| Show MONEY MARI MARKETS ETS j By James McMullin The Th T Telegrams Telegram's l gr mi Exclusive Ob Observer Along Wall Street NEW YORK The best in formed sources source scoff at reports that further dollar devaluation is Imminent But they do expect the administration to take steps fo to stimulate credit expansion expansion- which is another and more subtle subtle- form torm of inflation There are several moves the government could make in this direction without laying Itself open to the charge of ot direct monetary monetary monetary mone mone- tary manipulation The federal reserve rt board could reduce the reserve requirements of member banks thus banks thus reversing last years year's deflationary maneuver Sterilized Sterilized Ster gold could be ed and added to the credit base The Tho treasury's profit on its gold holdings resulting from previous devaluation which is still held In reserve could always be drafted in a a. pinch Insiders would not be surprised sur- sur to see seo any or all nil of ot these measures measure tried probably beginning beginning begin begin- ning fling toward the end of March The timing is figured on the basis that a terrific drop in income tax revenues will be recorded on March 1 15 Also the stimulation would presumably be more effective tive if it it were coordinated with the normal spring upturn in bus busi- ness fless activity Investment bankers are warm In their praises of the securities exchange commission for its cooperative cooperative cooperative co co- co- co operative Attitude to rn connection with pending legislation to regulate regulate regulate regu regu- late the over-the-counter trading The Maloney bill as originally drafted contained many provisions provisions provisions provi provi- to which the investment banking fraternity strenuously objected The measure authorIzed authorIzed authorized author author- the creation of voluntary organizations organizations or or- of the over-the-counter dealers for purposes of self regu lation laUon But it was worded In tn such a way that the S. S E. E C. C I would have had drastic powers over these organizations whereas where where- as 83 dealers who did not join them would not have been subject to supervision at all Financial men found the S. S E. E C. C r responsive to their protests A series of conferences marked by good will and a reasonable spirit on both sides resulted in amendments amendments amend amend- ments satisfactory to all con con- The revised bill gives the self regulating bodies greater freedom of action while dealers who fail Cail to join them will be regulated directly by the com corn mission Comment runs that government and business would get along fine if other federal officials officials of of- would only take a leaf from the S. S E. E Cs C.'s book While it will not be officially admitted Informed New Yorkers see indications that the United States and Great Britain are unofficially un un- officially cooperating to establish world supremacy in the air for forthe forthe forthe the Saxon Anglo-Saxon peoples This program involves much more than merely building planes and training fliers filers Sources of supply service stations landing fields etc must be set up at strategic points all over the world and means of protecting them must be provided It would appear that the American assignment assignment assignment assign assign- ment is to police pollee the western hemisphere effectively This Implies implies implies im im- Im- Im plies strong air bases in Panama Alaska Hawaii and Latin AmerIca America Amer Amen ica lea as well as in the United States Experts arc are convinced that the naval armament programs of both nations have been worked out with this idea in mind Evidently Evidently Evi Evl dently both governments aim to tobe tobe tobe be on guard against foreign aggression aggression ag- ag from any quarter The W V P A has bas been trying to toline toline toline line up New York physicians to take care of its medical problems Doctors on the W P A list are re allowed a maximum of six calls callson on any anyone one patient in any anyone one month month no no matter how serious the ailment for ailment for which they are paid 2 per visit If It the patients patient's condition is such as to require additional care the doctor must either cither give his services services services ices gratis on his own responsibility responsibility or take a chance on collectIng collecting collecting collect collect- ing from people in very low in income income income in- in come levels The W P PAls A Is having some trouble corralling medical re re- re Few C established practitioners practitioners seem to find the proposition tion attractive New Yorkers use a football simile to describe the current state of government-business government re re- re lations The White House quarterback has given business the ball and urged it to run like blazes Corthe for Cor forthe forthe the recovery goal But he knows darned well it cant can't gain any ground because the blockers on I Ithe the team will interfere with the runner instead of bowling over the opposition Pretty soon hell he'll turn to the grandstand and say aay You see this fellow tellow cant can't get anywhere Ill I'll have to carry the ball myself Railroad circles were surprised and pleased by Senator Burton Wheelers Wheeler's statement that much more must be done to help the roads than the mere correction of past financing abuses disclosed by his investigating committe Only a couple of years ago Mr Wheeler was an ardent advocate of public ownership but he has completely changed his tune tunc Evidently Evidently Evidently Evi Evi- dently he has come to realize what an expensive luxury the railroads rail raU roads would be if It Uncle Sam took them over New York realists privately agree with the senator that a arate arate arate rate increase would not solve the problem They also heartily in indorse indorse jn- jn dorse his view that consolidations and elimination of uneconomic competition will be necessary beA be be- J. J fore a satisfactory answer can b I t found But they note that nel t Wheeler nor anyone else who ca car t I speak with authority from el e I Ithe the government or railroad view j I point has dared as yet to t I tedge edge publicly the basic truth truth 1 that these urgent economies Cl cai be effected only a at the expo expend of ot labor Comment runs that Unless un UM less this fact ix is faced and faced and ct ctt l lupon upon upon the the roads road are arc practically certain to end up in Uncle Sam lap Copyright 1938 for The 1 |
