The Washington times., 1929-11-20

Death takes Secretary of W1r
James w. Good from the Hoover
Cabinet. The entire nation
mourns.
Political circles are speculating
on who will succeed him. Assist
ant Secretary. of War Patrick J.
Hurley is mentioned; also William
p. Donovan, the former assistant
attorney general and confidant
and political advisor of the Presi'
dent.
It appears unlikely Donovan
would accept the war portfolio.
He has retired from national
politics and his friends say that
only the proffer of the Attorney
Generalship could change his
plans.
Hurley, a political power in Ok
lahoma, is recognized as a COM
ing power in Administration cir
cles, and it may be that the
President will determine to ele-
vate him to Cabinet status.
Not since the World War
mobilized the brains of the ma
ton in Washington has there
been seen here such cor1Centra-
ton of expert industrial intelh-
gence as President Hoover has
organized for the current week.
Yesterday the great railroad
executives of the country con-
ferred with the President; today
the leading business men, bank
ers, manufacturers, public utility
magnates, and others, are at the
White House; tomorrow the rep
resentatives of the farmers will
be there.
These princes of the business
world are here to form Mace
donian phalanx against the shock
and injury it may receive when
the full impact of the recent stock
exchange debacle is felt.
The Administration is not tax
ing any chances on a slowing
down of business, or of unem-
ployment. It is announcing ex'
pansion of the public building
program. It is ready to cooperate
with various branches of buSi.
ness in maintaining the purChas.
ing power of the public and
stimulating consumer demand
wherever necessary.
Post-mortems over the market
crash continue. Wall Street would
like to know what happened to
it. The most pungent Of all these
post-mortems is that of Senator
Thomas J. Walsh, Of Montana
who gives a political slant to the
matter. He says:
1--WE would do well to remember
that something over a year age
when brokers' loans were mount
ing to heights that appalled, every
one, the then President Coolidge
gave out an interview saying he
saw nothing in the situation to
cause alarm. Senator Glass scath
ingly referred to it in the Senate
saying: We have witnessed the
unprecedented spectacle of the
President himself jumping into
the stock pit and trying to bull
the market.
More recently. when the Fed
eral Reserve Board took steps to
arrest the orgy of speculation and
was openly defied by Charles A
Mitchell of the National City
Bank, there was not word from
the White House to back up the
board cor to rebuke the recalci
trant official of the bank"
We have had a traditional.
"Old Guard" in the Republican
party leadership in the Senate
for, 10, these many years. Now
we have a Young Guard"
It is the mission of the Young
Guard" to try to heal the breach
that has arisen between the "Oic
Guard" and the Progress1ves o.
the party, who, with their Demo
cratic allies, are now in absolute
control of the Senate.
So far, their efforts in this di
rection have fizzled out. Thu
Progressive-Democrati coalition
will have nothing to do with
them. They have tried to make
peace over the Hawley-Smoo
tariff bill, but there is nothing