| Show New N York Whirligig lh The 8 N News 8 W s B Behind 0 h i n d tho N Mows W s sI I POLITICS FINANCE By JAMES McMULLIN NEW YORK There was wu no surprise in Al Smiths Smith's blast blat against the new new deal The news behind the news lies In the fact that he has finally his hI political bridges behind him Though he he has criticized the administration administration administration ad ad- ministration before he has hitherto hitherto hith hith- erto been careful not to step beyond be yond th the possibility of tion R Ever since 1128 1828 leading loading New NewYork NewYork NewYork York interests have been gradually grad grad- linking Al AI to their cause cauce with strands of at gratitude They have been decidedly helpful to his personal business career career especially espe espe- daily In the d dark rk days of 1933 Such services rendered are the strongest sort of claim oil ozi loyalty to a man man of Als Al's t temperament His friends confide that he was glad of a chance to requite the tho kindness of the financially mighty Where Al will viII walk after the Democratic convention is still un un unsettled settled backstage It wont won't be into the G. G O. O P P. fold That would be bo asking too much A constitutional Democratic party is possible possible but but not c certain The important nt point as as shrewd observers see it it-Is it is that Smith John Davis A Albert Alb I I e r t Ritchie and Newton Baker Balter have been c collected in one basket arid and have havo one job to do I Dr Townsends Townsend's announcement that third party plans arc are off until un un- un til UI after the major par party conventions conventions conven convert carries the same implication as Its ns' Father FaUler Coughlin's plague on both your houses attitude Coughlin and the Townsend general staff have both decided theres there's nothing to be gained by trying to work up a third party Therefore both will ignore the presidential contest and concentrate concentrate concentrate concen concen- entirely on n electing congressmen con con- gressmen m pledged to their respective respective respective tive causes whether causes whether labeled Republican Re Re Republican publican Democratic or Independent ent New York political sharps agree that this is the only smart strategy strategy strategy strate strate- gy for them to pursue Neither could get getto to first base in a three- three cornered battle batU with Democrats and nd R Republicans But But both should be able to snipe off enough seats in n the house to assure themselves a substantial nuisance value in especially 1937 1937 especially if the same candidates candidates candidates can can- get sold on on both Coughlin and Townsend philosophies in some districts as may happen Explanations for tor forthe the s serve b boards board's ards ard's unexpected action in r raising margin requirements on collateral loans were a nickel a gross gross' in Vall Wall Street Some ob observer observers ob- ob servers server claimed it was was' a parting gesture of mild mUd defiance from the theold theold theold old reserve reserve board to the new Others contended it was yas a a sure harbinger of inflation Still others others others oth oth- ers Insisted it was exactly the I opp opposite All AU hands agreed it meant but what something something but The best posted sources figure It was pr primarily a gentle form torm of testing the brakes to indicate to the public that they are in working working working work work- ing order Tho The practical effect will viiI be c nil Bank loans for speculative purposes are still negligible in comparison to the volume of at trading But evidently er Eccles wanted to assure the nation nation nation na na- na- na tion heis heMs on the job to prevent undue undu expansion of ot speculative credit and thus prove prova that ho isn't the Wild eyed Wild hes he's been painted If It the idea ea was to allay of ot Inflation it was a ft washout Too many people reacted that it must be coming or else why should th the reserve board trouble trouble trouble trou trou- ble to set up even a nominal safeguard safeguard safe sate guard against it New York s statistical experts have analyzed the federal budget figures since 1933 to determine what the governments government's actual cash cah outlay has been and is likely to be They find tind convincing evidence that federal expenditures have been rising steadily In each year o of the new deal and arc are still sUll goIng going going go go- ing up despite gestures toward a balanced budget Three billion six hundred million mil mU- lion dollars was spent in tho the fiscal fiscal fiscal fis fis- fis- fis cal year 1033 For 1931 the outlay was for tor 1935 1935 6 6 for for 1936 It will be roughly Expenditures Expenditures Expendi Expendi- tures for the fiscal year 1937 are aro forecast at or more ore This last figure is s predicated on th the presidents president's original budget estimate of plus two billion for the bonus two billion for relief these two on Secretary Secretary Secretary Secre Secre- tary so say-so and arid or more for farm ben ben- Revenues are certainly rising risIng- but but not In p proportion It looks more and more as 88 If Mr Roosevelt's Roosevelt's Roosevelt's Roose Roose- velt's hope of no new taxes was a a. midwinter nights night's dream Still Still Still- In In case ten billion seems t too o discouraging discouraging dis dis- dis its it's worth recalling that Uncle Sam spent the modest sum of nineteen billion in 1919 Including loans to our our late al al- al lies The wind of new deal dea regulation regulation regula regula- tion has blown good to one one organization or or- the the Investment Bankers Bankers' Bankers Bankers' Bankers Bankers' Bank Bank- ers' ers association I Its Iti membership recently reached an time all high of This record enrollment traces chiefly to the nervous at attitude attitude at- at of security dealers who want legal advice b before fore risking a a. sneeze nowadays Good lawyers come high bight B But t dealers who join the association can avail themselves of that organizations organizations organization's or or- excellent legal talent for the price of membership with an up the minute the to information service on the tho side The association is on good terms with th the these securities exchange comm com corn m mission It has made 8 a point of cooperating with that l agency gency in working out practical interpretations of the s securities act and has striven consistently to Improve Improve improve Im im- Im- Im prove the ethical standards of the securities b business sines New Yorkers who wh followed Al Al' Smiths Smith's Liberty league speech closely fear he was guilty of ol a slight faux pas at one one point After saying that we vie dont don't want the executive Uve t to tell telI congress congress' what to do nor congress or the executive executive exec exec- to tell the supreme court what to to do do both both remarks greeted greet greet- ed by thunderous cheers he ho added that we dont don't want the supreme court to tell congress ss orthe orthe or orl the executive what to do He said it sort of hastily but comment runs that he handed the opposition opposition tion an opening tho the size of ot the Empire State building Lloyds Lloyd's of London has reduced its term long insurance rates That's a sure sign the war fever is abating Current New York betting odds are eight to five on Roosevelt Copyright McClure Newspaper Syndicate |
