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Show MONEY & MARKETS By James McMullin Tk falser' Eiclutt Observer Aieaf W.H Street NEW YORK New Yorkers have discovered tha compromise bill affecting tha lower court which John Garner jammed through the aanata Juat baforo . congress adjourned, to end tha lu-preme lu-preme court fight haa much sharp-er sharp-er new daal teeth than they raaliaed at tha time. Tha new dealera took ahrewd advantage of conservative relief at abandon ment of aupreme court reform. One of the provialona is that a rase involving the constitution- Illy of a law can no longer be tried by a aingle federal district judge hitherto. Instead, the aenior Judge of tne circuit court of appeala for the circuit in which tha case arises must appoint two other Judges to ait with the district dis-trict Judge who would formerly have h-d sola Jurisdiction. One of these two additional judges must be a member of the court of appeals. This system is being tried for the first time in tha auit of 1 utility companies to have the T. V, A. declared unconstitutional. unconstitu-tional. The way It is working out gives the plaintiffs a severe headache. head-ache. Here's the lineup: Before this law was passed, ' the Initial trial would have been conducted by Diatrict Judge John J. Core of Knoxvtlle. Tenn. Judea Gore. whose appointment predates tha new deal, was ths one who granted grant-ed an injunction to ths utilities forbidding T. V. A. construction until tha case was aettled. This Injunction was subsequently overruled over-ruled by the court of appeals. Under the new dispensation, Senior Judge Charles H. Moorman Moor-man of the Sixth circuit court has designated his colleague, Florence K. Allen, and District Judge John D. Martin of Memphis Mem-phis to sit with Judge Gore. Tha three will have equal voices in the decision. Judge Moorman, like Gore, was a pre-Roosevelt appointee. But h decided against ths utility plaintiffs on every point, including includ-ing the injunction, when the T. V. A. appealed Judge Gore's original ruling. Judge Allen was the tint woman judge of a court of common pleas, the first woman to be named to a supreme court, and the first woman to hold a high federal judiciary ju-diciary post. She has been mentioned men-tioned by Mrs. Franklin D. Roosevelt as desirable timber for the supreme court and haa shown a general sympathy for new deal aims. Judge Martin Is a Roosevelt appointee ap-pointee and a rabid new dealer,, especially on power questions. He favored construction of a municipal mu-nicipal distribution plant In Memphis Mem-phis to compete with tha private company there. With this setup, utility leaders feel that the cards are stacked against them before they start. That- compromise bill wasn't so dumb from the new deal standpoint. stand-point. The United Mine Workers are taking in a lot of territory these days. They have organised a chemical division to centralize the unionization of th: manufacture manufac-ture and distribution of coal byproducts. by-products. They claim jurisdiction jurisdic-tion on the basis that many chemicals chem-icals used in synthetic processes are derivatives of ccil-tar and the destructive distillation of coal. Local unions throughout th country, such as the former Workers' Work-ers' Local Industrial union No. 33 of New York City, affiliated with the C. I. O.. are joining the mine workers. The term chemicals chemi-cals for this purpose is elastic. It includes such varied products as drugs, paints, varnishes, essential es-sential oils, cosmetics, etc. A strike is now going on in New York City under U. M. W. auspices aus-pices against the Diamond Candle company, makers of religious and decorative candles. Thj strikers in this case, mostly young girls, claim to have been worklne- un- der a rapid speed-up system for eight to twelve dollars a week. It's a trifle breath-taking to find people who make Mavis talcum. Djer-kiss powder, castor oil and milk of magnesia classed as mine workers. Soon to be added to the' rugged clan, If organizers or-ganizers are successful, will be employes of such "mining" outfits out-fits as Squlbbj. Lentheric (perfumes) (per-fumes) and Helena Rubinstein (beautician). Labor, like politics, makes odd roommates. A number of outstanding economists, econ-omists, after a careful checkup of fundamental factors, have come to en almost unanimous conclusion that business has not yet reached ita pea and that it must reach a peakJ before it can start going downhill. These analysts figure that business busi-ness especially in consumers' goods should continue to improve im-prove at least through this fall and part of the winter. As they see it. increased purchasing power deriving from increased payrolls and high farm income should more than offset any timidity timid-ity induced by the vagaries of th stock market. As a result of these surveys, made at tha request of industrial indus-trial and financial leaders, the latter are beginning to shake off aoma of the pessimism and fear which engulfed them when th stock market went berserk. What happens after the next few months will depend largely on developments In the building build-ing industry. More private money thin government money has been spent on construction in the past year, but there is no assurance that this will continue. Climbing wages, taxes and cost of mat rial are a trio to daunt those who "have planned new buildings u an investment Prospective Pros-pective returns on such investments invest-ments don't look as good u they did. (Copyright, 1937, for Th Tf tegrua |