Show Inside i Stuff Stull kp k TV TVr r By PAUL MALLON W Jan 30 President 30 Roosevelt's d dexterity as an K was never ne better illustrated than Ulan the ie sele selection of the new federal V rYe erve board The man in the reet may not know it but that board means more few ew w Reserve to his everyday I ard oard Is life Ufe than any fixture iture other official authority authority authority au au- au- au in govern govern- nt It runs the finance of at the which is to say saYI it runs he 0 country Mr Roosevelt may be bee bene ne e j janitor of the wt t the tho F R B is the control valve yalve or r the heating and cooling SS S'S ms Ins His s problem was to renovate V te the theard V ard rd remove remo old banking cobwebs rot ct it from self combustible I firebrands and and get Governor Go Ec- Ec VM es confirmed past Senator Glass With scientific methods in his bite hite House lab he composed the I political influences into V substance which is not by any leans aDS eans pure gold gold but but at least is board Aboard bo rd with few splinters in it 7 the new board was his own lea eo ea and the other half to was get round Senator Glass T c first things he put into his fitting bang glass glus were the reappoint reappoint- of ot his financial man Friday governor E Eccles and a sound libal libal lib- lib al ai whom ho no found on the board t. S. S Only the Insiders new V ew it but has frequently frequent frequent- ly lP disagreed with no Ile Chosen 1 Eccles not notably a b I Y Please against again the tho E Eccles l cles tor ator Gla Glass centralization V of f the open market Next ext Mr Roosevelt put in hi his p friend Joseph Broderick suno su- su Continued on pg Twelve Column One Inside dI t ns de j r t 1 Stuff S tu il I i I f Continued from are Pace One of banks in New York he named Years ago as governor the New York job Broderick t to Financial men characterize BroderIck Broderick Broder Broder- ick as a man with his feet on the ground round t I c These three Eccles and Broderick were the Roosevelt ideas Georgia sen senators tors are understood to have been behind the No 4 man R Ronald Ransom He combines the legal with the banking type of mind will probably be th the composing spirit needed on every board of di directors directors directors di- di rectors to get opposing factions to to- to geth gether r. r After Arter all it is not inadvisable mad mad- to have one banker on a federal reserve board governing banks bank The Ohio Senator Bulkley close friend of Senator Glass is sponsor for ifor the No 5 S John McKee but butR R B F C Chairman Jesse Jones is supposed sup- sup posed to have put the appointment over McKee was an examiner for fort t Jones and is also a solid citizen f No 6 Ralph Morrison of Texas j Js f being credited on the inside to Vice President Garner but the Texas senators were agreeable No 7 1 Mr dr Roosevelt withheld because he he e could no not find a suitable farm mant man zhan t t Th Thus Thus' did Alchemist Roosevelt draw confirmatory strength from the senate enate and provide his own leadership f for r the board The ret re- re 1 t suit Is a key for for- Board Named mu mula 1 a to toM Mr r. r Before Smith Roosevelt's funda- funda Made Speech men mental l method of operations ope Note 1 There 1 There is 1 a story going around round that Smiths Smith's Al AI speech had something to do with the selection of f the federal reserve board which came caine out 3 U hours later It could not possibly be true because the correct list of new was was J in in the hands hands' of senators and certain tain tam banking authorities confidentially 1 several days be before or they we were e announced Note 2 You 2 You may suspect ct that the appointment of ot the seventh board member wilt will control the board but that may mayor or may not be The six may or may not split equally on political political po- po or economic lines The overwhelming g eagerness In to vote the congress bonus was a private laugh even en for some of the thet t veterans veterans' yet rans' rans lobbyists c. c It is a popular belief belie In congress t rr 4 that veteran veteran veteran-j support is the best t i i an ambitious public man can get but there have ha been several notables unpublished experiences to prove the contrary 4 A certain Ben senator tor was up for re reel re- re ft Vt el election in a midwestern state last lut year He had voted against the bonus and naturally was fearful when his campaign opened He thought the issue might be raised to the detriment of others more important I He was agreeably surprised when no o one mentioned the bonus until i the last week of Bonus Anti the c campaign a amp m p a i g n. n it V Vote te 1 is J. Not Th Then Thena n na a man In z Always Fatal the front row got up with the tho missing miss miss- lug ing question The senator replied directly saying he would vote ote to pay only wh wha what w was due under the theold theold theold old law at any given date but no more The senator senit r was amazed when his I heckler deplored his stand but congratulated congratulated congratulated con con- him for his forthright- forthright ness The crowd cheered It could not have worked out better for the senator if it the heckler had been a plant which he was not Note The Note The senator was Vanden- Vanden berg of Michigan the only Republican Republican lican presidential possibility in incon congress congress con con- gress gres who vo voted against the bonus I It sounds sound improbable but a New NewYork NewYork NewYork York congressman swears it is true At any rate the story now is being told in the he house cloakroom that the newest boondoggling scheme in Connecticut is to plant briar bushes to m make ke better cover for rabbits and thus improve hunting Authorities around the senate who know Mississippi do not believe that Bilbo can beat Pat Harrison but butare butare butare are lamenting the vague ague possibility Harrison is very popular Mr Roosevelt has haa been doing a Ii great deal of work in bed or at athis athis athis his desk in the mansion staying away from the office until late in ta inthe inthe the morning or after lunch The mansion gives him seclusion Copyright 1936 for The Telegram |