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Show MONEY & MARKETS By James McMullin TV TeWeveat'e faelils Qbiarnas -Al e Wg Sfr t The foliowinc newa behind tha news ia authenticated by thoroughly thor-oughly informed and reliable aourcta: Prior ta 135 Hugo LafayeUe Black owed the First National bank of Birmingham, Ala, aome $24,000 far money borrowed ' In connection with real aetata i peculations. pecu-lations. The intareat at per cent having been in default. Black went to see a high officer of the bank. He told the latter that he was involved in-volved In other similar situations and could not continue to pay per cent Interest. Ha offered instead in-stead to pay Interest at the rate of 1 per cent per annum and Intimated Inti-mated that If thia were not acceptable ac-ceptable be would be obliged to file a voluntary petition in bankruptcy. bank-ruptcy. He explained that the position po-sition he waa obliged to maintain in Washington took all his salary. The bank official remarked that petition In bankruptcy would presumably put the debtor in a bad light with the public. The senator (as be waa then) replied that, on the contrary, It would strengthen his position with the voters. As a result of this discussion the Interest rate waa reduced to 1 per cent. Thia waa paid during 1933 and la probably In effect to date. The entire file on the situation situa-tion Is In the treasury department In Washington in the form of a report by a bank examiner. The bank haa lately been required by examiners to charge off I12.Q00 of the debt Herbert Hoover made a quiet viset to New York early this weak to consult with friends. Hs is working hard behind the acenes to promote his plan for a party conferencs next year and Is quite pepped up about the response he has received to date. The ex-preaidant'a viewa on the possibility of a coalition between Republicans and conservative Democrats have changed a bit since they were last reported here. He is sharply critical of Senator Arthur Vandenberg for focusing attention on the Idea now thinks discussion of it is very premature. But he no longer takes the position po-sition that it Is completely out of the question. The viewpoint he Is trying to get acroas to influential business and financial leaders is that the G. O. P. should make no gesture toward coalition until the right wing Democrats have had a aeri-oua aeri-oua try at regaining control of their own party from the new dealera. If they fail, aa they presumably pre-sumably will, it will then be time to talk coalition. Mr. Hoover did not say ao In ao many words, but aome of thoae to whom he talked got tha imprea-slon imprea-slon that he alma to insure Republican Re-publican leaderahip In any combination com-bination that might develop. If the two anti-Rooaevelt groups were to try to get together now the Democratic insurgents would probably demand an equal voice, or at least a strong voice, In the direction of the alliance. If. on the other hand, they have been first chastened by defeat in a ahowdown within their own party they would probably be more wilting wilt-ing to accept Republican domination dom-ination of the coalition without an argument. Anti-Roosevelt leadera who are not politicians are getting a bit impatient with the attitude of a number of Republican chiefs whoae primary concern aeema to be to keep their party and themselves them-selves In command of the Roosevelt Roose-velt opposition in 1940. The non-politicos non-politicos want that man and his philosophy out of there and they don't rare what the party is called nor who runs it, as long as it does the job. Senator Burton K. Wheeler of Montana made a Constitution day speech in Chicago that got little or no attention In the eastern press. But New York leadera were watching for It, expecting another eloquent diatribe againat Preaident Preai-dent Rooaevelt'a treatment of the aupreme court. What they got in-ataad in-ataad left them gasping and indignant. in-dignant. The Montanan cut loose with a blast that was worthy of F. D. R. at his hottest. He thundered sway at big buaineaa and finance, Insisting In-sisting that they need constant correction and reform. It was a sad shock to conservatives who have idolized him as the "savior of the constitution." Wiaer aources who have known Wheeler for years are saying, "I told you so." They have insisted all along that It was foolish for right" wingers to accept him as a major prophet simply because he bucked the court packing project. That just happened to fit in with his plans for 190. It remalna true, as Wheeler himself once told a New York friend, that a)e "works the left side of the street." (Copyright, 1937, for The Telegram) |
