True to the traditions of American politics, Messrs, Laguardia, McKee, and O'Brien are hard at work in Manhattan tossing vehement accusations and rancid remarks at each other in well-meaning efforts to show John Public that at the polls he will have a choice between two hellers and one saint, the labels varying according to the speaker. O'Brien is busy pleading for fair play and no quotations; Laguardia occupies himself in smearing his two opponents with the same Tammany brush; and McKee spends his time replying to Judge Seabury's attacks. This is all according to Tweed; but Holy Joe McKee injected an interesting sideshow to the three-ring circus yesterday when he brought out masses of evidence to prove that Laguardia was in thought, and in deed a true Communist of the most virulent sort. By a chain of irrefutable logic he showed that since Comrade Fiorello had signed his name to the roster of Professor John Dewey's League for Independent Political Action, and since that revolutionary organization had printed one or two issues of semi-Marxist doctrine, therefore "Laguardia's plans reveal a menace to our national institution, and a threat to the cardinal principles of American life." Only an unusual sense of restraint seems to have held back Holy Joe from adding a clarion call to the defense of American motherhood and the sanctity of the flat. No doubt, however, McKee's move took Laguardia by surprise, as it is questionable if he even recollects joining Professor Dewey's party, which intends sweeping to power under a flag of pale cerise.

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As M. Edouard Daladier left office under the compulsion of a recalcitrant opposition who refused to sanction his proposed economies, the abdicating Premier irately warned France that inflation was the alternative to his program. While the opinion of freshly defeated ministers is not always chilly with objectivity, there is quite a good chance that Daladier will prove to have guessed right this time. As it grows clearer that the budget will have to be balanced, and as it becomes equally clear that no group in France will consent to increased direct taxation, flight from the gold standard and subsequent inflation may appear the only resort,--a thought which is causing insomnia to spread like the plague through the ranks of the rentiers.

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Mr. Pecora's delving into the accounts of the Chase National Bank has revealed among other things that Cuba's Machado, while a good dummy in his way, charged rather steeply for his services. The loans and advances for which he asked and received, were tidy little fortunes in themselves. There is no question that to the American Sugar Refining Company, and the National City Bank, as well as the Chase, Machado was worth all he got--while in power. Unfortunately, it looked like such a good thing that it will be some time before the Chase, the National, and the American firms recover even the buttons from the shirts they bet there. Imperialism of this nature is very pleasant while it lasts, but the hangover is dreadful. CASTOR.