Show New York Whirligig Tho News Now s Boh Behind in d the tho Now Mows S POLITICS FI FINANCE ANCE By JAMES McM McMULLIN NEW V YORK YORK New New York conservatives conservatives con con- ruefully concede that tho the Democratic congressional chiefs who decided it was their duty to m make ke public the details detail of ot large corporate salaries lilt hit a polItical political po po- bonanza Trusted scouts scout I report an astonIshing astonIshing astonishing aston aston- kickback Widespread re resentment resentment resentment re- re Js is expressed by average citizens In all sections of the country not country not so 30 much at the size sire of at tho the salaries as at the fact tact that their ther recipients are the leaders of at th the anvil chorus about Roosevelt's ruination of at business Comment is particularly bitter about William Wil VU liam liani Randolph H Hearst art and his The reaction is li especially I mark marked d in small cities where a a. afew afew few tew local leaders who h have ve been crying wolf are revealed aleli as havIng hayIng having hav hay ing done very well for tor themselves compared to their fellow citizens The effect Is virtually to destroy all aU respect for their political ions Art An astute An astute New V Yorker remarks remarks re- re marks Congress made more moro votes for tor Roosevelt by that apparently apparently apparently casual move than he could win for tor himself with 20 speeches speeches' about the forces of ot greed Two weeks ago the tho president painted a rosy picture of ot the federal federal federal fed fed- eral budget indicating that a slight alight further gain in recovery and arid reemployment would put Uncle Sam back In the black Last week Secretary went to the opposite extreme and splashed gloom all aJl the canvas canvas canvas can can- vas as he told a senate committee the treasury will have to borrow borI borro bor bor- I ro row ro by June 30 30 1937 It looks like a case of ot crossed wires but wires but it New York sharps note that Mr maneuver maneuver serves five lve useful purposes 1 Hangs the full tull onus on congress congress con con- gress greas for the Increase in the deficit deficit def def- due to payment of ot the bonus and strengthens the case for lor payment pa pay ment meat in bonds which is the least objectionable method to the White House 2 Emasculates a n. major anti- anti new V deal issue When G. G O. O P. P harp on the ghastly figures this summer Mr Morgen- Morgen thau can say he told the country country country coun coun- try a about out them first 3 The treasury treasur Is on record as favoring financial conservatism 4 Over half of the staggering 11 ii billions is routine refunding which will cause no difficulties whatever Estimates of ot two bUlion billion billion bil bU- bil- bil lion each for lor relief and the bonus are maximum Probably neither will vill be approached The realities as they develop will be bo so much less appalling than the preview that the nation is ts bound to feel teel relieved 5 5 By playing II to the pr presidents president's Mr preserves the double double- ended balance that has been characteristic characteristic char char- of at new deal policy policy- which its opponents admit with exasperation is no cinch to upset In the public mind F. F.- D. D Rs R.'s decision to be rough with big business doesn't mean he has dropped J Jack ck Garner from his privy council On the contrary sources who should know say the brightest spot in his winter was when Jack returned from tram the Orient Its It's true that Jack isn't strong for tor what New York calls caUs the conscious class stuff tuft But he figures figures fig fig- ures its It just politics sQ why worry wotty about it It- It 1 He will be very much on deck as u chief counselor on legislative strategy as well AS RS helping to chart the course course of ot the campaign Secretary whose Influence like Influence like Garners Garner's Garners Is is de decidedly decidedly de- de on the conservative side Ilde remains personally closer to the president than any other member of his administration They both botn realize that continued recovery is Mr Roo Roosevelt's biggest political asset With such advisers still sun on the the inside track New York is confident confident con con- that F. F D. D R. R will act right no matter malter how left lell he lie talks Shrewd political p observers set see indications that Republicans in inthe the senate are keen to have one of ot their own own in the White House Houle The solons recall tho the palmy days of Harding and yearn yearn yearn-to to ree reestablish reestablish tab tab- lish their sphere sphere- of influence at tho the executive end Especially do they crave to assert what they consider their rightful prerogatives prerogatives ga- ga tives in the tho framing of at foreign policy They swing enough weight in party councils to make their wishes an important factor in the tho convention This enhances the prospects of ot McNary or Dickinson Dickin Dickin- son as against Landon or Knox It wont help Borah He doesn't belong belong belong be be- long to the club The Informed believe that a smart nomination could lead t to substantial inroads ads on the Democratic Democratic Democratic Demo Demo- cratic side of ot the senate I IThe The treasury pulled an u unusual usual stunt last week in calling on commercial commercial com com- mercial banks to repay of or the funds it had on deposit with them The odd feature is that it had available on de deposit deposit deposit de- de posit in the reserve banks an and It ordinarily draws on tho those C balances balances bal bal- ances first Bankers figure this departure marks the beginning of ot a a. policy polley designed to reduce excess reserves without attracting attention If It that's the idea they call caU it trying to bail ball the ocean with a spoon It would take a whale of at a lot of withdrawals on that scale to make a dent on of ot excess r reserves erves Beware of ot plausible gentlemen who wha offer oHer convincing explanations of why they are willing to pay you youa a 8 price considerably above the market for your steaks in established established established companies This is J the latest security swindle swindle and and its it's going strong It isn't a switch h racket racket they they dont don't try to swap you dogs for lor blue chips They simply disappear with your certificates they have excellent reasons reAsons reA- reA rca rea sons eons for delivery before payment and and forget to remit A New Yorker calls caUs these strikes of at W P PA A relief workers Mutiny on the Bounty Recent Recent Re Re- cent popularity of ot priced low-priced stocks indicates that the tho public is back in the market That might be a dangerous sign except that buying is being done with cash not cash not shoestrings Copyright McClure Newspaper Syndicate |