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Show MONEY & MARKETS zz: By James McMullin Th Ttltjrm'i Eiclusiv Observer Alt..) WaH Strwt NEW YORK Watch for lively Agitation on the subject of tilvcr during tb current leNlon of congress. con-gress. Legislation now in fores expires at the end of the year and the silver bloc will be right on the Job. jilvcr purhaj aa requires the secretary of the treasury to keep on buying the metal until either the price of silver sil-ver reaches $1.26 an ounce In the open market or one-third of our entire monetary base U composed of silver. These objectives were fanciful when the law was enacted: en-acted: today they are positively fantastic, what with the world price around 40 cents an ounce and a vast accumulation of gold in our monetary reserves. The act gives tha treasury secretary sec-retary complete discretion as to the timing and amount of his purchases. Mr. Morgenthau has bought as little silver as he could just about enough to clear him in case he is charged with delib- erately sabotaging the law. As a k matter of fart, the hrwis extie nif ly distasteful to him and to President Pres-ident Roosevelt as well. They never did like it, and the administration admin-istration swallowed it merely to pacify a potent congressional bloc whose hostility would have jeopardized the Roosevelt legislative legis-lative program. It's pearls to pea-I pea-I nuts that ths White House will ; not allow reenactment of the law in Its present form. Financial in-! in-! aiders figure that the silverites i will be satisfied if they, can just 1 get renewal of the present guaranteed guar-anteed price of 77 cents an ounce to domestic producers, in view of the sad state of the world silver market. The key sentence of the president's presi-dent's opening message to congress. con-gress. In tha opinion of astute New Yorkers, was: "If private enterprise does not respond, government gov-ernment must take up the slack. This is taken as clear warning that the administration plans to saddle the blame on business if the current recession is not checked within a few months a neat and affective riposte to the rather clumiy efforts of anti-new deal chiefs to pass the buck the other wsy. Comment runs that Mr. Roosevelt can get away with it where Wall street and big business busi-ness emphatically cannot. High financial sources figure that in effect business is being given a last chance to do its stuff. If It fails to provide reemployment reemploy-ment snd lift purchasing power, the sharpest new deal crackdown yet is rated sure to follow. These sources cannot visualize Mr. Roosevelt abandoning his "leftist" "left-ist" leanings permanently, aince they are plainly the foundation of his political appeal to the mass of voters. The president's stress on tsx relief for small business as contrasted with big business was exactly in line with our prediction. predic-tion. Renewed federal reserve purchases pur-chases of government securities in tbe open market fit into the general scheme for stimulating business activity. These purchases release privets bank credit for industrial in-dustrial and commercial use. They also help pave the way for imminent federal financing. The treasury has S350.000.000 in bills maturing on December 15 which must be refunded. In addition, ad-dition, 1250,000.000 in notes maturing ma-turing next February will probably prob-ably be refunded at the same time. The treasury will not borrow any new money next month if this can be avoided. Fresh borrowing bor-rowing would apoil the carefully drawn picture of budgetary retrenchment re-trenchment The J600.000.000 refunding re-funding job ahould be easy sailing, sail-ing, but even so there is no harm from the treasury's viewpoint in dressing up the market for federal obligations by . way of preparation. This column recently reported how extremely difficult it will be to reach an amicable settlement of the hot jurisdictional scrap between the International Brotherhood Broth-erhood of Electrical Workers (A F L) and the United Radio mA rUtpil Wnrlrpn I C T fll way. Wrlgley already controls "Lady Astor" products. These two will probsbly combine com-bine forces. One of their chief competitors will be Standard Oil of New Jersey, a big factor in cosmetics already via Its control of Daggett A Ramsdell. Standard also supplies the petroleum base for cold creams and the like to a number of other cosmetic manufacturers. manu-facturers. The interstate commerce commission com-mission can hardly reach a decision de-cision on the railroads' application applica-tion for a 15 per cent freight rate increase within three months. Meanwhile there will be strong suggestions from Washington that the roads pool their earnings for the benefit of the weak sisters. sis-ters. The nstional industrial confer- ence board's check on unemployment unemploy-ment represents a cross section of the nation's Industry. With approximately ap-proximately a million men on the payrolls of the concerns cooperating, cooper-ating, some 40,000 less will draw down wages in November than collected a month ago. The percentage per-centage of change ahould apply closely to industrial centers nationally. na-tionally. (Copyright 1937, for The Telegram) In the event of peace between the warring wings of organized labor, there will be another problem prob-lem equally tough. For years the United Brotherhood of Carpenters Carpen-ters (A F L), under the aggressive aggres-sive leadership of Bill Hutcheson, has monopolized its field without with-out argument. Then the CIO formed the Wood Workers' federation fed-eration for the specific purpose of harassing Hutcheson with whom John Lewis has a violent personal feud and of offering a haven to carpenters who wanted to get away from his dictatorial regime. The Wood Workers dont compare com-pare with the older union in aise or power and should logically merge with it when peace is declared. de-clared. But plenty of its members will raise a terrific yell about having to aubmit to Hutcheaon'a rule and It's bard to aee bow Lewis can abandon them to this fate. The labor diplomats who try to arbitrate this will need a large supply of aspirin. Informed New Yorkers get word that Armour at Co. and Wrlgley interests are planning to invade the cosmetic field in big |