| Show WALL STREET VI VIEWS By James McMullin Financial Observer i NEW YORK Franklin D. D Roosevelt was the man who first taught He Herbert bert Lehman how to become popular with New York fa farmers mers The pupil has since improved im im- Im- Im proved on the masters master's technique This agricultural goodwill may maywell maywell maywell well be a decisive factor in today's today's to today's to- to days day's election Nine years ago Mr Roosevelt as governor of New York called the l leaders aders of state agricultural organizations together and asked them for suggestions to improve the lot o of the farmer No previous previous previous pre pre- pre pre- governor not even Al AI Smith had thought of doing this The Th farm chiefs were naturally de delighted delighted delighted de- de lighted and responded with a legislative legislative leg leg- program which Roosevelt accepted and sponsored Throughout his two terms as governor he made a point of ot cultivating cultivating cultivating friendly relations with ag ag- ag- ag Henry Morgen tha u IJ Jr r. r as state conservation commissioner commission commission- er and er-and and publisher of a farm paper called the American Agriculturist was was a valuable liaison man in this connection When ieh Lehman succeeded Roosevelt Roosevelt Roosevelt Roose Roose- velt he not only carried on this tradition but went a step further by painstaking personal study of agricultural problems C Con o n a s e e- e he can meet the farm leaders on their own ground and make them feel that he knows what he is talking about Despite his background as a New York City banker many of them frankly frank frank- ly rate him the outstanding expert on agricultural questions in New NewYork NewYork NewYork York state and one of the leading leading leading lead lead- ing authorities in the nation Hes He's a hero to thousands of farmers and they will vote for him despite their normal Republican Republican Republican lican allegiance Most published appraisals of New York election prospects go goon goon on the assumption that Thomas E. E Dewey will run ahead of his ticket and that his Republican teammates have scant chance to win unless he is elected by a substantial substantial sub sub- margin This columns column's analysis leads to the opposite conclusion Inside indications are that Lehman not Dewey will be the one to make a much stronger showing than his party associates The converse of course applies too too that that other G. G O. O P. P candidates for major of office office office of- of fice have a better chance than Dewey If Lehman wins by a margin smaller than Comptroller Morris Tremaine and Attorney General John J. J Bennett who are opposed by American labor as well weIl as Republican nominees are likely to be beaten f t governors governor's plurality i is nari further Senatorial Canto Candid Robert F. F Wagner and James it Read will wUl be in serious daSS danger i losing hosing to Republicans John u OBrian O'Brian and Edward Corsi A Ah if by chance any Dewey un Pat the odds and wins the wh who G. G O. O P. P ticket should COlli coa through I J There Ther are signs of a slight Slight r iI in the beautiful h harmony that h be prevailed between the and exchange commission and t tb New York stock exchanges exchange's n ne deal regime since the latter w wi wa installed last spring j The S E C has maintained along that it would rather h ha havI vl the exchange effect its own z r forms than impose them by edi edit t Therefore the fact that the COm COmmission mission itself promulgated tl th new rules to govern finan ja Ia practices of ot brokerage firms at their members instead of ot aU allo w ing the exchange to take cre 3 for them has a certain signi cance I 1 Insiders say the S E C pr privat riv vite ly suggested that the ng authorities enact these regul regula on their own initiative bi be fore the agency's report on tl th the Whitney investigation was wa pub pul But there theoe were delay and excuses and the finally decided it had better e ethe dethe de dc the job itself The agency Is bi be beginning beginning ginning to suspect that some SOllie o 0 othe the exchanges exchange's new deal giver gover nors are reluctant to their verbal zeal for reform in ink inti practice practice and and are quietly dragging drag ging their feet This suspicion does not however apply to Ch i. i man Martin S E er C-er William 0 Douglas and his associates an ai rt willing to play ball as long as a. th the y feel the Wall WaIl Street boys ar aren n the level but they have n of being played for suck such ers I For some years Italy's credit credi has been strictly N. N G. G so fares fari American and British banks u are concerned But London are beginning to loosen u up up i a trifle under government inspiration inspiration tion and lately a few New York banks have made gingerly ga gu ii tures of lending to Italians J So far only acceptance credits credit are involved involved-i. i. i e. e credit crediton on shipments ship ments of merchandise to In and and from Italy preferably the W lai laiter ter Its It's chicken feed as yet bt at t least the ice is significantly significant broken 1 J 1 Copyright 1938 for The |
