| Show 5 I THE TUE DAILY DALLY NEW V YORK I Fin Financial a n cia 1 Whirligig r h i r 1 ig i g I Written for tor The TheBy Telegram l By JAMES McMULLIN NEW V YORK YORK The The recent town meeting of several hundred representatives of or brokerage firms marks the beginning of or a definite eff effort to readjust Wall Vall streets street's relations with the pub pub- lic Its It's the first time brokers as a group have ever tried to get together about anything Promoters Promoters Promoters Pro Pro- of this new cooperation haven't a very clear notion yet of where they're going but they earnestly hope they're on their way In general the idea is to do something that will convince the public its it's safe to come back to the stock market The majority of stock brokers are suffering suffering suffering suffer suffer- ing from sio starvation but a number of in informed informed informed in- in formed Wall Vall str streeters eters privately admit its it's their own fault They did much too go d a job ob of selling their customers on on the dire effe effects ts of exchange regulation when they were trying to lick it in congress Now that regulation is here those customers are arc staying away from them in droves and so far they haven't been able to persuade former traders that they were only kidding when they issued gloomy prophecies Hence the he urgent need for action The most significant point is that the initiative comes from the brokers themselves and not from stock ec exchange ange a authorities I t Progressive Sponsors The line of cleavage is distinct The mass movement is sponsored by the Association of Stock Exchange Firms As pointed out cut here hereon heren on n June 30 this group represents the progressive progressive progressive sive Wall street element clement Even before regulation regulation regulation regula regula- tion became a hot topic they wanted to play ball baIl with Washington and make Voluntary concessions concessions concessions con con- con con- cessions to public opinion In this they were effectively stymied by the necked conservatism conservatism con con- of the exchanges exchange's rulers They had no comeback at the he time but now they've de decided decided decided de- de to step out on their own This doesn't mean therell there'll be an open ruckus between Richard Whitneys Whitney's crowd and the as as- as Both sides realize how damaging that would be But heresa a detail that indicates indicates indi indi- cates how the land lies s N Nearly arly every New NewYork NewYork NewYork York brokerage house had a member at the meeting meeting and and many out of town firms besides but but not a single governor of the stock ex exchange exchange ex- ex change graced the occasion with his presence Some of them are known to be in sympathy with the idea idea but but th the exchange is taking great care to make commitments I Two Points Nearly Settled While While- no specific decisions were reached at atthe atthe atthe the meeting the trend of Wall street thoughts is shown by two points on which many brokers agree One is that there should be a newspaper advert advertising sing campaign to sell the public on the useful services performed by security ex ex- ex changes The main question is who's going to pay for it The brokers feel too broke Its It's been suggested that listed corporations chip i ifor in for the purpose purpose purpose-in in consideration of the valuable valuable valuable ble privilege of being listed The informed somehow doubt that corporations will leap at atthe atthe atthe the opportunity to spend their money for someone someone someone some some- one else's benefit but benefit but you cant can't shoot a fellow for trying The other is that it would be inadvisable to bring local action to test the constitutionality of the exchange regulation act or to seek its revision in the near future A neutral observer calls calIs it darned decent of the brokers to refrain from committing suicide New York Politics Polities When Governor Lehman chose to run again he made things much tougher for the Re Re- publicans They were hoping that the Democrats- Democrats i utility men for tor example who example who dislike Lehman I actively but privately would raise enough hob bob to discourage the governor and postpone his de decision decision decision de- de right down to convention time If that had happened there was a chance they could settle their own feuds and get the jump on the brethren with a definite candidate and plat plot form As Jos it is the time Democrats fairly radiate harmony harmon except on the New York City comptrollership comp- comp while the Republican factions are still as far for from an agreement as Mussolini and his Balkan pals Insiders say Lehman should be grateful for Jim i Farleys Farley's steamroller It hasn't appeared in public but has none the less Jess effectively flattened flattened flattened flat flat- the party minority who wanted to take the governor for a ride Tears or Smiles Wall street doesn't know whether to laugh or weep about this one Some years ago agoa a Texas loan Joan went sour sour- on ona ona ona a New York bank bank- and the bank took over two pieces of re Texas as a's land To avoid confusion they were registered in m the names of two of the banks bank's officers and placed in charge of pf the trust department Picture the amazement of or one of these officers officers off i cers when he recently received a check for several several several sev sev- eral hundred dollars from the A A A In payment for reducing his cotton The other officer got notice soon after that a similar check would be sent him shortly What makes it perfect is that neither piece of land and has ever been cultivated to cotton or anything |
