| Show Round Merry By DREW PEA PEARSON SON and ROBERT S. S ALLEN WASHINGTON Confidential reports that the Japanese are building two ton battleships battleships battleships battle battle- ships carrying inch 18 guns guns' have the navy department department department de de- de- de worried It is not the tonnage of the battleships which causes the worry but the size of the guns Bi Biggest Biggest Big Big- gest guns on American vessels will be 16 The inch 18 gun has a longer range and can get through thicker armor plate At a fixed range it has 1000 cubic feet more penetration The proposed new battleships of the American American Amer Amer- merican mer- mer ican navy are to be around tons with 16 inch guns Larger battleships are difficult to get through the Panama canal and until t the e canal is widened it is doubtful whether we wIllever will willever willever ever ever build ships over tons And it takes tonnage to carry big guns The recoil of a big gun on too small a ship rocks it over in the water How to meet the Japanese challenge of the I inch 18 gun is now under uder confidential discussion discussion discus discus- sion between the American and British admirals Pecora for U. U S. S Supreme Court With another vacancy imminent on the supreme supreme supreme su su- su- su preme court Roosevelt advisers are for the appointment appointment ap ap- ap- ap of Judge Ferdinand Pecora of the supreme court of New York Pecora came into the spotlight as head of the sensational senate banking and stock market investigation during during dur dur- in ing which he showed up the powerful J. J P. P Morgan Morgan Morgan Mor Mor- gan firm for income tax dodging and laid the groundwork for creation of the securities and exchange commission of which he later became a member Pecora is of Italian descent an ardent ardent ar ar- ar- ar dent new dealer and one of the most eminent jurists of New York Honest Eight Out of 96 senators and representatives only eight refused the fat little graft of mileage allowance for supposedly traveling home between between be be- tween the two sessions of congress What makes it a graft is that in most cases they got paid for travel without traveling traveling traveling-at at the rate of 20 cents a mile round trip For members members mem mem- bers living on the west coast this was a bonus of between 1000 and 1200 since very few of them made the trip The honest members are trying to avoid publicity afraid they will be accused accused accused ac ac- of assuming a moral superiority over their colleagues Roosevelt Assistant Jimmy Roosevelt's wealthy friends are due for a surprise when they peek into the background background background back back- ground of his new White House assistant The presidents president's eldest son and secretary has chosen as his personal lieutenant year old James M. M Rowe time one-time secretary to the late Justice Oliver Wendell Holmes and one of the authors of the holding company act Rowe gave up a job lob in the legal division of the securities securities' and exchange commission to go to work for Jimmy Young Rowes Rowe's father is a prominent political political political cal figure in m Montana and a close friend of Frank C. C Walker former head of the national emergency emergency emergency emer emer- gency council Unlike his son the elder Rowe is very conservative and disapproves of many new deal policies Young Rowe an h honor mor graduate graduate graduate grad grad- of Harvard law school is is rated as as one of the ablest legal minds in the administration Tax Bill Row r Business men who have taken a a quick look at the proposed tax bill are feeling inwardly grateful grateful grate grate- ful to young Henry while congressional congressional congressional con con- gressional liberals who have looked it over are heading for a big tangle which is going to distress distress dis dis- tress young Henry no end There has never been any love lost between the treasury boss and the congressional l militants mili mili- t tants but now they really are up in arms against him They accuse and Roswell Magill his tax master mind of effectively gutting guttin the capital pit l wins gains ains and undistributed profits taxes Progressives still are probing the maze of modifications modi modi- in the taxes but what they already have u uncovered has been enough to make them see red They tell us snorted Representative Maverick Maverick Maverick Maver Maver- ick of Texas that the principle of the taxes has been preserved d. d If they did save the principle then that is the only thing that was saved because because because be be- cause they threw away the taxes Sp Specifically c the pr progressives charge that while the Magill changes give the little business man a spoonful of relief they give a bucketful to big business They cite the following example to bear out their contentions Under the present law a corporation pays a 20 BOh te per cent undistributed profits tax if it retains all its its' profits But under a complicated reshuffling of rates of the normal corporation tax and the undistributed profits tax in in the Magill revisions the same corporation corporation corporation corpora corpora- tion would pay only a 4 per cent undistributed profits tax under the proposed new bill By similar complex technicalities the liberals claim the capital gains tax has been so riddled that big speculators on Wall Wail street will have their taxes slashed from 42 to 16 per cent Copyright 1938 for The Telegram |
