Imperial Valley press., 1936-09-08
News Behind the News
Wall Street Fights F. ID. r. :. Some
Misgiuings >. LdndOn No Hero
Among Money Giants

NEW YORK-The Wall Street industrial
financial community is still lined up almost
solidly against the reelection OF Franklin D.
Roosevelt, but with certain exceptions, few
mental reservations, and fairly general ten
dency to fear the worst.
Governor Landon is not hero in the Wall
Street area. That may be partly because OF
feeling that he hasn't yet fully demonstrated
his capacity to Straighten out the nations af-
fairs But il is cerainly in part due to the fact
that he has refused to take an outright con-
servative position and insists on demonstrating
certain liberal leanings.
Landon conspicuously refused, his eastern
trip to rub noses with Old Guard leaders IN
New York state with whom Wall Street is on
excellent terms. His declaration for repeal OF
the undivided corporate surplus tax appealed
to many financiers and big business men and
his previous stand on labor was popular among
conservatives. But there are other factors winch
tend to make him somewhat less than an idol.
The president of one of the largest corpora
tionS in America went west awhile ago laden
with advice to see Landon He came back re-
porting that no one in the Landon camp at
Topeka was in the least interested in his ideas,
although some interest was displayed IN tne
amount of money he might contribute.
Although the bitterness which the upper and
near-upper crust in New York feels toward
Roosevelt hasn't abated and shouldn't be min
imized one no longer hears many complaints
based on the uncertainty OF what to expect
under Roosevelt.
taxes won't be sought if he is still in the White
House after December have had much to do
with that is doubtful.
big Business operators have assimilated the
fact that the next Congress will be Democratic
certainly in the Senate and by all odds OF prob
ability in the House as we'll And that still
leaves uncertainty element to face, re-
gardless of who's elected.
Nevertheless, some of the boys couple OF
steps removed from the top are willing to ADMIT
that what really bites the captains OF Wall Street
and industry hardest is the fact that they have
lost rather than regained prestige and power
under the New Deal.
AS an erstwhile ruling class" they have
been challenged by Roosevelt and his followers
as we'll by Congress.
The Street. meanwhile, is anticipating big
outburst of dividend payments in December II
Roosevelt is reelected Some estimates say
corporate disbursements might rise as high as
"a 1000 900 for the year, nearly two-thirdS OF
an anticipated net corporate income of more
than S6000,000,000
The new tax of to 81 per cent undivided
corporation profits is responsible for these expec
tationS, but it is said that many boards OF
directors are Withholding decision on dividend pol
icies until after election, because Governor Lam
don has promised repeal of the tax.
But even if Landon should win the directors
might still be in a box. They couldn't be sure
Landon could persuade a presumably hostile
Congress to repeal the tax.
Italy is enlarging it's fleet again
Maybe Primo Carnera is going to enlist
after all.
By operation, Dallas girl is being
made into boy. Another good example
of a woman's right to change her mind
Scientists find Ethiopia has no miner
al wealth, but they probably do not fig.
ure in the rings II Duce has put in the
native noses.
Governor Landon begins his political
tour with a speech on the West Middle
sex, Pa, golf course, which doesn't NEAR
this campaign is any tee party.
When you see good opportunity
jump at it, is the best advice for Jesse
Owens.
public expenditures, that fact is worth
remembering.
Wherever we may need to economize
we should cut the school budget just