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Show "TNSIDE ISTUFF Politics and Finance Oeerrtshl. aUOIaie W apaaet avadtaete.) WASHINGTON By Peal Mail ' y Tha order ana keen whispered dawn the Has hi eeagreea tha the bank-rapity bank-rapity legialetiea meat ha enacted he-fere he-fere April L It b needed primarily to meet tha attaaUen ef twa ratlreada In tha first ejaarter. lie Bill asm te henefila will extend saaeb farther. Nearly ail flattens fla-ttens ara agreed an tha neeeeetty fer It Besakllcana and Democrats, lie-rala lie-rala and conservatives. Beaefna It will give to tha worried little haslnesa man aa well aa tha tier- -perattens have net been tally advertised. adver-tised. These wh ara spene srlng tha legislation were afraid ef etirrtag every sne ap a Seat tha esrloasnssa at the sltnatlee. Ultimately It will preva to be a mere pewerfal sedative than the B. F. C. waa a year age. see The LaGuardla formula wss worked out in confidential conferences confer-ences between Congressman LaGuardla La-Guardla and Professor Berl of Columbia Co-lumbia university, although no one is supposed to know that. Berle is one of the college professors associst-ad associst-ad with Mr. Roosevelt. The subject wss fully discussed first at the New York conference of Mr. Roosevelt and Democratic congressional leaders as reported previously. But it was first brought to public attention in tha masssge Mr. Hoover sent to congress a week after the events recited above. So far as can be proved there was no connection between tha New York conference, Introduction of the bill by LaGuardie and tha Hoover message. Yet they all focused on tha same subject. a a Tha aituation is simple. The rall-I rall-I roads have not enough collateral or standing to be refinanced. A lot ; of other people ara in the same fix. Farmers are getting rebellious against foreclosures. Small home owners have received no relief through the government mortgage setup. The proposal is to let the railroads come-before the L C. C. and the corporations cor-porations and Individuals come into the federal courts for adjudication of their aituation.. If they can pay a little, that wlU be adjudged enough. If they cannot pay anything they will et an official moratorium. That at ast is the purpose of the legislation. The Una forms on the right, a a a Tha prebless behind tha farm bUI ew U political. . The beya In charge oaanet snake ap their mines whether they want te pasa at and let Mr. Heever veto H. They fear he might be able to preje-dlee preje-dlee the legtslailen before tha eaan-try. eaan-try. Then whoa Mr. Beeaeveit eeasee in and algae It, the law may be In had light in the pablle mind. In the end they wlU have to eesae nreand to passing H. Freesore fer aeUen Is strong. The -senate will delay de-lay it, hat there will certainly be a veto befera March 4. a e e j There can be no doubt about the V presidential veto. Every congress-man congress-man reslizos It now. The hand of the White House has been working indirectly indi-rectly against tha legislation for some time. , The word has gone around Inside that Treasury Secretary Mills hss confidentially con-fidentially prepared a 25-psge argument argu-ment against it This is being run in a current periodical under the name of a prominent writer. Attorney Gen- eral Mitchell is known to be preparing prepar-ing to hold tha bill unconstitutional. The presidential political secretary, Walter Newton, has been lobbying against it in tha legislative hall, a a They had to take In dairy product. rice and even peanuts In tha house in order to get the bill passed. Without With-out support of congressmen from the dairy, rice and peanut section the final vot would nave been too close for comfort Thst made tha bill look silly. The standing Joke in tha house cloakroom was whether they would -. add Angora goats and tollies girl. They have a allele scheme to get around thst in the senate. They will change the bill so it applies to all products having a substantial export-It export-It able surplus and let the secretary of I agriculture decide which those are. I a e a The lobby conducted against the L farm bill in tha house waa a fizzle. 7 The meat packers especially appear to have overplayed their hand. ! It will be different in the senste. The lobby will be mora efficiently conducted by certain grain Interests ' from Chicago. They opened offices j here a soon a the bill passed the I house. f e, e e f The Fuilae Independence lobby ssald eeaat only M senator as eer-1 eer-1 lOonttnuee ea Pass Teal reason to baiter that dividend wOI be resumed. Informed New Yorker believe that John W. Davis will not b attorney general. That Norman Davis will not ba secretary of state, but will b uaad In high advisory, cspecltlea. . . . That Baruch will not be In tha cabinet . . , That Farley la tha only certainty. . . . That Mile Perkins of New York and Wallace of Iowa are possibilities. . . That all decisions but the one are in etate of flux. . . . That choice of director of the budget la being given aa deep thought as goea to any cabinet officer became this la of gravest moment year when it beeam apparent mat the Instill leadership was doomed. Is waa decided t dlaselTe the N. K. I A. entirely harteed of aaeraly re-Tlolag re-Tlolag ita pelley heaaasa of the orraai-saUea'a orraai-saUea'a history aa aa hastreaMnl mt prepae-aada. Freas new ea tt will he gaaae ef fraaae aa between the "even covenant" adveeataa and oer-taia oer-taia eld tlaaora. The praatara will be saab that eeasa at Ike latter asay have t referai er fait. e Floyd Carlisle of Consolidated Cas la a man to watch. Ha hat gained statur rapidly In recent month and Is keenly alive to the necessity for changes In the old order. He la a man of 61 and may be described as one of the younger generation of executives ex-ecutives who are gradually taking over the key positions in Industry. The Edison Institute' program for full publicity and for sounder relation rela-tion between holding and operating companies accords closely with the Roosevelt campaign doctrine on utilities. util-ities. If the institute applies its policies pol-icies effectively which it will It may mean that Roosevelt will call off the legislative bound. The presidentelect president-elect is known to prefer to gain his ends by peaceable negotiations rather than by knockdown and drsgout ht A plan I afoot to refund the floating float-ing Brooklyn-Manhattan Transit debt with excellent chance of success. If this I accomplished there I every INSIDE STJJFF Politic, Finance fOsnUoeed Prea Pan Oaal tela far their kill wheat the beaae overrode Mr. Heever's veto. That was aes eaeaga. They needed IS Mere and they weal to work to get theas. They were by we saeaaa certain they eeeld, sal Taeeday shewed tha they did. The twdwa la that th PaJllpata kgialatara will refaae to apprev the ill anyhow. e e Farm lobbyist privately confess thst th Influence of Philippine lm- Krts on th farmers has probsbly en exsggerated. They say the farmers farm-ers did not know what copra was until agitation against Phillppin Importations Importa-tions of it waa started among them. They suspect that augar is at the bottom of the Philippine Independence Indepen-dence movement That will help a group of farmera-the beet sugar boys. It will also help a certain New York bank with Cuban sugar interests. inter-ests. Agitation among the farmer was unquestionably encouraged by these parties. a Tammany went down the line for th allotment farm bill, although ita constituents are against it . . . Nearly all members of the Tammany congressional congres-sional delegation voted for it . . . They had to in order to preserve their standing with the Roosevelt crowd . . . Young Henry Morganthau la handling tha farm mortgage relief legislation for Mr. Roosevelt . . . The Robinson bill In the senate largely large-ly represents his views ... It would grsnt three-year moratorium and reduc interest from 7 to S per cent down to 41 per cent . . , Something Some-thing Ilk that is coming . . . Thst is to be the farmers' share of the bankruptcy legislation ... In caae you did not know, copra I dried coconut co-conut meat NEW YORK By Jamea McMallia Fermatlen ef the Edlsen Electric InsUtate te replace the eld National Electric Light association flrea a abet that will be beard 'reand the financial finan-cial and Industrial world. The plan baa five a harp points. 1. It te the first large scale attempt at Industrial eelf-regalaUen by a vlr-taal vlr-taal dictatorship frem wlthia. Actnal aatherity at Involved far beyond the anneaneesaente. ft It la a New Terk answer to Chicago's Chi-cago's designs en financial leadership and swlags tha balanea of atllity power pow-er bark te the east S. It plaeea Mergan Interests at the head ef the whole Bailee's atllity destlalee. 4. It la a smashing reply to the plaa ef eertain atllity people te revive the eld style propaganda la a big way (receatly referred te la this celama). 5. It alma te clean hense a ther eaghly that the demand far government govern-ment Tegelatiea ef atilitles will be disarmed. e a The original working out of the plan waa almost entirely in the hands of Morgan representatives. The only exception ex-ception was an emissary from North American. About 8S per cent of the Important utility interest in the country coun-try are participating. - There are several significant absentees ab-sentees from-the new lineup. H. C. Hopson's Associated Gas and Electric, Elec-tric, Henry L. Doherty'a Cities Service, Ser-vice, the Utility-Power and Light group of the Harley Clarke interests are among the missing. You can bet that none of these will be permitted to Join without radical revision of some of their policies. An important participant from the New York-Chicago angle is Commonwealth Common-wealth Edison of Chicago. It means that this leading ex-Insutl operating company is willing to accept eastern leadership. a a The east-west utility rivalry traces openly to 1931. In that year United Gas Improvement and Public Service of New Jersey Morgan outfits-withdrew outfits-withdrew from the National Electric Light association. The N. E. L A. was then dominated by Insull Interests which were riding high. The two secedcrs came back to th fold last |