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Salt Lake Telegram | 1934-06-04 | Page 4 | Daily Washington Financial Whirligig

Type issue
Date 1934-06-04
Paper Salt Lake Telegram
Language eng
City Salt Lake City
County Salt Lake
Rights No Copyright - United States (NoC-US)
Publisher Digitized by J. Willard Marriott Library, University of Utah
ARK ark:/87278/s6pr941t
Reference URL https://newspapers.lib.utah.edu/ark:/87278/s6pr941t

Page Metadata

Article Title Daily Washington Financial Whirligig
Type article
Date 1934-06-04
Paper Salt Lake Telegram
Language eng
City Salt Lake City
County Salt Lake
Page 4
OCR Text I I THE TOE DAILY WASHINGTON J I Fin Financial a 11 cia 1 V Whirligig h i r 1 i gig I Written for tor Tho The Telegram J By JAMES McMULLIN NEW NEV YORK YORK Wall Wall Streeters privately ad admit admit admit ad- ad mit the president outsmarted them again on exchange ex cx- cx change regulation His acceptance of an independent independent independent inde inde- pendent commission in place of the F FTC T C made their vj vigorous orous lobbying in the senate for an independent body so much wasted breath For after all they will vill still get Landis But the clouds hay hav lifted a little Insiders get word from Washington scouts that the ad administration administration administration ad- ad ministration is willing willin to give the brokers a break if they behave Exchange authorities will probably be allowed a pretty free hand at running their show as long as the exchange and its members cooperate with the new com com- mission A note of skepticism from irom brokers themselves themselves themselves them them- selves intrudes at this point The informed doubt that the boys boy can live up to the honor system for long And if the big shots dont don't know any more about cooperation than they did about publicity Landis will be tellin telling us when we can brush our teeth before long Industry Also Watches Industry is taking as lively an interest in inthe inthe the commissions commission's personnel as the exchanges Experts say the law is so flexible three-fourths three of its effects denend on interpretations Business Business Business Busi Busi- ness fears burdensome registration requirements require require- ments and craves an appointee or two of or its own choice on th regulating body to head them off Two business men privately being pushed for the job are arc Thomas J. J Watson of International International International Business Machines and Robert E. E Wood of Sears Roebuck Roebuck both both members of the advisory advisory advis advis- ory and planning council for the department nt of commerce Either would exert an ag aggressive conservative influence But dont don't lay odds that the push will bo br successful Wall Street is trying to adjust itself to the idea of having to dea with James M. M Landis Some brokers console themselves with the thou thought ht that at least they know where Landis stands and wont won't be misled into visions of a minded hazy-minded taskmaster S S S The knowing say the Federal Reserve isn't precisely grateful for its margin fixing chore It will be under continuous pressure to alter the official 45 per cent limit and will have to withstand withstand withstand with with- stand some ingenious arguments on behalf of oJ changes Its role is compared to that of an innocent bystander with bystander with troubles of his own own own- suddenly called upon to referee a family scrap Landis In Villain Role Senator Fletchers Fletcher's omission Fletchers omission of the reliance clause from the final draft of his securities act amendment has Wall WaIl Street in a stew That's the section which provided that a plaintiff mider un under under un- un der the securities act must prove that he relied on a n false or misleading statement In order to collect damages The senator called the omission minor but you'll hear plenty of y yells lIs from here that the amendment is worthless without it Its It's understood understood understood under under- stood that Landis was the villain villain villain-as as usual New York already has contact men buttonholing in inc ing Z senators with fevered requests for its restoration resto resto- ration ration but but privately the boys have little hope hop e of prevailing against the wishes of th their ir Nemesis S S S Stock exchange member houses le e 1 for action under commission c One house has already fired more than and others are planning similar cuts Casualties will run un proportionately higher in the big bis firms wen well standing standing standing stand stand- Many irany small Emall brokers are ing pat Victims Victim of the campaign against overhead are sore sore but but not at erstwhile They're convinced its it's their representatives in Washington ton who have done em wrong Legislation Legislation Legislation Legis Legis- lation that affects their jobs must be bad Uncle Sams Sam's Job It looks more and more as if Uncle Sam v will ill have to do the stoking if the credit expansion ship is to go places The banks under banks under New NewYork NewYork NewYork York guidance remain guidance remain equally impervious to threats and pleas pIcas and cajolery The ghost of 3 still haunts them although they freely ad admit admit admit ad- ad mit the current soundness of the banking ture Their attitude is a sort of Gandhi resistance resistance resistance tance to the New Deal atmosphere of change S S The department of commerce call for bids on 25 flivver planes platies leaves local aircraft circles cirdes cir circles cir cir- cles des cold Expert point out that development of f a new type plane generally takes two years and and the thc first of the flivvers is to be delivered five months after tho contract is awarded with awarded with the rest due in in another four our months There probably will vilI be no bids unless Aeronautics Director Gene Vidal already knows where to find the plane h he wants Light plane builders have no love for Vidal's baby Hi Hi- ballyhooing of ofa a plane some months ago cut the ground from under the market for existing types which sold at 1500 or more Even orders already ady placed were canceled in anticipation of bargains to come bt 1934 1834 McClure Newspaper Syndicate J
Reference URL https://newspapers.lib.utah.edu/ark:/87278/s6pr941t/16249187