Evening star., 1937-10-29

Certain New Dealers, especially those
whose interests, past, present or future,
happen to be concerned with develop
ments in Wall Street, are skeptical over
the results, marketwise, OF Federal Re-
serve action in reducing margin require
ments. A shining light in the admins
tration inner circle subScribes to the view
that the effect will be temporary. He's
persuaded that only the fundamentals"
in the situation count and will ultimately
determine whether the slump is to be
short-lived or not. Pressed for elucida-
tion of what these fundamental" are,
the authority in question opines that TO
answer that one would be . long story"
He comedies the immediate milk in the
coconut is probably what happens in
Congress during the special session, and
after. The impression conveyed is that
until high finance, as we'll as Mr.. and
Mrs. Average Man, including the rank
and file of the business world, are wiser
as to what the future holds respecting
such things as the budget, taxation farm
legislation, and wages and hours, un-
certainty will keep the securities mar
ket on the anxious seat, though perhaps
not in the state of jitters to which 1t
has succumbed in recent weeks.
-
It will soon be exactly 30 years ago
that Theodore Roosevelt made history
by sending the United States Fleet
around the world for the purpose of
giving Japan an object lesson, at the
time of the California immigration,
school and land law excitement. The
fleet left Hampton Roads on Decem-
ber is, 1907, anchored at Yokohama
from October II to Is, 1905 and returned
to home waters on February %, 1909.
William Hard, Washington political OBJ
server, now q member of the Republican
National Committee high command,
once asked T. r. what the latter con-
sidered to be the most important act
of his entire public career. Unhesitat-
ingly, Roosevelt replied: Sending Bob
Evans and the fleet to the Far East!"
The former President went on to explain
that the showing Of our nag in force on
the other side of the globe had in his
opinion produced respect for Americas
potency as = world power at q moment
when the demonstration undoubtedly
served the cause of peaAe. President
Roosevelt was always profoundly i'm
pressed by the writings of Admiral AL
fred T. Mahan, U. s. NJ, author of 1.-THE
influence of Sea Power Upon History"
Both during his presidency and after.
T. r. was in intimate contact with
Mahan, and, with respect to foreign
policy, as affected by navies, is believed
to have been guided largely by the
teachings OF that renowned sailor
statesman.
Secretary Wallace was asked one day
this week by . brother New Dealer OF
rank "how long it would be before a
man could afford to invite . fellow to
eat q beefsteak" The Department of
Agriculture chief Is evidently an opti-
mist, for he replied: "It won't be long
now!" It seems that the 1887 bumper
corn crop should enable cattle raisers
to fatten up stock for slaughter at rela-
lively moderate cost, and sell it to the
packers at correspondingly low figures.
Whether the middle men who, rather
than the farmers, in Wallaces judg-
ment, are getting the choicest cuts from
fancy meat prices, will permit these to
recede to normalcy, is . matter on which
the Iowan would rather write history
than prophecy.
Rank and file Of organized labor,
whether partial to G. I. o. or A. F. Of L.,
are reliably reported to wish - plague
on both your houses" as far as the
LeVis-G Green feud Is concerned. During