The Waterbury Democrat., 1938-12-13

One thing which makes the Franco-Italian tension more dan gerous even than appears on the surface is the fact that it is General Itaio Balbo who is sit- ting in Libya, across the border from French TuniS, with some 100000 Italian troops ready to march.
 Balbo happens to be one of the chief aspirantS to succeed Mussolini when the Duce gets ready to step down from office, and bold stroke against the French would up his chances tremendously. It would put him in better position than Musso- lini's young son-in-law. Foreign Minister Count Ciano.
 Balbo won international fame when he led a squadron of Italian seaplanes across the Atlantic and put them down on Lake Michi- gan opposite Chicago's Worlds Fair. Any man who crowds Mus solini for the limelight gets penalized, and Balbo immediately was exiled to Libya as governor.
 Now he sees his chance to come back = but at the expense of world peace.
 White House Groceries
 Tradesmen who cater to the White House are not allowed to boast about their presidential busi- ness. They may sell the White House $1 900 worth of merchandise in month, but if they advertise it, they lose out completely.
 Thus there is no U. s. coun- terpart to the British tradesnan'5 sign, By Special Appointment to His Majesty the King" However, a White House purveyor usually enjoys prestige in the trade, for his connection gets about by word of mouth.
 Spanish Embargo
 For the first time it begins definitely to look as if the Roose- welt administration would do something about the Spanish em- bargo.
 Reason is that word has begun to trickle across the Atlantic to the gentlemen in the State De- partment that Franco victory in Spain would be no help to France and Great Britain. Word is that these two countries are not going to grant belligercnu rights to Franco after all.
 What has scored Paris and London is the preSeuce of Italian
 troops near the FrcDt h border
 in Spain, and realization that if Italy means business in Africa
 it would give her tremendous advantage to have Spanish Fascist government constantly
 menacing France.
 The State Department, which generally takes European cues from the British, has now changed its mind about the Spanish em- bargo, but is not likely to do anything until congress convenes. Then the entire neutrality question. will be taken up.
 Diplomatic Stuff
 Burnett Booker is the aged, to- bacco-chewing Negro messenger graciously escorts diplomats to tine door of Under Secretary of State Sumner Welles in the State De- partment. As Booker opens the door, he hears Welles advance with a greeting in whatever lan- guage best suits the diplomat.
 Booker comes away from the door shaking his head in admira- tion.
 That man sh0' is wonder" he says. "He speaks all kind O stuff"
 J. P. Morgan Rebuff
 During a trip to the Pacific coast last summer, SEC Chairman Douglas urged local investment bankers to do their own financ- ing. He pointed put that in 1887, Wall Street issue1 more tl:an Sj per cent of the ccunt:: $ stocks and bonds.
 ''It E time you broke mp this domination" he said. "Thc.e $ no reason why local enterprises should be financed lOcali.'."
 An unpublished episode few days age showed thag Douglas seed fel, on fertile ground = to the angry astonishment of J. P. Morgan & Co., and Kuhn, Loeb 6 Co.
 The Chesapeake and Ohio Rail- road announced the flotation of a big bond issue and called for bids from investment houses. Halsey, Stuart Co, of Chicago, Otis & Co, of Cleveland bid $l00 each. Highly pleased with these par offers. the 0. & O. prepared to award the issue to the two firms, when rep resentative of Morgan E Kuhn, OFF THE RECORD