| Show I NEWS N EW 5 BEHIND N THE T NE I NEWS W 5 By Richard Waldo NEW YORK YORK Every Every new presidential decree ann announcing additional freezing of American American Amerlean Amer Amer- ican lean assets belonging to foreign nationals is a boon to the post postoffice postoffice postoffice office department Banks in the metropolitan area of New York are now circularizing circularizing circularizing cir cir- cir cir- all their clients with regard to their citizenship status This means about a quarter of a million letters and return envelopes that would not have been mailed under ordinary conditions Lawyers have been working overtime to word all questions precisely and to gather as much information as is decently possible without becoming annoyingly personal Executives say the response from the clientele has been amazing It was anticipated that many clients would object to baring their antecedents and would threaten all sorts of ac ac- ac tion The opposite has been true The majority are co coop cooperative cooperative co- co op operative and perfectly willing willingto to answer all reasonable queries Those who have arrived recently recent recent- ly from Europe probably are used to being responsive to all sorts of impertinent questions put by all sorts of officials so that they think nothing of the checkup here but the placidity of Americans under unofficial questioning cross-questioning has astonished astonished astonished aston aston- many lawyers Mention was made recently In this column that plans were under discussion among Argentine Argentine Argentine Argen Argen- tine British and American officials officials officials whereby the United States was to lend Argentina substantial funds for the of owned English-owned railroads in the southern republic After endless investigations and examinations authoritative advice is to the effect that the whole matter has been dropped Most of the railroads are in very poor financial condition and several of their bond issues are in default under a moratorium agreement British interests felt that the purchase price should be determined on the basis of normal profitable operations operations operations oper oper- while the drew attention to the liability angle under present conditions Moreover the lend lease-lend bill has put Great Britain on easy street in so far as foreign ex exchange exchange ex- ex change requirements are concerned concerned concerned con con- and at the present time there Is no pressing necessity to sell the roads In the meantime meantime meantime mean mean- time the managements struggle hard to obtain coal oil and parts for their rolling stock most of which have to be imported imported imported im im- im- im ported from overseas Besides these details there is the looming looming looming loom loom- ing shadow of vast aircraft competition competition com corn petition which is certain to affect all rail transport in the not distant future In order to speed up badly lagging ind industrial production the British government has re resorted resorted resorted re- re sorted to a radical measure measure which is noteworthy for its im im- im- im Ernest Bevin has set up a anew anew anew new select committee which is isto isto isto to serve in an advisory capacity on all questions of production Besides comprising a number of industrial bigwigs from every branch of industry a wide section cross-section of labor union elements is included al although although although al- al though working conditions and the question of wages are specifically specifically specifically excluded from all discussions discussions discussions dis dis- dis- dis of the committee The inclusion of labor representation tion under such controls ap appears appears appears ap- ap pears to be a sign of England's new but practical democracy at work but New York financial analysts think it is also a sign of the terrific strain under which the entire British commonwealth commonwealth com corn is operating It is their belief that only under the gravest stress could labor obtain so large a voice in decisions of vital empire interest New York executives with excellent private pipelines say that federal control of farm products prices and of wages and salaries will be put in cold storage unless the inflationary threat becomes much sharper than it is at present Opposition to such controls would be so great that endless Substituting for S. S Burton Heath discussions must ensue before belore anything could be accomplished Price legislation will in all likelihood likelihood likelihood like like- confine itself to rents rentals and industrial products exclusively c t u r e r s draw attention to the unfairness unfairness unfairness unfair unfair- ness of this procedure since the sales price of their goods willbe will willbe willbe be fixed while labor unions will willbe willbe willbe be free to enforce higher pay which will put industries Inthe in inthe inthe the red without recourse of any kind Discussions concerning the prospective government de decision decision decision de- de to reduce automobile production production production pro pro- by 50 per cent are generally generally generally gen gen- discounted among experts ex cx ex experts as a waste of time and energy People in the know say that regardless of high sounding statements and demands automobile automobile automobile auto auto- mobile production will be guided exclusively by the availability of materials The unpublicized shortages in certain certain tam tain supplies are so great that production at the rate of 50 per percent percent percent cent of 1941 output is the utmost utmost ut- ut most that can an be hoped h ped for in 1942 under any circumstances Private predictions are that bythe by bythe bythe the time August 1942 arrives no new pleasure cars will be available to the public The oil transport situation Is becoming steadily worse not better Gasoline restrictions on the eastern seaboard are now a certainty for this fall and win win- ter But inside expectation is that by next summer completion completion completion comple comple- tion of new tankers and of pipelines pipelines pipelines pipe pipe- lines will have brought the sit situation situation situation sit sit- back to normal so that the huge investment in caring for the vacations of millions of city people will not be jeopardized jeopardized jeopardized too gravely In the meantime severe restrictions in inthe inthe inthe the eastern states are anticipated anticipated anticipated antici antici- by everybody in the know The reason for it is not lack of cooperation on the part of the driving public as intimated by Secretary Ickes but increased demand for more tankers by Britain The 50 vessels recently withdrawn apparently do not sl suffice fice in carrying fuel to the theR theR R RAF A F and the navy Although as a whole appear to have dropped the nazi U-boat U commanders have concentrated on tankers so that the loss in inthis inthis inthis this category was proportionately proportionately proportionately proportion proportion- greater than before Should the increased demand by Britain keep up there thereof is of course no telling how severe our restrictions may become |
