Show W WALL STREET rU VIEWS By J James me McMullin Financial Observer NEW YORK YORK Very Very few Democrats Democrats Democrats Demo Demo- increased their pr prestige stige and influence as a a. result of last weeks week's election One who did was National Chairman James A. A Farley Fancy The Democrats suffered their worst wont setbacks in states where the amateurish intervention of leftist new dealers aggravated the party intra split between and conservatives Ohio Pennsylvania and Michigan are cases in point Farley Fancy was wai consistently opposed to the Roosevelt Roosevelt Roosevelt Roose Roose- velt Corcoran Hopkins purge campaign as a a. fatal blunder in practical politics But the president president dent refused to listen to-listen listen to hi his advice advice advice ad ad- vice preferring to accept brain trust assurances that he had only to snap his fingers and the voters would do his bidding The election returns fully justify the national chairman's judgment Moreover the three Democratic victories that saved the party from terrific disaster instead of ot merely a substantial setback were recorded in New York Illinois and California In all three of ot these states tates Farleys Farley's skill in healing wounds and uniting discordant discordant discordant dis dis- dis- dis elements in temporary harmony was wag a paramount factor in the successful outcome Critics have noted the incongruity incongruity incongruity incon incon- gruity of alliances between new deal liberals and such thoroughly practical and essentially reactionary reactionary reactionary political organizations as Tammany in New York the Kel- Kel Nash ly-Nash machine in Chicago Hagues Hague's in Jersey City Crumps Crump's in Memphis in Kansas Kansas Kansas Kan Kan- sas City The point to be stressed is that if Tammany and Nash Kelly hadn't done t stuff the new dealers would have been completely completely com corn out of luck New York and Illinois added to the states which the Republicans actually won would have given the G. G O. O P P. a majority of the nations nation's electoral electoral elec elec- toral tonal vote It was Farleys Farley's political political poli poli- realism that averted such mch a crushing catastrophe Small wonder vonder that the WhiteHouse White WhiteHouse WhiteHouse House is being flooded with frantic frantic frantic fran fran- tic appeals from panicky Democrats Democrats Demo Demo- cra to jettison Hopkins Ickes Corcoran and the rest of the Genial amateurs and arid restore J Jim as the administrations administration's NO l political mentor Whether ti thi th president heeds these appeal ci not Farley is sitting pretty From the angle that the lican party must convince t th the public that it has shed its ruse tendencies if it it is to wl wIn in 1940 a as al noted in yesterday yesterdays column its New York well wish ers are privately relieved that ex e. Senator Ij L. L J. J Dickinsons Dickinson's bid bida j ja for fora a comeback in Iowa failed Dickinson is the of ot old-guard old Republicanism i iwas H He was intimately identified ed with UK thI Raskob duPont-Raskob Liberty League which was unintentionally a grea great help to President Roos velt Moreover the Iowan lowan is Js in his right wing convictions am an and could never have been persuaded I Ito to refrain from voicing them o othe or orthe all the senate floor No matter who is elected i in ill 1940 conviction has jelled that iLsa iti iLs t a odds long bet that such Roose Rouse velt reforms as social security le legal le Ie f gal sanction for collective bar hr gaining federal relief for tor the th needy and federal regulation o of securities exchanges and are here to stay R. R F. F C. C Chairman Jes Jesse Jone Jooe announces that his agency stands standi ready to to advance t to private utilities to finance con can of ot additional power fa facilities fa fa- duties for national defense 2 Informed New Yorkers YOrker crack i that Mr Jones is indulging in J pipe dreams The total additional outlay for such construction wont won't reach that figure Moreover no utility will take R. R F. F C. C money if it can do its financing through any other channel Leaders of the industry dont don't want to let Mr Jones get into into a position where he can virtually boss their affairs which affairs which ha hai ha happened to many banks a an and railroads that accepted R. R F. F c. c aid New York political sharps Cz fj- fj ure that the loss Joss of ot six Demo cratic congressmen in Indian plus Senator Van Nuys' Nuys close shave ring down the curtain on oa Paul McNutt's presidential diana They dont don't seem t to lie Is shedding many tears about it either j |