Evening star., 1934-08-26
Continued From First Page,)

Continued From First Page)
James w. wadsworth, jr., formerly
| United States Senator from New York
and now a member of the Federal
House of Representatives from a West
ern New York district. The contrast
| between Mr.. Macy and Mr.. Wads-
worth is fundamental and it cannot
| be readily reconciled; because both
men are entirely honest and thereupon
neither of them can conscientiouSly
yield.
Governorship Stunned.
Mr.. Wadsworth at the present mo-
ment does not wish, as 1t happens,
to run for the Office of Governor of
New York. He wishes to go back to
the Federal House of Representatives
and there wage legislative fight
against the new deal. In its own
lair. Many of his friends encourage
him in this determination because
they believe that if he can be Of
service in developing Republican
legislative policy in Washington he
will be a strong contender for the
Republican nomination for President
in 1886.
The prospect therefore is, at present
writing, that Mr.. Macy will be left
with large power in the counSels OF
the Republican party in local New
York State affairs and that the result
will be that the Republican party here.
ar,-iu Of NJ Y1t
formulation of definite final battle
cries against the national Democratic
new deal endeavors. Old-style Re-
publicans here then conclude that the
Democrats of New York will this Fall
again capture the gubernatorial man
sion at Albany.
Up to this point in review OF the
situation the weather seems perfect
for the Democrats in their prepara-
tions for a pleasant political Autumn
hunting season. 1t remains neverthe-
less true that they are burdened with
anxieties which are now more or less
beneath the surface, but which threat
en- to rise to it and to display them
selves perplexingly at almost any mo-
ment.
The root of these anxieties is the
nervous and even neurotic state OF
mind prevalent in the local business
community in the humblest as well
as in the highest quarters. This state
of mind is not allayed by statistics
of profits. 1t is not allayed by the
favorable attitude taken toward
profits by the National Recovery Ad-
ministration. 1t is a state OF mind
recently attributed to the business
community Of the whole United
States by the Cleveland Trust Co. OF
Cleveland, Ohio. The officers of that
bank, throughout the depression,
have shown themselves to be excel
lent analysts of business conditions
and of business views. They have
recently remarked:
Business sentiment is clearly be-
set by doubts and its policies are
being guided by self-protective cau-
ton. Business has become thorough
" conservative and has created an
| atmosphere of affairs in which en-
terprise is hesitant and in which ad-
venturous initiative is almost sus-
pended.
Reasons for Attitude.
That kind of mental attitude is
| highly noticeable in New York City
What are the reasons? I conclude
from inquiry, that they are as fol-
| lows:
l. There is a great shock in the
| discovery that price protection" may
/ lead. and now does seem to lead, tc
restricted markets and then to re-
stricted outputs and then-conceiv-
ably-to ultimate eventual restricted
profits. The figures of the recent de-
clines in the outputs OF important
industrial commodities have spread
some fright in business circles here
2. The vast expenditures OF the
Federal Government have convinced
great proportion of all New York
business men that further monetary
manipulation-which they call in
flation"-by the Federal Government
will become necessary. The idea that
more imitation" is coming has de-
veloped into almost a settled dogma
/ in many of the New York business
| clubs. 1t also happens that the 1unos
for promoting the countrywide agi-
| tation for further monetary manipula-
ton are furnished largely by an Or
ganization of extremely different
New York business men called The
Committee for the Nation" This New
York organization is earnestly in favor
of raising the governmental paper price
of an ounce of gold from $35 tc
saba. 1t is a demand which hor-
rifles the major part of New York
business. Yet it is a demand which
the major part of New York business
is fearful may some day soon be
gratified. Hence, further mental un-
easiness and resentment.
8. The labor clauses Of the ma
tional industrial recovery act are
looked upon by business men here
with increasing hostility. More ano
more those clauses are held reSpon-
sible for the recent interruption oi
business by strikes. More and more
they are charged with containing
the prospect that "the country will
be handed over to labor" Recently
in New York City the police have
| heU,1n to tolerate "maSS nicketiQp.