| Show Jw WALL ALL STREET VIEWS f I S. S BY James McMullin Financial Observer r YORK While e rest of N NEW NEV YORK t th the w world acclaimed Prime Minister Minister Min Mm- ister Chamberlains Chamberlain's dram dramatic tic gesture gesture gesture ture to save the peace of Europe be become become become be- be N watched Moscow come sullenly critical The rhe tate tate- menU ments of soviet officials and press pres I didn't get much publicity here but butU U they tIey ey fairly seethed with indignation tion that the head of a d democratic state should so humble h himself m e f before Hitler That attitude was a dead giveaway giveaway give give- away way Soviet Russia doesn't want a t p peace ace It wants It-wants wants a war which would leave the wester western European nations nations nations na na- na- na torn and weak easy prey for communism It wants Ger Germany Germany many and Italy battered to ruins Britain and France drained white It alone has ample man power and resources not to have hav to worry about the aftermath Foreign Minister Minister Min Mm- ister Litvinoff and his aids have been co conniving for months to f foment foment fo fo- 0 ment a war They are going to be terribly disappointed if it doesn't develop The heads of the western powers powers powers pow pow- ers know this It must certainly have figured in Chamberlains Chamberlain's sales talk to Hitler and it may yet prove the most influential factor factor factor fac fac- tor in ii ri pre preventing enting a general holo holo- caust It was announced last week that the railroads are abo about t t to launch a drive to restrict the rate making l powers of the interstate commerce commerce com corn merce commission and to get more liberal l I ans from the government Heres Here's the inside background of of this amazing performance A small smaIl group of New Yorkers with a sizable stake in the railroads railroads rail rail- ro roads ds for several months has been privately discussing possible ways of relieving the carriers carriers' pressing problems It seemed clear to them that there was no hope of constructive con con- action by the government in time to do any good The pla plan they worked out centered around revival l of the transportation committee com corn of which Calvin Coolidge Alfred E. E Smith and Bernard Baruch were members which functioned a while in 1932 That committee e turned in a report recommending recommending recommending rec rec- sweeping regional consolidations but nothing was ever done about it It was proposed proposed proposed pro pro- posed to form a new body of similarly similarly similarly sim sim- outstanding citizens in including jn- jn eluding Mr Baruch again with witha a promise that this time lime the railroads railroads railroads rail rail- roads would act t to put their recommendations recommendations recommendations rec rec- into effect Backstage contacts with high Washington officials indicated that the administration would give moral support to such a committee committee com corn as long as as' as it avoided treading treading treading tread tread- ing on political toes The ultimate ultimate ultimate ulti ulti- mate hope was to break down the theire ir-e ir inertia tia and opposition that have blocked consolidations These would effect great savings If carried car car- ried ned out on a major scale scale scale-chiet- chief chiefly ly of course at labors labor's expense Rec Recently the U. U S. S chamber of ot commerce got wind ind of this plan which inspired it to get busy and and do something about the railroad problem itself Any organization which can find a cure for one of the nations nation's worst industrial headaches headaches headaches head- head aches will reap a lot of kudos It hastily called together a national national na a- a transportation conference of 70 representatives of carrier carriers shippers bankers and industrialists industrial industrial- in Washington The r railroad road roadmen men in this group which had nothing to do with the one mention mentioned men men mentioned tion d above conceived the bright idea that everything would be lovely for the carriers if only the I. I C. C C. C would give them more freedom to fix their own r rates rate tes and the R F C would dish dish- out eral loans without being so fussy about such details as adequate collateral and solvency So thi this was presented as the railroads railroad legislative program Astute New Yorkers call it Ui the dumbest move that the singularly singularly dumb railroad industry has pulled yet The Th I. I C. C C. C is b n no pet of this administration but bu theres there's about as much chance of getting congress to curtail It its powers as there is of abolishing the W P A. A So the agency is Irritated irritated lr Ir ir- ir for no useful purpose The loan angle makes it appear that tha the roads want government grants to keep their creaky capital structures tures intact Comment runs th that t ti i those who devised this program program pro gram should take an elementary course in public relations Several weeks ago we reported that the federal housing administration admin had foreclosed mortgages ii in the first seven seven months of 1938 as against to for forthe the whole of 1937 1931 The wrong agency was acci dentally named The figures are correct but they apply to the Home Owners' Owners Loan corporation not the P F H A. A The latter has hasso hasso so far only had p properties turned back ack out of nearly 6 insured mortgages Chrysler corporation is trying to in interest erest its stockholders in promoting promoting promoting pro- pro I sales of its new models C I Os O's weekly news publication publication 1 tion now runs to a dozen edi- edi j edi-j I Tentative plans for a aC I C CIO I 0 daily newspaper being discussed dis dis- J dis-J cussed Insiders understand that Undersecretary of State Sumner Welles will handle problem 1 lem of Mexico's seizure of foreign properties hereafter rather than Secretary Hull May presage firmer attitude by U. U S. S govern govern- govern j ment Copyright 1938 for The Telegram |
