The Waterbury Democrat., 1937-01-05
Probation Officer

ulated for plant extension or repair.
 2. Exemption of reserves accum- tllated to retire preferred stock.
 3. Relief of debt-encumbered cor porations from surplus taxation.
 Experienced legislators examined Dr. Roosevelt's 1897 plans and uni- formly predicted long session, ending in June or later. The pro- gram is complicated by expiration of many authorities under which MT. Roosevelt has effected policies vital to his administration.
 Two Categories
 There are two categories of ex- pirations: Powers enacted with time limit, and those covered by a joker" in the first 1886 deficiency bill.
 The first classification: l. Jan. 31: Presidents powers to operate the 5000, ,O0O, 900 exchange stabilization fund and to alter gold content of the dollar.
 2. Feb. 1: Lending authority of the Reconstruction Finance Corpo- ration and of the electric farm and home authority.
 3. March 3: Power to issue federal reserve notes with collateral secur- ity in form of government obliga- tions. ..:.,
 4. March 31: Appropriation for civilian conservation corps.
 5. April 1: Power of federal hous- ing administration to insure mod ernization loans.
 6. May 1: Presidents powers un- der neutrality act.
 2. June 12: State departments authority to conclude reciprocal trade agreements.
 8. June 30: Three-cent letter rate: 24 excise taxes (gasoline, lubricating oils, automobiles, trucks, etc) yield ing about $350, ,O0O, 900 annually; re- duction of Federal Land bank in- terest rates from 4 to 3 1-2 per cent; works progress administration; pub- lie works administration; resettle- ment administration.
 DCAClCuCy OHh 0UACE
 The deficiency bill joker imposed a death sentence on several emer- gency agencies, some of which would have expired this year, without ad- ditional legislation. Among the agencies thus doomed, unless speci- fically extended by new legislation, were: Reconstruction Finance Cor poration, R. F. c. Mortgage Corpo- ration, public works administration, Federal Home Loan bank board, Home Owners Loan Corporation, Federal Savings and Loan Insur- ance Corporation, Federal Farm Mortgage Corporation, Commodity Credit Corporation, Surplus Com- modities Corporation, Electric Farm and Home Authority and the Export Import Banks of Washington. Democratic congressional leaders are confident they can minimize party bolts and maintain more than ample working majority for New Deal legislation.
 May Be Split
 An eGsly split in democratic ranks is expected this month, however, when congress acts on MT. Roose- velt's request for renewed authority to operate the treasury's $2,000, ,000,- GOO currency stabilization fund and to alter gold content of the dollar. Foremost among critics of tinkering with gold values and foreign ex- change is Sen. Carter Glass. d. Va, outspoken challenger of Roosevelt policies. He continues in his strategic position as chairman of the senate appropriations committee. Labor legislation likewise will strain party lines and probably break them. A conservative minor {, ity, possibly led by Glass, may op- pose MT. Roosevelt if he openly blesses the aspirations of notable labor leaders for strong laws to coerce industry.
 Glass May Sidestep Glass and his fellow conservatives are not likely to back the president if he marches hand-in-hand with President John L. Lewis of the United Mine Workers, David Dubin- sky, Garment Workers leader, or Sidney Hillman, master strategist of the anti-A. F. of L. committee for industrial organization which is backing the automobile strike and preparing to move on steel. rubber and allied industries. All three are recently converted Dew Dealers Hillman and Dubinsky are fresh from the socialist party.