendly friendly or or or at least neu neu- when when Hitler is ready to strike in the continent The Germans appear appear ap ap- ap- ap pear to be profiting from the diplomatic diplomatic dip dip- mistakes they made In 1914 The best posted financial observers ers are arc re convinced Hitler not Hitler not Mussolini Mus Mus- is is the real menace to European European Euro Euro- peace He wont won't strike this year year and and probably not in 1936 1936 because he isn't ready But a full full- blown war of ot German origin is predicted predicted pre pre- in from two to four years unless a German internal revolution revolution revolution tion intervenes New York Cil City's S plan to take bIce over the privately owned transit lines for fora a gross price of about will bo be more of a boon to the security security security ity holders of ot I. I R. R T. T B. B M M. T. T and Manhattan Elevated than to the city's taxpayers Not that the price is excessive Efforts by interested parties to jockey it up were thwarted and experts experts ex ex- agree the final valuation is pretty fair all aU around But the subways subways sub sub- wa ways s 's wont won't show a profit any quicker quick quick- er under municipal ownership than under private private private-in in fact the operating ing ng deficit is likely to mount A fare increase is still rated the tho only way to get the lines out of the red red red- and that hurdle will probably be higher than ever when politicians ho have ve direct responsibility The Tho ho Chase banks bank's deposits almost hit lit the two billion dollar doUar mark in ints its ts third quarter s statement and the National City crossed a billion and a half haU But these spectacular gains were not due duo to any deliberate campaign cam cam- to build deposits They were the he fortuitous result of the government government govern govern- ment spending program and about as welcome as snow in July They were especially untimely in one respect Federal deposit insurance insurance ance anco premiums for the year will be based on average October deposits So the banks will have to pay through the nose for their fine show show- ing I If Italian Anglo hostilities should develop despite indications to the Ute contrary they should at least help solve our cotton problem The surplus surplus surplus sur sur- plus that keeps the A A A awake I nights might vanish rapidly if a Suez canal blockade shut off Indian and Egyptian cotton Financial circles hope that A. A A. A Berle face is suitably red When he complained about transit stock manipulation a few weeks ago he be particularly made the point that Vall Wall streets street's estimates of the price tho the city was prepared to pay for the properties were way off oft the mark Now it turns out that the advance guesswork was pretty accurate all along which along which Mr Berle as one of tho negotiators should negotiators should presumably have known Copyright 1935 for The Telegram |