| Show I W WALL By James meS STREET McMullin CU Financial i LI Observer VIEWS WS' WS I 3 NEW YORK YORK Mayor Mayor LaGuardia LaGuar- LaGuar LaGuar-l LaGuar dia of New York has appointed himself bellwether of American liberals whether new deal Democrats Democrats Democrats Demo Demo- Progressives Labor Farm-Labor- ites or what have you Fiery Fiorello made no attempt to kid himself or the public in the Ickes manner manner manner-by by calling the re recent recent recent re- re cent election a great new deal tri tri- he frankly admitted admitted admitted ad ad- it was a serious setback and called upon all liberals to get together in order to protect their gains in 1940 In some respects LaGuardia Isan is isan isan an ideal choice for his self- self imposed assignment Party labels have never meant anything in his dynamic life He has been a 8 Republican Republican Republican Re Re- publican Democrat Socialist and andR R Republican again by turns and andis is now an enrolled member of the American Labor party in New NewYork York Wearing no party's collar he doesn't have to worry about offending the susceptibilities of political bosses Moreover he is well known and popular in rural regions as well as big cities Still another advantage The mayor is on friendly personal terms with leaders in all liberal camps His last years year's quarrel with President Roosevelt has been forgotten and the two are buddies again Also he remains close to the La who still think they can build a national Progressive party with Roosevelt although they may change their minds in the next two years No better liaison man between the various progressive g groups r o 0 u ups p s could be found than the peppery Little Flower Third party talk is decidedly premature Everything depends upon whether the Roosevelt forces can retain control of the Democratic Democratic Democratic Demo Demo- cratic party machinery in 1940 They are up against stiff opposition opposition opposition tion from a well-organized well conservative conservative conservative con con- wing If they do astute political observer observers ob ob- ob- ob servers server figure that most liberals will flock to the Democratic ba nero ncr In that case the Garner GarnerS Harrison Byrd-Harrison group and their followers not including James Aj Farley Fancy who will remain a Deme Dem DemaH crat to the end may be forced in self defense to secede front from their party and coalesce with the Republicans for the 1940 election much though it will grieve them to do so On the other hand if the conservative conservative con con- Democrats recapture the party and nominate one of ot their own for president Mr lIr Roosevelt and his adherent who adherent who are new dealers by conviction and Democrats only by convenience convenience- are quite likely to jump stakes and launch a new party to oppose both Republicans and Democrats Democrat LaGuardia would be a big shot in such a movement But the struggle to dominate the Democratic party must st be fought to a finish first New York sharps say it would be e very simple to amend section 77 so that it would really speedup speed up the financial reorganization of bankrupt railroads if that is b what the government desires J JAll All that's ne necessary essary is a time tine t limit for the formulation and ac acceptance acceptance acceptance ac- ac C of a reorganization plan by the various classes of security holders with a proviso that if it no plan is adopted within the stated period the railroad in m question question ques- ques f tion lion shall revert to equity i Under equity receivership senior senior sen son br bondholders could foreclose on their mortgages and freeze out the junior securities completely Nobody can foreclose under 77 This threat would certainly spur the junior security holders to sincere sincere sincere sin sin- f cere efforts to find and end accept E Esome some other solution before they I lost their chance to do so The J present law provides that a federal federal federal fed fed- eral judge may turn a road over overto overto a ato to equity receivership at his discretion discretion dis dis- is- is but no judge ever does dOM E EIt It isn't human nature to surrender surrender surrender der jurisdiction voluntarily J Copyright 1938 for forThe The Telegram |
