Show THE DAILY NEW YORK F Financial Whirligig J. J Written ten Jor for The fly 81 MAMES JL lU l LIN NEW V YORK New interested in promoting Russian trade are decidedly active behind the scenes Negotiations hit an unexpected snag in the Johnson bill bilI forbidding credits to nations defaulting defaulting de- de faulting on their debts Originally that wasn't intended to apply to Russia and the Export Im I port bank appeared to have a clear field But reasons its been officially official official- now for diplomatic ly decided to include Russia The point was to tomake tomake make It less obvious that the bill was aimed directly at France Its It's understood here that the state d department strongly recommended such camouflage Th problem ot of burrowing under this bar bar- ncr rier is complicated by the necessity for face face- saving on both sides The Soviet government cant can't a afford ford to concede officially any payment on czarist or Kerensky debts or on damages arising out of the revolution Neither can our government afford to concede openly that these de debts ts are largely u They wm Will Work so So a strictly private private with organization the highly unofficial help of people connected with tha Import Export bank is being mobilized to doth hidden spadework Those interested are optimistic optimistic- about damage claims by corpora corpora- That's just a question of getting etting the Russians to pay a deliberately inflated price for the prod products they buy The difference above the normal price will be applied to settle the claims Officially Washington will know nothing whatever about this arrangement arrangement- ditto for lor Mosco MoscoW Will the Russians agree to this surreptitious levy Experts believe they will in order to fost foster r trade relations The precedent has already already al- al ready been set One large American corporation corporation corpora corpora- tion obtained obtain cd c completely satis satisfactory settlement ol of its own cl claims ims some time ago in precisely this way The Kerensky and Czarist bonds present a knottier problem The Soviet government has already helped though the bondholders might not agree by quietly buying in a number of the bonds at default prices in carefully concealed concealed con con- transactions This will vill probably con con- It is possible that a large part of the remainder re- re will be balanced off against Soviet Sovie claims arising out of our Siberian exp expedition during the war France Sits Up France evidently believe the Johnson bill meant what it said The French have nearly exhausted the guilder loan arranged through sources Dutch and need So they recently approached their American banking banking bank bank- ing connections and asked how about it The said banking connections are arc taking no chances of incurring Washington wrath and re referred the inquiry to the state department The answer answer- as was expected a firm and vigorous no The bankers were privately just as pleased to have havethe havethe the government let them out Local authorities predict that the straw to break the cabinets cabinet's back is likely to develop out of the attempt to force a wage vage cut on the French railway y workers This measure measure mea mea- sure if pressed could easily lead to a general railway strike which would dump the fat in a sizzling fire 5 Unsigned Letter leHer LetterA A number of stock stoc exchange firms not satisfied sat sat- with the trend toward softening the Fletcher Rayburn n bill are urging their em- em to bigger and better efforts to help kill it Here are significant extracts e from a circular distributed in s several veral houses The circular is perhaps unsigned in case it falls into government govern govern- m ment nt hands We must not become too optimIstic but must redouble our efforts ff from now on The time has come when all true thinking straight Amer Americans cans should pr protest test the action of this small group that is attempting to strangle individuality individuality in- in through gov governmental control of finance and industry T Tiis is will be accomplished only by per percent cen cent cooperation of very every It is up to every individual as a patriotic citizen to pro pro- r test They should also solid solicit t the assistance of their friends friends' and to do likewise Should this bill become a law it will undoubtedly undoubtedly un- un lead to unemployment distress and suffering Very likely it will reverse the trend toward recovery I Petition forms are attached for use of tIri friends and S S New York has more investigators investigators' and observers ob- ob servers in Washington currently than Washington Washing Washing- ton ever ever- had here even at the height of oC the senate investigation S C a Europe is more interested in American security security se- se markets mi now than it h has ls been since ince the first of the year McClure Newspaper e. e 4 |