The Western news. [volume] (Libby, Mont.) 1933-current, 1935-11-14

and fall.
Politics is behind all this. The New
Dealers fear If the present boom con-
tlnues. well through the winter. there
Is likely to be the normal setback In
the summer and fall. The effect of
this on the country would be precisely
opposite to that desired.
The most encouraging sort Of stock
market movement to the country, the
New Dealers figure. is the creeping
advance. 1t indicates improving busI-
ness prospects, not speculation. But
1t cannot occur. very well. after big
hull movement, especially If stock prices
have been pushed up during that bull
movement far beyond any sane ratio
to earnings and dividends.
There's the Rub
Now that Is where the rub comes
In. For despite all this talk about
breathing spell' and reassnring busi
ness, every one close to the admins
traton knows that there are going to
be more taXes-after election-and
that these taxes. assuming the New
Deal Is continued by the voters next
November, will fall on business. Espe-
cially big business.
Although this Is absolutely clear to
anyone, no matter how remote from
touch with the White House, who care
fully studies the Presidents official
utterances Che pointed out In the
breathing spell" statement that no
more taxes should be imposed on the
little fellow, already burdened by proc
essng taxes etc.). 1t has not been
generally appreciated.
But by next summer, the New Deal
ers figure, the gentry who buy and sell
securities In large quantities, and
therefore come pretty close to con-
trolling prices. will realize 1t. Hence
they Will be inclined TO liquidate their
stock holdings, If stock prices at the
time happen to be high.
1t Is well known that stock prices
are controlled by what the buyers and |
sellers regard as future prospects,
rather than past performance. Hence
the conviction that the corporations
must shoulder much greater load OF
tax burdens will not be helpful to bet
ter dividend prospects.
Hangs on Farm Plank
The most significant point about the |
recent poll taken by the American
Press association, which shows q con-
siderable fading OF the Roosevelt pop
uiarity, Is the clear demonstration, BY
putting certain unstated points to-
gether, that the agricultural plank OF |
Roosevelts opponent may decide
the New Deal Is to have four
more years, or Is to die on March 4,
1887.
Most important In the poll Is not the
fact that the Northeast has turned |
against President Roosevelt. This has
been known for some tIme-been gen
orally accepted since the Rhode Island
by-electlon. Nor Is the fact that New
York state Is included. The big point
Is that the poll shows sentiment
against the President, apparently
strong enough on the returns so far In
and as of today. to indicate the Presl-
dent might lose the electoral votes In
Kansas. Nebraska, Minnesota and |
South Dakota. Also Wisconsin,
To appreciate the significance of
this, a resort to electoral votes Is
necessary. In. these dispatches some
months back 1t was pointed out that
Roosevelt could lose every state north
II the Mason and Dixon line. and the
ohio river, and east Of the Mississippi,
except Wisconsin, and also lose Cali
'ornla. Kansas and Delaware, and still
rave 269 electoral votes. or three more
han enough.
In short, he could lose all New Eng.
and, New York, New Jersey Delaware,
pennsylvania. Ohio. Indiana. Illinois
Michigan, Kansas and California, and
IT'LL win.
AT the time this table was presented
" the writer largely to show the ire
nendous Importance OF New York,
ind hence the possibility that Tam
many Hall could re-elect Roosevelt by
every nerve to get out the
tote, or defeat him by mere apathy
This was ON the theory that upstate
Jew York would probably be about
he same In sentiment as It's neighbor
ne states in New England.
loses New York
This emphasis on New York is
justified by the recent POLL
which indicates New York is against
he President Also two of the trans
states included In the anti
LIST In these patches-California and
Aansas.
So that the important new point Is
eally involved In the additional Middle
Western states--Iowa, Nebraska, Min
esota and South Dakota. Wisconsin
nay be left to one side. No political
bserver believes that Wisconsin will
nck over the traces If the In Toilette
rganizatlon sets out to deliver 1t to
Further, no one has
luch doubt at the moment that
he La Follettes will do just that. II
,aro cbnuld ho opv c1ip.ur tbara orI