The Bode Bugle from Bode, Iowa • Page 2

News Review of Current Events the World Over President Raps Tugwell for Budget Job Program Moves Indorse Corn-Hog Control for 1936. By EDWARD W. PICKARD WcMern Newspaper Union, EXFORD O. TUGWELL, undersec- trol contracts, retary of agriculture nnd once con R. 0.

head man of the "brain trust," made a speech at Log Angeles the other day that called forth a sharp rebuke from President Roosevelt. Addressing a Democratic gathering, Tugwell asserted that the administration could satisfy every humanitarian demand and still balance the budget In 1938. Mr. Roosevelt, In a press conference, Tugwell geo the newspapers for printing what he called "crazy stories" and went on to declare that Tugwell's assertion was almost as unfounded as the predictions thrown out by many political observers that the budget probably would never he balanced again. Tugwell's statement wasn't quite as "wild" as the newspaper stories, he remarked, because Tugwell knew a little more about the budget than the newspaper men.

The President said he and his advisers were about to make a study of the financial situation, and that until the budget Is finally drafted about the first of the year not even he knows what shape it will take. Every effort, he said, would be made to hold the regular government departments down to the figures of this fiscal year, but he would make no predictions as to emergency expenditures. The loans will be made on corn which, If shelled, would grnrtp No. 3 or better. The grade requirement last year called for was No.

4, The loan rate then was 55 cents bushel. OBS for 3,500,000 needy persons by November 15, and an end of the dole by December 1. That was the forecast made by the New Dealers in Washington, hnd it appeared probable of accomplishment. Officials said states will receive no direct relief allotments from the government for December and that the November grants will be greatly reduced. The employment program Is a month behind schedule, but Is now being cnrrled forward rapidly.

Every state director of the PWA has been given a Job goal by Administrator Harry L. Hopkins and was told by that gentleman: "The responsibility for carrying out these objectives, through providing work on approved projects, rests squarely on you." As November opened these state administrators hnd to spend, and every day Comptroller General McCarl was putting more to their credit in the federal treasury. Of the tentatively approved In WPA project values by President Roosevelt, McCarl had passed 293.S04. Of the $1,000,207,831 definitely allocated for WPA by the president, McCarl had countersigned treasury warrants for all but Chester C. Oavle EW DEALERS have scored a major victory, and are correspondingly elated.

By a majority of something like 10 to 1, the corn-hog producers have voted for a continuance of the crop adjustment through another year. Incomplete returns from the referendum showed that the program was favored by majority in every one of the 33 states from which votes were received. "It Is only natural that we should be pleased with the apparent approval of adjustment given by corn and hog farmers," said Chester C. Davis, AAA administrator, as he watched the returns come In at Washington. "If the final results bear out present Indications another voluntary contract will be offered for both corn and hogs." In a formal statement Davis emphasized earlier ussurunces that the AAA would seek a 25 to 30 per cent- Increase in hog production next year.

Baying the "need for Increasing the present pork supply of the nation. will be kept In mind in plans for the next adjustment contract." Before the results of the voting were known President Roosevelt announced tentative plans for making the AAA over from an emergency to a permanent agency. Observers In Washington, concluded that Mr, Roosevelt Intends to make the AAA a major campaign issue next year and to rely for re-election largely on the voters In those western slates that have received the largest cash payments in the carrying out of the crop adjustment It for granted that he will curry the solid South. DRBMIER MUSSOLINI defies the League of Nations and Its sanctions. In a speech at the Inauguration of the new university In Rome he said: "In the face of an economic siege toward which all civilized people of the world should feel supreme shame, In the face of an experiment which they wanted to test, for the first time, against the Italian people, let It be said: "We will oppose It with our most Implacable resistance, with our most firm decision and with our most supreme contempt." However, It was announced In Geneva that the duce was willing to negotiate for peace with Ethiopia, and there was a possibility the league would delay for 15 days the application of further penalties.

King Victor Emmanuel Issued a decree putting the entire Italian merchant marine on a wnr bnsls. Prime Minister Baldwin's reply to Mussolini's defiance was a blunt assertion that Great Britain was prepared to resort to force, If necessary, to carry out the snnctlons. Snld he: "We mean nothing to the league If we are not prepared In the end, nnd after grave aud careful trial, to take action to enforce Its judgments." The British government made new protests to Italy against Italian press attacks on Britain and nntl-Britlsh propaganda In Egypt, and three more destroyers were sent from Gibraltar to Malta. HILE the League of Nntions was going forward with Its plans for the Imposition of sanctions against Italy, Its officials asked the United States government to comment on this policy, for the attitude of this country is considered vital to the success of the program. Secretary of State Hull replied promptly but with extreme caution, avoiding comment on the action taken by the league powers and Inferentl- ally declining to cooperate in the sanctions.

The nnswer, whose tenor was dictated by President Roosevelt, was sent to Minister Hugh Wilson at Berne. It only set forth the moves made by the United States under the neutrality act nnd restated our government's hope for world peace. In press conferences Mr. Hull stressed the fact that this country will continue to move Independently to keep free and untangled as president Roosevelt has promised. ONSTITUTIONALITY of the Gnffey conl act, a highly controversial measure, Is to be passed on by the Supreme court.

The way was opened when Justice Jesse Adklns of the District of Columbia Supreme court granted to the Carter Conl company a temporary Injunction restraining government enforcement of the net. In allowing the issuance of a temporary Injunction, Justice Adklns denied another order which would have restrained the government from collecting the penalty prescribed by the act for noncompliance. He directed that the coal company post a bond of $1,500 day for ten days to Insure stockholders of the company against a loss through Imposition of the penalty should the act he held constitutional. Regardless of the District Supreme court's decision on the constitutionality of the act, the test case will be carried to the Supreme court for a final decision by the company or the government, attorneys said. IBERT? League's committee of 58 more or less eminent lawyers got Into trouble by offering free legal Ices in, anti-New Deal litigation.

Someone protested to the American Bar as soclatlon and that body's grievance committee has been asked for an opln Ion on the ethics of the offer. It was reported that the members of the league's committee had been cited for unethical prnctlces, but the bar association denied this had yet been done. HERE Is no lack of potential candidates for the Republican Presidential nomination. The latest boom to be Informally launched Is for Gov, Alf M. Landon of Kansas, often mentioned as a possibility.

The other day there was a gathering In Topeka of party leaders, Including members of the state committee, state office holders, congressmen and Senator Arthur Capper, and after some oratory they unanimously and enthusiastically Indorsed tlie governor for the nomination. Landon had not Indicated whether be would be a candidate. If he will, the movement will probably be given formal status at the annual Kansas day dinner In Topeka on January 20, the seventy-fifth anniversary of the state's admission to the Union. Gov. Landon 'THVO marked Secretary Hull ONTINUING the administration's policy of "enabling funnels to market their crop in more orderly fashion," Secretary of Agriculture Wallace announced coin IIKII of 45 cents a bushel on the crop, uvailuble from December 1 until next 1.

The Commodity Credit corporation had already approved this and u.skcd commitment from tlu H. F. C. lo pro- Vide tht iiece.i»ury funds. Wulluce estimated that almtit would IK- uiHaiiei-d to corn growers under this program.

Borrowers must ssigu the AAA coru-liog coii- A MEHICAN citizens are not ing the embargo on shipments to Italy and Ethiopia to an extent that satisfies the administration. Therefore the President Issued this statement: "In dealing with the conflict between Ethiopia and Italy I have carried into effect the will and Intent of the neutrality resolution recently enacted by congress. We have prohibited all shipments of arms, ammunition, and Implements of war to the belligerent governments. By my public statement of October 5, which wos emphasized by the secretary of state on October 10, we have warned American citizens against transactions of any character with either of the belligerent nations except ut their own risk. "This government is determined not to become Involved in the controversy and Is anxious for the restoration and maintenance of peace.

"However, In the course of war, tempting trade opportunities may be offered to our people to supply materials which would prolong the war. I do not believe that the American' people will wish for abnormally increased profits that temporarily might be secured by greatly extending our trade In such materials; nor would they wish the struggles on the battlefield to be prolonged because of profits accruing to a comparatively small number of American citizens. "Accordingly, the American government Is keeping informed as to all shipments consigned for export to both belligerents." Secretary of State Hull Issued another statement calling upon American citizens to desist from trading with either Italy or Ethiopia. Such trade, he declureil, was conducted "at the expense of human lives aud human misery." EVUITUQIUKE felt in many tremors that were ny localities all the way from Spokane and Culgury to New York und ikistoii were severest In lleleua, where ut least two persons were killed und muny injured. Numerous buildings weakened by the former temblors in the Montana capital were llirowu down and the property losses were considerable.

tragic airplane accidents the week In the United States. The huge Boeing bombing plane built for the army, largest land plane In the country, was being tested near Dayton, Ohio, when It fell and burst into flames. Maj. P. P.

Hall, chief testing pilot, was killed and four others were Injured. Lleuts. It. Glovannoll and L. F.

Harmon risked their lives to rescue those trapped In the wreck nnd were themselves painfully burned. Another Boeing plane, re-built and undergoing tests by the United Air Lines, crashed against a small hill near Cheyenne and the four occupants were hurled to death. ONDURAS suffered one of the worst floods In Its history. Fully 115 deaths resulted, and the property damage Is estimated at $12,000,000, half of It sustained by the United Fruit company. Reports of the disaster reaching Tegucigalpa were meager and vague, and the mortality list may be greatly Increased later.

ANG CHING-WEI, premier of China, and two other officials were wounded by an assassin In king. Martial law was declared there Immediately. The Rengo (Jnpnnese) News agency, crediting Chinese sources, said the assassin was a member of the central executive committee of the Kuomlntang (ruling Chinese party). Chinese sources asserted he was a citizen of a foreign power. The Reuters (British) News agency reported Wang's assailant was a Japanese newspaper man.

OLITICAL gossip In Washington is that Senutor Vic Donuhey of Ohio may be Invited by the administration to be the Democratic candidate for Vice President next year. Mr. Garner, of course, can have a re-nomlnatlon If he reallly wants It, but there Is some reason to believe thut he would prefer to retire to private life after nearly forty years of public service. Donahey's impressive victory over Simeon Fess in 1032 and his well known vote- getting ability lead some prominent Democrats to think it would be wise to put him on the ticket as Mr. Roosevelt's running mate.

IMMY WALKER, former mayor of New York, bus ended bis three years of self-imposed exile and returned to the metropolis. Tammany Hall, which "made" him politically, took no part in the welcome accorded him, but enough others Joined In the affair to fill seven or eight boats that met the liner Manhattan at quarantine. These included delegations from the Friars club, the Lambs club and the Grand Street Boys' association of which Jimmy was vice president. At the docks there was a tremendous throng to greet Walker and his wife, the former Betty Compton. ELATED reports told of the terrific hurricane that swept across the southern pellicula of Haiti and that was followed by devastating Hoods.

There was no way of estiuiut- luj; the number of fatalities, but thej were believed to be us many us two thousuud. Entire populations of many valley villages were wiped out. HEARD around the NATIONAJL (CAPITAL Field Roosevelt Is heartily In favor of the recent action of the Interstate Commerce commission, as a result of which the New Haven railroad Is now seeking receivership with a view to scaling down Its capital debt structure. It has been In the President's mind for some time that the Interest payments being made by the railroads were entirely too high. He has frequently commented to friends that whenever a bond Issue Is made, by a railroad or any other business, provision should be made for an annual curtailment of that loan, so that at the end of a given number of years the bonds could be retired from the sinking fund.

Frequently, he has pointed out, the bonds are still part of the road's capital debt, and adding sharply to Its fixed charges, when the Improvement for which they were Issued has long since been worn out and replaced, usually by another bond Issue. The original Idea of the administration was to use the Missouri Pacific as a yard stick In cutting down the capital structures of the railroads. The plan was to reorganize this railroad, always a weak sister, though always prominent as an Important link In first this and then that transcontinental line. In such fashion that It could earn several times Its fixed charges, and hence sell bonds on a 3 to 4 per cent basis. Actual figures as to amount of bonds and Interest are so complicated, with the Missouri Pacific and the New Haven, and for that matter with all railroads, that Illustrations would take a column to explain.

But here Is the Roosevelt Idea Illustrated simply. Suppose a railroad hnd $500,000,000 of bonds outstanding, at an average Interest rate of 6 per cent. Some railroad bonds bear as low as 4 per cent, and some as high as 7 per cent, but the average Is not far from 6 per cent because there are more of the higher rate bonds thnn of the lower rate. To Illustrate In this illustration, the fixed charges of the road, so far as bond Interest Is concerned, would be $30,000,000 a year, Taxes and this bond Interest as well, of course, as all operating expenses must be paid before anything can be given the stockholders. In addition, every time some of the bonds fall due, the railroad has a terrible time flout lng a new issue even if It is a fairly prosperous road, and usually hns to pay handsome bankers' commissions for placing the new bonds.

Now suppose, further, that the road after paying operating expenses and taxes, hns just $20,000,000 left over, on the average, for bond Interest. Which netually Is little better than the case of tlie Missouri Pacific, and a little worse than the case of the New Haven. The New Deal plan would be for this mythical road to go through receivership, as the New Haven Is about to do, nnd take advantage of Section 77(b) of the bankruptcy act. When It emerges. It might have a total capital debt In bonds of $400,000,000, but on a 3V4 per cent basis.

This would make Its annual bond Interest bill $14,000, 000 Instead of $30,000,000. As the average earnings applicable to bond Interest would be $0,000,000 In excess of this, however, the road could expect the lower Interest rate. But instead of the $6,000,000 In addition being paid In dividends, a sizable fraction of It, say $5,000,000, would be used to retire bonds every year. The stockholders would be actually better off than they were before. In the illustration given, there would probably be no dividends for some time after the reorganization.

But the property in which they have an equity would be at least on the road to a better situation. Whereas If reorganized under the old tooth and claw method, they would probably get nothing. The same sort of plan has been worked rather successfully on non-railroad corporations, though of course the most Important new phase of the law Is that It prevents such reorganizations being held up by minority security holders demanding more than tbelr share. "Pitileaa Publicity" President Roosevelt Is expected to decide that present regulations and practices protecting the names of exporters of war supplies trout publicity should be modified, thus applying the "pitiless publicity" so much talked about by his former chief, Woodrow Wilson, to the present situation. Under the present practice, ship manifests are held confidential.

If such a request is made by the exporter. Even where publicity is allowed, the name of the exporter is not made public. Thus it was impossible for reporters In New York recently to be sure which of tlie oil companies had made very large shipments of oil to Italy. Treasury officials are considering permitting publication by newspapers of every detail us to exports. Naturally, they will not do so if the State department objects, and conversations on this point are now proceeding.

Officials of both departments, ns they admit in private of course, they decline to be favor such publicity, and It Is their confident expectation that the President will agree with them. Such a change of course would have no legal effect In deterring anyone who wished to ship such war supplies as are not banned by the President's proclamation. The reason the oil companies and shippers of other war supplies nre opposed to any change, and wish to retain the present protective secrecy, Is that they fear a boycott of their products- by individuals who would resent what they would regard as "war profiteering." It Is increasingly manifest that the sentiment of the country was strongly behind the action already taken by the President, and that It would favor going even where the pocketbook of individual sections might be affected. This Is realized by the companies now selling oil to Italy, and those selling metal which, while not actually ammunition, can be made Into ammunition by very simple processes once It reaches Italian workshops. Limit Motor Speed Automobile manufacturers are not talking about It, publicly, but they realize a very strong tendency which may force limitation of the possible speed of automobiles.

Motor-car makers discussed the situation very seriously at a recent meeting In New York. Of course they are prepared to fight such legislation, either by the states or the federal government, but the president of one of the big companies admitted to friends here within the last few days that the motor Industry would not be surprised to see such legislation very widespread within two years. In the face of advertisements that new models will "crowd 100 miles an hour," most of the present consideration of the problem by its advocation Is aimed at restriction to speeds not exceeding 60 miles an hour. Some of the extremists would go as low as 45, the speed limit on the open road In a good many states. The Idea suggested would be to prohibit the operation In a given state of a car capable of running In excess of a given number of miles per hour.

If only one large state, or any state regardless of size, whose citizens buy a large number of cars, should Impose such a restriction, the effect on all motor manufacturers would be very serious Indeed. For such a law as Is being advocated would not permit the mere addition of some such simple governor controlling the number of revolutions ns was used by some cautious car owners In the early days, for the would-be reformers are determined that It must be something which cannot be taken off. It would have to be, to comply with their ideas, a built-in part of the motor. Liquor Regulations Reports from the distillers all over the country Indicate that there will be no important opposition to the new regulations which Administrator Frank Un C. Hoyt has suggested for labeling liquor.

It Is already virtually decided that some administrative changes will be asked, but only one change in the proposed regulations will be recom mended that is of any interest to liquor purchasers. That Is the desire for postponement for a month, or two months at most, of the dates on which the new regulations go Into effect. As at present proposed, after Janu ary 1 next no whiskey can be branded as "straight" unless It has been aged In charred oak casks for at least one year. After June 30 next no whiskey can be labeled "straight" unless It has been similarly aged for 18 months, and after January 1, 1937, for two years. The Industry would like to mark up these three dates, especially the first one, But as to the general Idea, there is very little dissent.

It Is gen ereJly recognized that conditions have changed, with the passage of time since repeal, which Justify the higher standards that the proposed Hoyt regulations set up. As to blended whiskey, the restrictions would merely be that not less than 20 per cent of any whiskey marked "blend" should conform to the requirements for "straight" Is that after January 1 next this proportion of straight whiskey must be used, and that It must have been aged In charred casks for one full year, after June 30 It must be 18 months old, and after January 1, 1937, It must be two years old. Be Labeled Another restriction which Is generally approved requires that the amount of neutral spirits, or alcohol, used In blended whiskey must be stated, and also that It must be plainly labeled that such neutral spirits were produced from grain, or molasses, or whatever. Actually very little neutral spirits made from molasses or other than grain bases Is now used in blending whiskey and gin. In the early days of repeal one of the largest producers.

In an eastern city, used almost exclusively neutral spirits made from molasses. There Is not alleged to be any question that such neutral spirits are any more harmful than those made from grain. Actually the two products are not different chemically. It is Just a question of taste. For reasons which flabbergast the chemist al- obol produced from grain seems to make a smoother blend than alcobn) the same chemical content made from molasses.

ServU-e. DANGER OF PREJUDICE The grentest enemy of progress is prejudice. It is a greater danger civilization thnn armament manufacture, mnlnrla or debt. It hns ed the growth of the railway, the bicycle, the airplane, and the A. Week's Supply of Postum Free- Read the offer made by the Postum Company In another part of this paper.

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