Show THE DAILY NEW YORK Financial Whirligig Written for tor The Telegram by JAMES McMULLIN NEW YORK Chairman Joe Kennedy Kenned of the securities and exchange ex cx- ch change commission may be in for a disappointment He made it appear appear ap ap- pear as a sweet force torce play when he informed the 26 banks whose stocks have been traded on the New York Produce exchange that they will lose their registered status when the securities division of ot that exchange goes out of busi bust ness He apparently expects them to heed his advice to list their stocks on one of ot the bigger ex ex- changes The institutions concerned con con- are arc enjoying a quiet chuckle Several of the leading New York banks including banks including the Guaranty Trust and the Chemical arc Chemical are on the list But the point is that they never asked to have ha their stocks traded in on the Produce exchange nor in fact tact even gave permission for tor this to be done The Produce exchange sort of ol commandeered their securities without so much as your leave in the hope of ot buildIng buildIng building build build- ing up its own volume of ol activity the privilege which they are supposed to regret losing is that of or having their stock used as collateral ll for brokers' brokers loans Nothing could please them more than just such a ban Some bankers would like to go even further fur tur- ther and have their securities declared declared de de- dared ineligible ible as collateral for tor toran an any loans whatever Its It's true that some bank stocks are very widely held held but but that doesn't mean the banks want them actively cly traded in They much prefer their investors investors investors tors to stay put So the net response will be exactly ex ex- zero to Mr Kennedys Kennedy's sug sug- 00 0 00 0 The next few weeks will tell who's going to run the New York Stock exchange next year car Nominating Nominating Nomi Nomi- committee se sessions open sessions open for tor the first time to will be lively affairs Richard Whitneys Whitney's personal Inclination Inclination inclination in In- to quit may be over over- ruled Some of his friends are insistent in about drafting him for another another another an an- other term The They feel his retirement retirement retire retire- ment meat would turn their precious organization organization or or- over to interlopers probably for keeps Two rival candidates have been publicly mentioned If II John W. W Hanes of C. C D. D Barne Barney Co is chosen it will mean a decisive triumph triumph tri tri- for the Association of Stock Exchange Firms the Firms the influential group of ot brokers who want the whole setup changed Charles L. L Gay of Whitehouse Co would be more of a compro compro- mise His firm is comparatively small but highly respected It has operated longer under the same name than any other exchange m member ember E. E Burd Grubb president ex of ot the curb who has been forecast as Whitneys Whitney's successor is temporarily in the background His sponsors found lound the idea of ol promoting a newcomer new new- comer corner so rapidly didn't take very well But he will bear watching in the future perhaps future perhaps even this year if theres there's a stalemate in other directions I IH H. H G. G S. S Noble and Arthur Turnbull Turn- Turn bull veteran bull veteran members of or the law committee will committee will probably b be be candidates can candidates can can- an- an to succeed themselves themselves- it if Whitney Whitner runs runs not not otherwise It If they retire it means a 3 decisive waning wan ivan ing of Morgan influence in stock exchange affairs 0 0 i A Informed observers are amused at the insistence of stock exchange officials that the they went beyond securities se se- se- se and exchange comm commission sion recommendations b by definitely arranging ar ar- ranging to admit office members to the board of governors whereas governors whereas the commission had merely suggested suggested sug sug- such governorships governorships-be be made permissive ive The exchange is upset because it wants to use its zealous cooperation on this point to offset some of at the commissions commission's less palatable lions The publicity value of the I move b lo lost tH people Insist on interpreting interpreting interpreting in in- it as a compromise New York gets a kick out of Bill Greens Green's deft change of ot front toward the problem of unionizing the motor motor motor mo mo- tor industry Recently he was breathing fire about strikes to outlaw outlaw out out- law company unions Now hes he's allin all allin allin in favor of ot olive branch branching ins tactics Comment runs that Bill was w wise c to pull in his horns before a 1 showdown showdown show show- down that would have been fatal to federation prestige People with only one tooth shouldn't go around threatening to bite a e f c I Wall street wonders whether Frank Hope president of the Association Association Association As As- of ol Stock Exchange Firms is getting delusions of ol grandeur His proposal for a national recovery recovery ery cry council to Include the sequence sequence se se- quence is Hopes Hope's bankers brokers stock exchanges industry a agriculture agriculture ture turc labor investors and the professions pro pro- strikes observers as the most ambitious yet His omission of or the government was noted with glee His further suggestion that bankens bankers bankers bank bank- ers ens and investment markets should educate the public to appreciate their functions through newspapers newspapers pers magazines and the congressional record also stirred comment The record doesn't sell advertis advertise ing Maybe he thinks ve ve can pick pickup pickup pickup up a few tew congressmen at bargain barain rates 9 e eSome Some utility men are beginning to wonder whether they haven't overdone o the scare technique on I their security holders There are signs that some ome of ot the latter latter latter-In- In Instead stead of ot feeling impelled to write their congressmen congressmen arc arc so alarmed they are selling their securities That's no help at all 0 It may be a trifle premature premature- but Al Smith is be being ng mentioned in inner circles as Tammany's candidate candidate candidate can can- for mayor of New York in 1937 Copyright McClure Newspaper Syndicate |