tative because one of the authors, Joseph Alsop, is a cousin of the President, enjoys his confidence and manifestly is writing, if not on White House inspiration or at its instigation, at least on the basis of information available only in that exalted region."
" Alsop and Kintner write for the fifty largest papers in the country, --the N.A.N.A. They are two former N.Y. Herald Tribune lads. Joe Alsop is a Harvard man, formerly on the Crimson. His father is a banker in (I think) Hartford, Conn. He writes like a Morgan partner and is very, very pro-British. Kintner comes from an old line family in Philadelphia--has an in with the Sat. Eve. Post--that is where they got their start", a Washington correspondent writes me. "Joe Alsop and Robert Kintner certainly write an editorial worthy of the 'House of Morgan', every day. You might think that Lamont was writing it." Alsop has just been nominated for the Board of Overseers at Harvard.
On armaments Mr. Roosevelt has spent 9 billion up to January 1. Then Congress gave him another half billion. He has been calling for a half billion more. (Now overnight this has risen to two-and-a-half billion, which will make 12 billion he has spent for armament.) (3)
Incidentally in ten months the total expenditure has been eight billions, three billions of which have to be borrowed. We are paying more than a billion in interest. The President and Morgenthau have shown their skill in juggling figures, and as prestidigitators in taking our attention off the expenditures they are intent on. But now they are so emotionally aroused to 'fight for the right' that costs are not to be considered. Raise the debt limit, borrow, repeal the Johnson Act.
Manufacturers and bankers will be paid, of course. The cost will eventually come on the taxpayer, as before. Profiteers are not suffering under the New Deal. Million dollar incomes are plentiful, as in 1929. Banking deposits and profits are rising. March Bulletin, National City Bank, reports profits of 960 manufacturing companies, after depreciation, taxes, reserves, showed a rise of 98.1%, workers' hourly wage earnings advanced 1% ( Economic Notes, April and May, 1940). Standard Statistics, April 4, forecasts a substantial increase in 1940. (cf Buls #66, 81, 88)
The crew that is running England, whose lead we are following, are doing even better. For example, Handley Page, English aviation company, has declared dividends in the past four years of 30, 50, 20, 30