Evening star., 1932-10-09
Wall Street Is Not Pleased With Recent
Developments in the Democratic Party

cial people in New York with sort OF
confirmation of the uneasy feelings
which they experienced during last July
when they contemplated at Chicago
National Democratic Convention dom
mated. as they interpreted 1t, by Sen
ator Wheeler, Senator Dill, Senator
Long, Speaker Garner, Mr.. McAooo
and Mr. Hearst.
In other words, they now think they
see the Democratic party in the East
Joining the Democratic party in the
West In going more and more toward
the left" and more and more away
from what for them is in both senses
the right" They think this all the
more deeply when they observe that the
most famous and most influential ma
tional Democrat in New England Is
Senator Dave" Walsh Of Massachu-
sets, who, though admittedly very
sane, is also very much inclined 70
travel at the progressive angle.
They simultaneously note the amazing
and clmost uninterrupted line OF
Southern and Western victories for
''pro2ressivism" within the Democratic
party, as evidenced in the senatorial
candidates. of Russell of Georgia, Over
ton Of Louisiana. Costigan OF Colorado,
Bone of Washington, McAdoo Of Cali
fornia, and SO on: and they CONTRAST
these victories with the defeats ao-
ministered to ''progressivism within
the Republican party in the instances
of La Toilette and Blaine Of Wisconsin
Brookhart of Iowa, and Cutting OF
New Mexico.
Suddenly, unexpectedly, for reasons
only vaguely percsptible. or through
accidents accumulated by blind chance
into an irresponsible outcome, the
theorists who have been demanding
that We shall have in the United States
a party thought CONS and a
party thought progressive" seem to
most of Wall Street to have gained
their point. That is, they seem to
have gained it more than in any other
remembered recent presidential year.
Most of Wall Street is accordingly
as formally favorable to Mr.. Hoover
now as it vas energetically unfavor-
able to bring during his pre- convention
campaign in 1928 for the Republican
nomination for the presidency. The
| leaders of the Street in those days
we're earnestly convinced that Mr.
Hoover was "theorist," all full OF
academic statistical data" and all set
! for adventurous governmental eApeIi-
mentations. They have since seen him
in some degree verify their Judgment OF
him by taking the United States into
the largest expansion of public credit
for business purposes in the history OF
capitalism. They now find themselves
backing a man whom they regard as
unduly governmental against man
whom they regard as more so.
II r
The truth is that both Mr.. Hoover
and Mr. Roosevelt are essentially un-
congenial to the taste of Wall Street:
and that fact in itself is startling
Illustration of the gap between Wall
Street and national politics. Wall
| Street. most of it, is supporting Mr..
Hoover only as the less objectionable
| tine of a two-tined fork. In spite.
! therefore, of the headlong plunge OF
| the Democratic party into ''p-ogressiv-
| ism," it is not true that Mr.. Hoover
| viii get from Wall Street the sort Of
fervid support that Mckinley got from
it against Bryan in 1896. If Mr..
Hoover is reelected it will have to be
principally through straightaway Re-
publican party organization efforts by
! himself and his associates.
Copyright 1882