, 1935-05-21
WASHINGTON
BY Ray Fucker


Washington-the political capital
and New York-the financial cap
ital-may become nor platonic as
a result OF the election OF Charles
n Gay as head OF the New YORK
stock Exchange. Unlike his pre-
c~ecesSor, Mr.. Gay Is on friendly
terms with many New Deal lights,
especially Joe Kennedy.
Mr.. Kennedy's Securities and Ex-
change commission Is still wrestling
with the New York change over
reform OF some OF its trading rules.
he prefers that they accept them
instead OF enforcing" them. Adop-
ion by The Broad and Wall street
DIowu would mean that II will be
easier I'd persuade the twenty
other registered exchanges 10 follow
suit.
Slowly but surely the impression
gains al Washing on that one OF
The New Deals SWEETEST salesman
Is Joe Kennedy. Next to him comes
Jesse Jones, despite his bonus state
ment. As the tumultuous and ideal
iStic supporters OF the president
disappear or lose their Influence,
the practical boys like Kennedy and
Jones dominate the stage. There Is
no conflict there. however. The
practical men are needed TO modify
and make the professors plans
work.
Safety Feeling over the New
Zeal has become 80 bitter IN spots
tnat even old friends must meet BY
stealth. The following incident may
sem humorous, but II reflects a
division OF classes which results
definitely from the administrations
economic program:
Robert II. jackson. prosecutor in
the Mellon tax case and a delight
ful companion. had arranged with
an old hometown friend TO motor
through the South. His friend hap
pens to be a public utility magnate.
IN wiring hts friend about plans
Tor the trip MI. Jackson said.
Please meet me in Cincinnati and
we Will motor across Kentucky.
Cannot afford 70 be seen in Wash
ington in company with a public
utility men,"
The friend replied: Cannot meet
yor In Cincinnati. Dare not travel
through Kentucky with an Internal
Revenue agent" They have not
yet agreed upon a meeting place.
but wherever IL Is they will prob
ably wear whiskers.
Stnfe-The two leading indus
trial organizations at Washington
art the Chamber OF Commerce OF
lie United SALES.--FUTURE heard
about that-and the National AS
ISOLATION of Manufacturers. Al
though their aims are about the
same, the chamber largely rep
reSents Little Business Including
r"any l~ObberS-and the association
speaks for Big Observation-Disclosures
chiefly makers-or claims TO. Riv-
airy has always marked their actiy-
tiles.
Even In their onslaught on the
New Deal their jealousies intervene.
Ihe association insists that its
members forced the chamber to
attack President Roosevelt as
severely as il did. II claims that its
members we're the ones who sharp
ened the resolutions originally pre-
Sented. And the man supposed TO
have dominated the resolutions
committee represents a locomotive
manufacturing concern which was
openly spanked By a New Deal
agency.
Human nature appears TO be- the
same whether II operates in bust
ness or politics. This division Of
sentiment has not escaped the
White House, which seems TO hear
all ind know all. and YOU may
loo for a clever move 70 accent
Uate the strife within the ranks of
the White House opponents
Marriages President Roosevelt
had inside information when he
delivered that surprising fighting
speech 20 the farmers in his own
backyard. Just before he assembled
the balcony his aides furnished him
information on farm commodity
and land gains which made him
mad and happy. He did not quote
the statisticS-wiSely-but without
them his speech might have been
a dud.
Farm Credit advisers told him
that values OF farm lands have
Jumped by Is per cent within the
last two years. RepaymentS on fed
eral farm mortgages have averaged
81 per cent, despite the drought. In
certain there Is a shortage Of
farms for purchasers who want TO
put real money into real estate.
perhaps as a precaution against in
flation.
But the best news was that inSur-
ance companies r returning to
the farm mortgage field. And on
favorable terms for the farmers.
They are offering l0-year mortgages
" thout renewalS-the bane OF the
farmers in times paSt-and mort
cages which amortize In fifteen and
twenty years. Farm Credit spokes-
man are keeping this development
10 themselves for a while, but when
u assumes larger proportions they
will boast about.
TOugh-LouiS Howe laid many q
stone for Franklin ID. RooSevelt's
pathway 70 the White House. At
Albany 25 years ago he fired the
young ASsemblyman with preSi-
GENITAL ambitions. When Mr.. RooSe-
welt lay III Is years ago Louis kept
lis hope and heart alive. So the
following story has significance in
revealing the kind OF courage the
man has who pushed FDR toward
tn White House.
Mr.. Howe Is extremely sick. He
can leave his oxygen tent for only
d few hours each day. He will never
again return to his room in the
Executive Offices If his physician
Is to be believed. Indeed. he has
IreSpaSSed upon the time the doc
tors GAGE him 10 i've.
Nevertheless LouIs-from his oxy-