, 1935-07-04
WASHINGTON
by Ray Tucker

BY Ray Tucker
Deadlock - The new NRA advis-
ory board doesn't ooze confidence
over the proposition Of negotiating
private agreements with industry for
preservation Of code hours, wages
etc.
Conferences continue but so does
the deadlock. Industry asks the
right to enter into price agreements.
The Federal Trade Commission will
supervise these voluntary arrange
ments but 1t cannot guarantee i'm
munity from prosecution by the De-
partment Of Justice. Industry agrees
to check chiselers by imposing dam
ages. but the NRA-ers shudder at
turning this destructive power over
to private policemen. Labor's men,
bers on the board are not convinc-
ed that certain industries will carry
out promises on hours and wages.
Four departments now exercise
fragments Of the authority once
centralized in NRA - Justice. Fed
eral Trade, Labor and the < ad-
visory board. Industry's represen-
tatives don't know where to turn or
whom to trust. Insiders admit that
additional legislation Is necessary 70
unite their hands.
Trades - Most industrialists have
exhibited a cooperative spirit. Others
have sought to drive hard bargains
In a polite way.
The Cotton Textile Institute. for
instance, presented an uncondi-
tional demand 1t agreed to "try
70" maintain code wages and hours.
In return IL wanted an export sub
sidy 10 finance foreign sales. an en-
barge on Japanese textiles and
abandonment Of the processing tax.
President @. II. Dorr delivered this
ultimatum TO Secy. Wallace at an
executive meeting OF the sub-Cabin-
et committee investigating textile
troubles.
Mr.. Wallace kept a straight face,
even though the demands a coun-
ter 70 his theories OF foreign and
domestic commerce. NOW" he be-
gan, you say that II we accept this
trade" He got no further. Mr..
Dorr hastily explained that he
wasn't trying TO make a trade
But they all are. and it explains why
no voluntary agreements have been
negotiated.
Why? - Senator Glass sub-com-
mittee was not hitting ut Secretary
7 0rgenthau when they threw him
off the Federal Reserve Board in
their revised banking bill. They
were showing their teeth to President
Roosevelt himself, who insisted that
his prime minister OF finance be
kept on the banking body.
Administration spokesman epri-
vately make light Of the rebuffs ad-
miniStered by the elderly Senator
from Virginia. They insist that the
Treasury viii continue to dominate
the banks under present circum-
stances. Its financial operations,
they say determine money rates at
home, and its sterilization fund
maintains the dollar abroad. The
Federal Reserve Board. according
10 this idea, Is only an annex.
1t makes an imposing argument.
But II so-called administration con-
troll Of the Reserve system meant
so little Mr.. Glass wishes somebody
would explain why the White House
staged such a last-ditch fight for
Its theories. Nobody answers that
one.
sonal and political sights lies be-
hind the house revolt against Pres
ident Roosevelt on holding company,
iva and other must" legislation.
The house has stood by the Pres
ident all session. rushing through
his measures without examining
them. Then the senate changed
them and threatened to kill them
unless the house backed down. At
presidential urging his faithful SER
wants surrendered time and again.
Worse still. they have gone without
patronage while MesSrs. Farley and
Hurja broke senate deadiocks by pro-
missing jobs and work relief projects.
Now the house Is trying the senate's
hcld-up game and succeeding
fairly well.
BSain Truster Corcoran's meth
DDS irritate the members. Besides
writing these measures he has lob
bied for them. They al he has
treated directors like ignorant
schoolboys who don't know what's
good for them. Some think that he
reflects the presidential attitude,
and they don't like II nohow.
Foresight - Secretary Hull re-
Gently submitted to the Senate Ag-
ricultural Committee one Of the
harshest documents ever read or
Capitol Hill. His confidential memo
dealt a death-blow to various indus
tries demand for subsidies to pro-
mote sales Of farm and manufacture
ed products abroad. Comparing