The Waterbury Democrat., 1938-02-23

Hoover Administration wh.
 The present Administration does not expect anything so serious, for the reason that the country now has system of relief, and addi- tional funds have been allotted to the Michigan area.
 But when Homer Martin of the United Automobile Workers outlined the situation to the President recently, he reported that relief costs in the city of Flint had jumped 212 per cent between December and January. The Social Security Board later estimated the increase to be 2S5 per cent.
 Martin told the President that out of 100000 heavy industry workers in Detroit only 71,000 were employed, part of these being on part time. After listening to Mar tins plea for additional relief funds, Roosevelt suggested: Would a million a week be enough to cover it?"
 This figure was tentatively agreed upon.
 Auto Regulation
 Governor Frank Murphy has been conferring with the President on other long-term ideas for the aid of Michigan. He believes that the only permanent cure for the State is the stabilization of the motor industry.
 LAST YEAR, for instance, s. 100000 cars were manufactured. This was accomplished through high pressure selling and easier installment terms, aleady the sub- ject of a conference between Roosevelt and the motor moguls.
 THIS YEAR, because the motor market was oversold, only 2,500,000 cars will be produced, and of this number parts are already manu- factured for 1000, ,000, so that act- ually only 1,50O,00O additional cars will be built.
 Governor Murphy's ideas on auto regulation still are in form ative stage, but he believes one solution might be carefully reg ulated motor monopoly which would prevent fluctuation in pro- auction.
 ONLY HITCH IS THAT BIT TER RIVALS FORD AND GEN. ERAL MOTORS NEVER WOULD GET TOGETHER.
 Washington Scene
 SCENE: Any government office in Washington.
 TIME: Between APO and 4::30 any afternoon.
 CHARACTERS: There is only one, the clock-watching stenog.
 ACTION: At APO she takes the government towel out of the gov- ernment desk and goes down the hall to wash. Returning, she rubs her hands in skin lotion and looks at the clock.
 4:25, she applies rouge to lips and cheeks, combs her curls, brushes her suede shoes, and looks at the clock.
 4:2S, she puts on the hat and coat .
 4:29, she pulls up her stockings and straightenS the seam at the back.
 4:3O, the bell rings. While it is still ringing, she is out the door and calling DOWN." to the ele- vator.
 Wall Street Run-ArOund
 Leave it to Wall Street to get around the restrictions of the SEC and the Federal Reserve Board if there is any possible way of doing it. Securities and Exchange of ficials are now Investigating the latest Wall Street dodge of trad ing via London.
 The system is very simple. Any one who wants to sell short or operate on lower margins has his orders placed in the New York market through a London bank or broker. This gives him two advan- tageS.
 FIRST, London banks require only 20 per cent margins, con- pared with 45 per cent on pur- chase and 50 per cent on a short sale required by the Federal Re- serve Board.
 SECOND, 1t gets around SEC restrictions against short selling. Cabled from abroad, there is no way for the SEC to ascertain def initely whether the operation is a short sale in the first place, and no way to take any action against the foreign seller, in the second place.
 The joke, however, is that the seller usually is right in New York. He merely manipulates