Twin-City herald., 1939-09-23
WASHINGTON
JOTTNGs

During ali the confusion which has
marked the call of special session OF
Congress, there have been many re-
ports and rumors as to just what the
session will tackle.
Number one on the list is, Of course,
the Neutrality law question and the
proposal of President Roosevelt to re-
peal the arms embargo provisions OF
the law.
That there will be a stiff fight on this
is already taken for granted, but ad-
nlinistration supporters and the Presi-
dent himself are confident OF victory.
In the offering have been heard NUT
tered demands from Senate and House
members for legislation against war
profiteering. ..
And until few hours ago there was
every indication that the special ses-
sion might get around to this question.
But last night the President has in
dicated that he'd prefer to have the
special session concentrate on the neu-
trality law question exclusively.
There is, however, certain to be
number of attempts to get the question
of profiteering out on the floor tor
some discussion.
Meanwhile, Representative Arce {
Wanvick of Duluth, wants Governor
Harold E. Stassen to call a special ses
sion of the State Legislature to dea
with profiteering.
Wanvick charged recent price in
creases were outright profiteering mas
much as the products had been pro-
cessed after being bought from the
farmers at low prices.
He charges further that no bench
of the price raise came to labor an'
that the benefits are being enjoyed b!
4 few profiteers.
lust whether or not special session
of the State Legislature will be calle
has not been indicated. Indeed, thcr
dOeSn seem W Oe any hSNu III '
right now.
For Washington is tackling protiteer
ing on a national scale.
Attorney General Frank Murph!
former Governor of Michigan,
learned this afternoon, has been study
ing the question from all angles.
Anti-profiteering legislation is bein
drafted by the Justice Department /
case it is needed to prevent gougin
and excessive price increases in tn
necessities of life.
Anti-profiteering laws passed durin
the World War proved defective an
the new legislation has been designe
tc take advantage of the knowledge {
those defects.
Excess reserves of the baking sy
tenn are now approximately $5,OO0,0OO
600 and there is every prospect th
this unprecedented volume will col
tinue to increase, according to Mr.. +
cles.
Says Mr.. Eccles and | quote:
Bank deposits and currency i'll CT
culation is billions of dollars in exec
of all past totals. At no time have Il
great business and industrial organic
tions of the country had larger ca
reserves of which they would be al
to draw to finance large expansi'
in their operations before finding
necessary to borrow from the banks
the money markets.
Several billion dollars of foreii
funds are on deposit or under ear-mai
the expenditure of which would,
course, entail no borrowing or exte
sion of credit, but would increase ext
ing deposits and excess reserves.
The government is in position
day that it did not occupy in the St
assure ample supplies Of credit
favorable terms to meet any demai
both public and private, that is likt
to arise in the future.
In view of these circumstances The
is no justification for anticipating
development of conditions, due to "
abroad, that would lead to ere
stringency and thus to higher inter
rates on bank loans, mortgages a