| Show I T TIlE E DAILY WASHINGTON J I Financial Whirligig I Written for The Tho Telegram 4 By lAMES JAMES McMULLIN Mcl TEW YORK Who rescued silver The warm interest someone showed in the metal rIght after publication ot of the buyers buyers' list had knocked spots oft the price had Wall street by bythe bythe I the ears Reports were freely circulated that the treasury had stepped in to buoy up the I market and appease the raging The treasury's denial was discounted as diplomatic But that wasn't the right answer Well Well- posted local authorities agree that Uncle Sam has stuck to routine purchases The real angel I was the British government through British i banks Not that the British were bothered about the susceptibilities ot of Americans interested in silver Their purpose was thoroughly practical to acquire the means to make another token payment on their debt at bargain rates The spread between the price they paid and the figure figure fig fig- ure at which our government accepts the metal comes in handy Watch Vatch for their next offer of ofa a payment on account to look handsomer than the until last you stop to figure how little it costs them And that's not all Insiders say they are quietly buying much more than they intend to hand over to the U. U S. S and will hold the surplus on the premise that we m must st act before winter to give silver a permanent lilt lift Their profit in that case might easily cut the cost of their token I to zero The British arent aren't dumb about money matters mat mat- I Industrial Financing The recent statement in this column that Mr Winthrop Aldrich suggested Senator Fletchers Fletcher's proposal to postpone the dIssolution ot of security and the choice of private banks between deposit and security business is denied by sources who know They assert that he has not changed his views about private banks arid and affiliates and had nothing to todo todo do with the Fletcher idea Reliable and normally nor nor- mally well posted New Yorkers who conveyed the contrary impression were in this case mis- mis informed The Chase bank itself has already complied fully with the provisions of the Banking Act of 1933 1033 concerning security affiliates It remains true that passage of the Fletcher I proposal along with amendment of the securities securities ties will act induce much better cooperation between Morgan interests and Washington with respect to term long industrial financing This applies also to commercial banks which follow the Morgan lead New Expert Crop New York banks which haven't yet reduced their directorates to 25 members and eliminated those in the security business arent aren't as worried as they were about losing valuable men Their lawyers say theres there's nothing in the law to stop them from inviting directors ex-directors to sit in at meetings as nor advisers to prevent payment of fees for such expert advice Of at course the directors ex-directors will not rate a vote But as most directors directors' decisions at bank meetings are unanimous anyway that wont won't make much difference Except for the which Chase made sweeping changes some months the ago affairs of New NewYork NewYork York banks will be mostly steered by the same people as before ValI streets street's Ouch Wall streets street's the unfairness of Pecora's presentation of t profit figures are still going strong Friendly sen senators have been urged to give the stock exchanges exchange's side of the case a big play when the senate takes takes' up the regulation bilL bilt Insiders concede it probably isn't correct to claim a full offset for the estimated shrinkage of of in seat scat values because many firms allowed for the shrinkage in submitting their reports But they argue that any difference difference differ differ- ence in that item would be more than made up by another omission loss of brokerage house capital invested in security holdings over the thelast thelast last five y years ars This is fi figured between three arid and four hUndred million dollars The boys also wish Pecora had seen his way clear to including the last four months of 1933 instead of stopping on August 31 Those were sour months for brokers and would have reduced reduced re- re the profit figures for the year The wish may be father to the thought but New Yorkers with good Washington contacts claim that Pecora wont won't be appointed to the Securities securities se- se regulation commission or any other federal post They contend theres there's a lot of under cover anta antagonism to him in the senate Its It's hinted that thIS is the reason for his eagerness eager eager- n ness ss to get the job as counsel to the New York state lobby investigation a a American creditors of Argentina claim pro pro- British discrimination a a a aThe The entire effective military strength ot of the U. U S. S A. A in any emergency would be just about twice the NewYork police force No more Copyright 1 4 McClure Newspaper A |
