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Show MONEY & MARKETS By James McMullin The Telefren'i Esclvtlw Observer Ale W.I Street NEW TORK-Now that tha dreaded special eaaaion of eon I greea Is announced as a reality, New York leadert are busy estimating esti-mating trie prospects for enactment enact-ment of the Roosevelt legislative program. After careful checking with their best posted contacts all over the country, as wall as la Washington, they eeUmate the altuation aj follows: 1. The wages and hours bill will have unexpectedly rourh aledding. Not only will there be vigorous hostility from the south. Many farm bloc congressmen will also be against it. Their opposition will not be advertised, but thae won't make it any the less effective. ef-fective. The bill In its present form is rated unlikely to pass both houses unless the CIO and the A F L sink their differences on this Issue and Jointly turn on all the heat at their command. X. A farm bill In some form will probably be enacted, but the Wallace draft will be so changed Its papa won't know it. Powerful farm organisations have their knives out for ths more drastic control features. J. Reorganisation of the executive execu-tive branch of the government will bog down In the passive resistance re-sistance of congressmen who resent re-sent extension of executive au-' thorlty and especially the threat to their patronage privileges. President Roosevelt may aalvage part of this program executive assistanta and a new cabinet office of-fice or two. He will not get abolition aboli-tion of the comptroller general's preaudlt or control of Independent agencies and certainly not extension exten-sion of the civil service. 4. Mr. Roosevelt hasn't mentioned men-tioned it yet, but he has revision of the neutrality law In mind to give the executive greater discretion. dis-cretion. This will threaten one of the senate's most prised prerogatives. preroga-tives. A bitter battle is in prospect, pros-pect, with the outcome in doubt. 5. A regional planning bill will probably get by. This will be an emasculated version of Senator Norris' seven-T V A program. The latter Is privately opposed by various forces Inside the administration. adminis-tration. This year's "regional planning" will provide only for studies of the problems Involved but it will be the camel's nose within the tent. Some financial sources argue that Britain cannot be contemplating contem-plating a cut In tha gold value of the pound because she accumulated accumu-lated more gold on balance In 1934 than the United States 33.42v.000 ounces against 32.371.000. They contend that the London government govern-ment would not have acquired all this metal if it expected the price to be reduced. There are two fallacies In this reasoning. First, the British accumulation ac-cumulation was due primarily to an increase In ths volume of pound notes outstanding, which In turn traced to hoarding on ths continent not to a deliberate policy of acquisition. The average aver-age Frenchman or Belgian hasn't enough money to buy gold bars, so he seeks refuge in pound notes as the next best alternative. Although Al-though England is not on the gold standard, the law requires a certain cer-tain gold coverage for pound circulation. Second fallacy: Britain Is not obligated to buy gold at a fixed price aa we are. She never wrote up a devaluation profit on her books. Thersfore aha Is free to sell her metal at any price without with-out incurring a aerloua loss. We are not. That's one reason she has the Jump on us In monetary maneuvering. Salea literature just distributed by German steamship companies to German-Americana In New York urges prospective travelers to the fatherland to buy their tickets right away, no matter when they plan to make the voyage. voy-age. They are warned that only thus can they protect themselves against a fare Increase to be announced an-nounced shortly. No such hint has yet been conveyed con-veyed to English speaking customers cus-tomers of any line. But well posted sources predict that all transatlantic fares are due for a sharp and sudden rise in the near future. The old Tammany organization, despite protestations of loyalty, is not breaking its neck to elect Jerry Mahoney mayor of New York. Too many district leaders figure they will be separated from their Jobs If Jsrry wins. Mora-over, Mora-over, a lot of them feel that Jerry ia sunk anyhow. On the other hand, the boys are aprsading themaelvaa to lick Tern Dewey for district attorney. Hia election would be just about tha saddest catastrophe In Tammany history. Some of the boys are trying hard to awap LaQuardla votes for Hastings votes with opposition district leaden. Harold Hastinga la Dewey's Tammany rival for tha D. A. Job. The measure of their desperation la ahown by the terms they are offering nothing ao picayune pic-ayune aa a vote for vote proposition. proposi-tion. The standard quotation la three LaGuardia votea for one Hastings vote. Political sharps ascribe this generosity to sheer panic, (Copyright, 1937, for Tha Telegram) |