The Waterbury Democrat., 1934-03-19

Washington, March 19-If you have an adjusted compensation certificate some place around the house, don't bother to dust it off. Regardless of the houses overwhelming vote last week fhere will be no bonus legisla- ton at this session. For two reasons:
 First, the chance of the senate passing such a bill is extremely remote. A secret nOse-cOunt shows a margin of eleven against.
 Second. should the senate re- verse it's present sentiment, the bonus is sure to meet a vigOr- ously-swung presidential axe. Roosevelt has declared he will veto such measure, and his veto would be final. There is ab- soIutcly no chance of overriding him in the senate, even if it could be done in the house.
 There are several reasons for the strength of the anti-bonus sentiment in the senate. Unlike the house, whose entire member ship comes up for reelection this year, only one-third of the senate runs for reelection. Also, the threat of the presidents veto carries greater weight with the senate democrats than with their house colleagues.
 CABINET ECONOMY
 Hint to housewives who have trouble making the budget bal ance:
 F'riday-Into self-service chain grocery store on Connecti- cut avenue hustled Mrs Claude Swanson, wife of the navy sec- retary. At the meat counter she inquired: How much is filet of sole ?"
 The butcher told her. but Mrs Swanson shook her head.
 "ToO much. How about fiIet of haddOck?"
 F'ilet of haddock, it turned out, was only half as expensive as sole. Mrs Swanson nodded: "Give me a pound and a half"
 When it as wrapped up, she looked around inquiringly.
 "Havcn't you a hook of ham?"
 The grocer found one, charged her 12 cents. A little timidly he asked: 'Is this for the serv- ants?"
 "No indeed," said Mrs Swan son blithcIy. "It's for the secre- tary and myself. We both love greens and strong beans boiled with d hook of ham," lNTERNECINE
 The behind-thesce story of the stock market bill discloses the most tense and bitter fight of the New Deal.
 One fight was known to every one-that between Wall street and the authors of the bill. The other fight, not generally known. is within the administration, be- tween treasury conservatives and the frankfurter brain trust.
 The president and Henry Nor genthau sat on the side lines, took little part in the battle.
 Original authors of the bill were Jim IIandis, midnight-Oil- burning member Of the federal trade commission; Tom Corcor- an, the brains of the R. F. C.; Ben Cohen, attorney for the F. T. C.; and Ferdinand Pecora, counsel of the senate banking cOmmittce-aII but the latter ap- pOintee recommended by Felix of the Harvard Law school.
 After drafting the bill they took it to Roosevelt, went over it section by section. He apprOV- ed.
 BARRAGE
 About this time began the ter rife barragc of Wall street. Brokers from every important city in the United States joined in the protest. A total of 2,5OO telegrams poured in. The treas ury began to get cold feet.
 Then developed the row be- tween the treasury and the trade commission. Chief controversial point was whether the trade commission should retain regu- latory control of the stock mar ket. Wall street operators quoted Landis as saying: Congress should pass law abolishing all stock exchanges" They wept bitter tears at the prospect of being controlled by him.
 Tom Smith, St Louis banker, with the treasury. agreed. So did Eugene Black. governor of the federal reserve board. They anted stock market regulatory powers transferred to the reserve boart.-alWayS amen- able to Wall street, especially to the house of Morgan. The controversy, put before Roosevelt, caused him to re- mark: we don't want this to be under an outfit without punch"
 In the end, however, the pres ident compromised. Much of the regulatory work was left with