Show New York Whirligig POLITICS FINANCE By By JAMES McMULLIN NEW YORK The tempest abo about t the disciplining of ot General Johnson Hagood wont won't stay in any teapot if New York G. G 0 O. P. P strategists can help it They rato rate it IL as one ono of ot those outwardly trivial Incidents that can be worked Into a cause for burning popular indignation Off Oft the record they figure that Son Senator Senator- tor Joe Robinsons Robinson's attempted justification of Hagoods Hagood's punish punishment ment ment comparing comparing him with Generals Gen Gen- Billy BUly Mitchell and Smedley Butler played Butler played right into their hands This facilitates emphasis on tho the distinction that Mitchell and Butler were disciplined for remarks made In public whereas Hagood admitting Hagood-admitting admitting he was a bit indiscreet was Indiscreet was theoretically tes- tes tes testifying testifying In private and had been authorized by his superiors to speak his mind freely treely Its It's a beautiful setup for tor the charge of dictatorial vindictiveness New Now Yorkers privately wonder how come Mr Roosevelt handed his opponents such an obvious muffed Experts Experts Ex Ex- Ex- Ex opening It wont won't be perth in public relations are preparing preparing preparing pre pre- paring to exploit tho the generals general's martyrdom to tho the limit Chairman Jim Landis of or the these se securities exchange commission Is very much in earnest earnest- when ho he trumpets the alarm ab about ut another speculative boom and The writing on tho the wall Is growing plainer Despite his strenuous efforts t to impress upon the the public public pub pub- lic lie that the stock market Is not government guaranteed It is already painfully apparent that those who eventually get burned are going to blame i it all on the commission That wont won't be justice but it will be human nature The new federal reserve board Is jittery on the same score There Is talk of trying to lift requirements re requirements re- re qu for tor bank loans on stock stocIe collateral to collateral to prevent speculators speculators speculators spec spec- from evading g margin re requirements requirements re- re by going straight to the banks Such a move would be strongly resisted by the banks which are having trouble enough finding profitable employment employment employment em em- for tor surplus funds without without without with with- out being handicapped by additional additional addi addi- restrictions Stock exchange officials are politely sympathetic to the commissions commission's commissions commission's com corn missions mission's problems and disposed to cooperate in anyway way requested although careful to point out the limitations to their authority But Bu they ey can hardly help a quiet chuckle behind their hands Its It's unprecedented comfort to know that somebody other than themselves themselves them them- seI selves es must take the rap In case of trouble No use talking talking federal federal regulation does have its good points Heres Here's an example to show why tHe We securities exchange commission commis J- J zion sion sometimes g gets ts awfully discouraged dis- dis dis discouraged about this business of educating the public p to appraise Iso investment values correctly In the old days the marketers of a a. new security issue naturally trl tried d to make It sound a as attractive attractive at at- at to buyers as possible Its It's different now A New Yorker who who has signed registration statements statements state slate ments for two important corpora corporations ti ns says says' that both stressed aUthe all aU the p possible developments that might hurt the bonds In future future- In accordance co with the spirit of ot tho the law Jaw designed to protect pur pur- chasers The same Mme Ls true of many other registrations But all aU these gloomy forebodings ings In prospectuses have failed to dampen customer enthusiasm even even the least bit Buyers eIther cither do not read prospectuses or blandly blandly bland bland- ly refuse to believe that anything bad could happen to a security which the S E C has approved for registration This faith in inthe inthe inthe the commission Is Is' Is touching It may also be embarrassing embarras New NewYork York veterans' veterans circles learn that John Lewis Smith of the District of Columbia has nas already started campaigning as as a candidate candidate candi candi- date for national nation l commander of ot the tho American Legion next year Mr Smith Is a Republican Republican- though he ho hasn't worked hard atIt at atIt atit It for some somo time But the real significance of his candidacy is that he was the legislative legislative legis legis- agent who quietly and successfully suc sue put over a pension bill for foi tho Spanish war var veterans soon after the end of the World ward Therefore Therefore Therefore-no no matter what position ho takes ta cs publicly on the matter matter his his election would connote connote connote con con- note a Dr vigorous drive for lor World war var pensions Veterans Veteran's leaders have realized that nothing thing could be bo dono done about them at this session Time Is too short and the bonus too re recently recently recently re- re In mind But the pension pressure Is bound to come come and and why not next year Veterans' Veterans organizations flourish only when they keep digging up new benefits benefits bene bene- tit fits for lor members New York State Chairman Mel Eaton is being made the goat for Republican blunders in legIslative legislative legisla legIsla- tive Uve strategy The party's massed opposition to Governor Lehmans Lehman's program drew a strenuous strenuous strenuous kickback from constituents So the Republican assembly is busy passing the bills with a few saving face-saving amend amend- ments But somebody had to be publicly punished for making the mistake In the first place Eaton was selected rather than discredit discredit discredit dis dis- dis- dis credit the active G. G O. O P. P leadership leadership leadership leader leader- ship In the legislature Ho He took It with good grace which grace which helps to have party harmony harmony and and may maybe maybe maybe be rewarded by r reelection to the tho chairmanship p. p Professor Rex Tugwell produced the tho equivalent of an excuse from tram papa papa in his effort to save his teaching job and pd still remain tin in inthe the new deal service a while longer No matter what tho the Co Co- Columbia lumbia authorities' authorities private sentiments sentiments sentiments senti senti- ments may be b they could hardly har Uy reject a personal request from from- the president pr of the United States for an ext extension of ot T Tugwell's leave of absence Insiders understand that T Tugwell Tugwell Tug Tug- g- g well is being being- kept in W Washington I chiefly as a beacon t to attract lIb liberal ial vot votes s t for r his chief H He H His Is not no expected to be prominent again in framing or executing administration administration administration ad ad- ministration policies Copyright McClure Newspaper Syndicate S |