, 1935-03-05
The World
At Glance
BIZ LESLIE c
Central Press Staff Writer)

NEW YORK, March Sd. p. Nor
gan'S disposal OF real estate and
paintings. TO put ms estate into
more manageable shape" may be IN
preparation for infaltion.
People would like 10 know what
Morgan will do with the cash.
His scouts in Washington probably
have informed him that President
Roosevelt has lost control OF congress,
and that n majority OF the house, at
least, is hell-bent for inlaltion.
But Morgan Is not likely TO take
his money TO England.
AT last reports. money was IN
flight from England. Business has
dropped IN England. and there Is
talk OF further depreciation OF the
pound-another shot IN The arm.
Perhaps Morgan has some particu-
lar securities IN mind that would
rise or, better. that would remain sale
during a period of infaltion.
But his disposal OF real estate u
pulling some. for real estate IL sup
posed 10 appreciate during initiation.
Probably Morgan foresees a still fur
ther increase In taxation, which
would drive unuSued realty into use.
The real estate which Morgan has
on the market Is unused. Taxes may
be reaching coniiScazory proper
tons.
Yet why should Morgan dispose OF
valuable paintings? Initiation prob
ably would increase their value.
Or does Morgan believe that a so
oial evolution viii make any tangible
wealth a tsrget7
Many men would give a small for
tune 10 know Morgan'S reasoning M
or. perhaps. the reasoning Of his
Shrewd partners and legal staff.
Most poignant comment on the de-
ciSicn OF Federal Judge w. I. Grub
II Birmingham. Ala. that the Ten
neSsee alley Authority had no right
to compete with private power lines,
vas made BY Representative John
u. Rankin. OF Mississippi, author OF
the bill creating the iva.
Said Rankin:
That decision reminds me OF the
attempts made $50 years ago by
private interests 10 prevent the gov
eminent from carrying the mail II
they had succeeded and maintained
fun control OF Il postal system TO
tho present day. II Is highly probable
that 10 would cost so cents 70 send a
postal card from Washington 70
Baltimore-40 miles"
An example Of that kind may be
seen In the high cost Of long dis
lance telephone calls, aiding the
American Telephone a. Telegraph
company to pile up the greatest sur
plus ever accumulated BY a private
corporation in the worlds history.
Much has been said OF the liberal
ization' Of Chief Justice Charles Il.
Hughes. Of the u. s. supreme court.
He is not liberal 30 much as respon-
sive 10 the social and economic evo-
luton OF the age.
A question freely asked now Isl:
What would have occurred If Presi-
dent Hoover had appointed a con-
servative TO the supreme court bench
las he undoubtedly desired-instead
Of Justice Benjamin Cardozo2"
There would have been an adverse
decision on the gold clause and
other essential questions Of the age.
And what would have been the re-
suit OF that Chaos-and perhaps
worse. administrationists tell Us.
The supreme court has not always
been wiser than congress nor has n
been as infallible as the judgement
n citizens who are not SO clustered.
Many students OF history believe
that the supreme courts bred Scott
decision brought on the Civil War.
In brief, while q judicial check is
advisable. thGre Is nothing I'm a
lawyer that raises him In under
standing and intelligence above the
remainder OF his fellow men. Espe-
Cially Is that true when 1t is realized
virtually every federal judgeship APP
pointment Is made on a political
basis, not because OF the merit OF the
man. CThere are, Of course, eX-
ceptionsJ
That applies ever TO some supreme
court appointments. Presidents have
a habit OF getting rid OF men by
placing them on the supreme court
bench. Fortunately. the last few APP
pointments have not been OF that
nature.