Show New York Whirligig POLITICS FINANCE By JAMES McMULLIN NEW YORK YORK The The new deal may soon lose one of the brightest stars In its It administrative con con- Chairman James M. M Landis of the tho securities exchange commission has bas been offered a ajob Job as counsel to one of at the tho leading radio broadcasting chains Sources In a position to know say that Mr Landis hasn't yet et decided whether to accept The proposition is attractive The remuneration would bo be considerably consider considerably ably larger than he could ever hope to receive in Uncle Sams Sam's service Moreover theres there's the added inducement of g getting out of range of the thc brickbats which arc bound to be hurled at the commission commission com corn mission when the stock market cracks It will be a real loss to the administration administration ad ministration if It Landis quits He Hc h has s been schooled to take Joe Kennedys Kennedy's place wh when n the latter retired and there thero was a minimum of ot friction in the transition And theres there's no one in sight who combines combines com corn bines Landis' Landis grasp of the tho complicated com corn com problems confronting the commission with the confidence ho he has as to his integrity of purpose among the financial men subject to commission regulation regulation regu regu- lation Theres There's a slick little joker Inthe Inthe in inthe the new farm bill blU You are likely likely like like- ly to hear a lusty howl from the farm belt if It and when organized agriculture catches on Tho The trick is in the provision or ordering ordering ordering or- or dering Secretary Secretary- Wallace to re restore restore restore re- re store the prewar ration of ot farm farmand farmand farmand and city incomes Income Senator Wagner Wagner Wag Wag- Vagner ner of New York tried unsuccessfully unsuccessfully fully to put this into the bill when it first came before the senate But the senate conferees accepted it without a murmur after the house had approved it Secretary Wallace privately favored it all along although he ho did not care to commit himself publicly Outwardly this provision appears appears appears ap ap- ap- ap I pears to favor tho the farmer Actually Actually Ac Ac- It establishes the city workers worker's workers worker's work work- ers er's Income over Income over which the secretary secretary sec see of agriculture obviously hasn't the faintest control control control-as as the yardstick for agricultural prices and production quotas The In Inner inner in- in ner ncr purpose is unadvertIsed Is to prevent food prices from skyrocketing skyrocketing skyrocketing sky sky- rocketing and thus keep housewives housewives housewives house house- wives from becoming annoyed with further jumps in the cost of bread and bacon If It it works it may save a lot of feminine votes for F. F D. D R. R this November For once the city consumer scores a legislative victory over the farmer farm farm- er even er-even even though neither of them knows It Tho The recent decision of the U.S. U.S. U.S. U. U I S. S circuit court of appeals in North Carolina on the American states power case was widely heralded as another judicial triumph for forthe forthe forthe the new deal This impression arose from the courts court's implied re rebuke rebuke rebuke re- re buke to District Judge Coleman of Baltimore for his caustic and sweeping opinion that the tho entire holding company act is unconstitutionaL But in reality the appellate judges upheld the tho essentials of Judge Colemans Coleman's ruling They reaffirmed his judgment that the congressional power to regulate interstate commerce does not give the federal government jurisdiction jurisdiction jurisdiction juris juris- diction over a company whose properties aro are operated strictly intrastate even though they are located in several different states They also supported him on John W. W Davis' Davis vital contention that use of tho the mails is a right and not a privilege subject to wIthdrawal withdrawal withdrawal with wIth- at nt tho the pleasure of congress congress con con gress Take these two elements clements out of the holding company act and theres there's little left but scattered and lifeless bones Far from rejoicing at the action of the court of ot appeals ap rip- peals new deal realize it left them farther out on a n limb than ever Tho The government privately expects expects ex ex- to lose this American states power case when it reaches roaches the supreme court The securities exchange commissIon commission com corn mission will vill not participate di directly directly dl- dl in the final hearing hearin and will simply contend that the rulIng ruling rul rul- nil nil- ing has no bearing on its jurisdiction jurisdiction juris juris- diction over other holding com corn Then when its suit a against General Bond and Share comes to trial it will l lay y special emphasis on the point that some of or this groups group's subsidiary operating companies companies com corn panics transmit t the their h c I r power across state lines Theres There's no chance chanco for a clear- clear cut settlement of ot the legal clash on tho the holding company act before before before be be- fore next year Comptroller of the Currency J. J F. F T. T recently Issued new regulations for tor tho guidance of ot national banks including banks including one that narrows their investment field to higher grade bonds than thanIn thanIn thanin in the past Financial insiders call that pretty teamwork They rate it no coincidence that the rule was promulgated shortly before Secretary Secretary Secretary Sec Sec- is to raise a billion and a quarter dollars in new cash The fewer other bonds national banks can buy the greater greaten great great- er en must be their appetite for or tr treasury offerings Not that the treasury needed artificial respiration It would have havo climbed the hill bill without breathing hard anyway But theres there's nothing like making as assurance assurance as- as double sure Bill Bm Green and his fellow craft unionists at Federation of Labor headquarters scored a minor victory victory victory vic vic- vic vic- tory in their battle with John JohnLewis JohnLewis Lewis by persuading the tho New NewYork NewYork NewYork York Radio Factory Workers Workers' local to abandon the radio workers work work- ers ens who aim to form torm a big union of t their own and join tho the Brotherhood Brotherhood Broth Broth- of Electrical Workers in accordance with federation or or- or ders But if they hope this example will lead other radio labor groups to do likewise they are in for a shock shock like like the New York politician politician poli poli- who tried to win Italian votes by talking about the glorIous glorious glori glorI- ous ens traditions of ancient Athens Exceptionally informed New NewYork NewYork NewYork York sources say that Governor Albert C. C Ritchie had finally decided de de- de- de shortly shortly before his death death- to yield to earnest persuasion and allow himself to be presented as the presidential nominee of ot a Constitutional Democrat party He would have been a far stronger strong strong- er cr candidate than anyone else re remotely remotely remotely re- re likely to accept tho the as as- That means the third party boys will vill have to start all aU over again Joe Ely of Massachusetts is understood understood understood un un- un- un to be next choice choIce but but ho hB has been unresponsive to previous previous pre pre- overtures Disheartened new anti-new dealers mumble plenty about Roosevelt luck Copyright McClure Newspaper Syndicate |