Confidences of "Mr. X"

Because the big businessman often has not the time or inclination to digest his newspapers thoroughly, because he likes to believe in a substratum of "inside" information which the Press does not print, because he is more impressed by gossipy chat than by formal information, the "confidential" Washington letter has become a thriving institution. Last week a select list of 800 bankers, lawyers, manufacturers, editors, etc., etc. were receiving free a new kind of "inside stuff" service which may soon be marketed at $5 a year. It is the brain-child of the enterprising editors of Collier's weekly. Its title: "The Letters of Mr. X."

"Mr. X" is currently 15 different newshawks situated in strategic sections of the U. S. Every week each "X" writes Managing Editor Charles Colebaugh of Collier's a breezy, detailed memorandum on business, politics, public sentiment in his section. The editors select three or four of the most interesting reports, have them mimeographed by a process which reproduces their exact original form (color of copy paper and typewriter ink, marginal notes, penciled corrections, etc.). To maintain the illusion of inside confidence, the scribbled initials of CC (Colebaugh), B (Editorial Director Thomas Hambly Beck) and WLC (Editor William Ludlow Chenery) appear at the top of each report. The week's selections are stapled together, bound in a bright colored wrapper, sealed with paper tape. In bold letters on the wrapper: "CONFIDENTIAL. . . . For the personal attention of "

Excerpts from last week's letter:

"Borah of Idaho in Washington State on sneak-trip, says he has confidential assurances from White House there will be no central bank, and no inflationary moves with silver. Bill is very sore, blasting New Deal right and left. . . . Borah said confidentially that his private information was the Roosevelt speech to bankers was window-dressing; he claims 'Roosevelt has sold out to the money power.' Bankers here generally laugh at the Roosevelt speech, because they are stuffed with money and Government paper and are trying every way to make loans. . . ."

From the Midwest: "As was the case in the South under the cotton program, small towns in the corn-hog belt are feeling the first effect of the corn-hog benefit payments and improved farm prices. From the smaller towns, the money percolates in a steady and increasing stream to the larger trade centres."

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