SITUATION REVIEWED

Evening Post, Volume CXV, Issue 94, 22 April 1933, Page 11

SITUATION REVIEWED

BARGAINING POSITION

MO PER CENT. DYNAMITE"

NEW YORK, April 20. Internally, various developments of the last two days are obscure for the purposes of interpretation as to their long-time effect, yet arc obviously intensely vigorous. " Leaden Wall Street has changed mightily into a rocketing stock market with certain important issues, such as United States Steel, gaining 50 per cent, in price, while bonds, even those of the United States Government—depressed commodities—havo made exceptional gains. THE COST OF LIVINC*. A parallel is drawn that going off the gold standard Kdid not seriously raise the cost of living in. Britain, and that similarly the American "man in . the stroet" will not be affected any way, but it seems impossible that the basic staffs of life and living can continue to have any more such hectic markets as those of the past few days without the cost, of living rising quickly and perceptibly. That this, if not accompanied by an automatic adjustment upwards of the present deflated wages, might seriously discommode a great element of the population—:namely, the labouring class—seems inescapable and the labouring class can at the present time ill afford to adjust itself to any further dislocations. To revert to the question of stage setting. It seems to indicate that if any such intention existed it lodged chiefly in the breast of Congress. The statement of the Speaker of the Senate, Mr. Eainey, to newspapermen today and the specific provision in the inflation amendment to the Farm Bill (that the President, whenever he finds upon investigation that the commerce of the United States is being adversely affected by tho depreciated currencies of other countries or wishes to secure international agreements for the stabilisation of currencies, can take appropriate steps) seems to indieato this. WASHINGTON CONFERENCE. It is indicated, too, that President Bobsevelt personally is not averse to utilising tho situation for the purpose of "bargaining" at the impending Washington Conference, but circumstances and not intent seem to have been tho principal impetus of the various steps and measures of the past few days and days to come, both as concerns Congress and tho President, embarrassing though the situation may prove to visiting statesmen. It is no secret that, despite tho general good nature and willingness to follow the leader with which the American people accepted the. Roosevelt programme of the past six weeks, all that vast tier on tier of legisation reaolved itself into America trying to

lift itself by its bootstraps. It hasall been largely schematic, and not -without grandeur, but exaspcratingly slow as concerns the end and the results. The people's impatience, sharpened by years of culminativo suffering, began to voice itself in Congress by wellknown and well-calculated demands for a radical inflation of the currency and a radical change in the monetary system. Should Congress have been allowed to have its own way there is no saying what uuorthodoxies as concerns .. money it would not have forced through during the next few weeks, aside from otherwise disrupting the President's legislative programme.