It undoubtedly gave the Herald Tribune great pleasure Saturday to reintroduce to its front-page columns the almost legendary character of Francis X. McQuade. This city magistrate of yesteryear was the unwelcome subject of one of Judge Seabury's most lurid revelations, and the charges projected at him caused the hasty removal of his ponderous bulk from the New York bench. A patriarch among patriarchs, he had scattered largesse with a generous hand to kith and kin; the exact number of relatives to whom he flung the bounteous purse of the city pay-roll was declared, after investigation, to be 39. And the thirty-nine McQuades have occupied and will occupy a foremost place in the annals of municipal government in America, rubbing shoulders with their fellow townsmen, Tweed and Croker, Walker and Mugs O'Brien.

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The prediction shiftily advanced some issues back by none other than our own Tertius has been gratifyingly fulfilled by the recent statement of the President. In dealing with the future of the Securities Act our representative prophesied that not many moons would pass before it was either repealed or modified, for though there has been no reliable evidence whatsoever that the requirements of the Act have prevented the flotation of any but the most shady new issues, nevertheless its general effect has been to throw one more unnecessary shiver into the already tremulous limbs of the banking fraternity. And now Roosevelt has advised that revisions be made to alter the psychological impasse thus created by removing much of the stringency attached to the administration of the Act. If this tactical retreat does not achieve the end it seeks--the inducement of more credit into active employment--then the bankers may shiver the more and with better reason, as it is unlikely that Roosevelt will again treat their feelings with such sweet regard.

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When Walter Runciman told the British public that Japanese trade was threatening Empire firms with extinction, he made an announcement of major diplomatic importance. Up till now England and Japan, despite small frictions, such as the invasion of Manchuria, have maintained cordial, gentlemanly relations; they were two empires with but a single thought. Today that situation is changed, drastically. The English fear trade competition, and this insidious snatch at the Empire's purse will hardly promote goodwill. If Japanese underselling continues, British neutrality in the East may fade away; and that, coupled with American recognition of the Soviet Union, should throw not a little cold water on Nipponese aggression. On the other hand, both these factors may be construed as a reason to strike now before their weight becomes prohibitive to northward expansion. CASTOR