Show THE TilE DAILY NEW YORK ORK Financial Fin a n cia I Whirligig W n i r I i gig Written for lor The Telegram ram by y JAMES McMULLIN NEW YORK YORK The The battle for control of ot tho the New York stock stacie exchange grows hotter a as it nears a a. climax Richard Whitneys Whitney's s supporters sup- sup porters who porters who thought the situation situa tion was well under control until untila a week or so 50 ago have ago have suddenly realized that the nominating committee committee com corn is likely to commit the unspeakable heresy of ot giving the official designation to o Charles R. R Gay They are aro trying desperately to make up for lost time with strenuous electioneering Brokers Brok Brok- ers era are putting on a n. political act that would do credit to seasoned spellbinders Never in stock exchange exchange ex ex- change history has hns there boon been such inner turmoil Pacifistic elements clements are trying to promote a compromise which would give Whitney the presidency presidency dency for ono one more term with Gay as vice president president president-on on the understanding understanding un un- that Gay should as ascend ascend ascend as- as the throne in 1936 tested This well meant effort to quench the flames of controversy has about as much chance of oC success success suc sue cess as a disarmament conference The anti taste blood after atter years cars of ot rankling futility and haven't the faintest notion of ot weakening at this late date Insiders got a grin out of at Mr Gays Gay's statement that he would accept an any action the nominating committee may take as tho the only way to bring about harmony They remark that that however however the contest contest contest con con- test comes out the out the only harmony in sight is that of a barber shop quartet in a sour mood G e Q e q If Whitney is licked Treasurer Warren B. B Nash and at least seven of the ten governors whose terms expire this year ear will vill share his official exile The rebels are arc out to mop up all the old guardsmen guardsmen guardsmen guards guards- men in the management they can cnn reach How did the old guard get into this jam when they had all the machinery in their hands Partly because of overconfidence from from which they awoke too late Stillmore Still Stillmore Stillmore more because when because when they liberalized liberalized liber liber- the nominating committee as a gesture to appease rebel sentiment sen sen- they they installed a time bomb instead of a safety valve They weren't t careful enough about retaining a safe majority for themselves The committee turned out to be bc genuinely independent inde inde- pendent This was a fatal slip o e eWall Wall Vall street is deeply concerned about current court proceedings to determine the status of Missouri Missouri Missouri Mis Mis- Pacific's creditors On a money mOl basis a banking group headed b by Morgan Interests is strong enough to dictate terms of reorganization according to the revised rc bankruptcy law which says that assent of two-thirds two of ot the creditors is all that's needed to authorize a given plan But the Reconstruction Finance corporation and the Railroad Credit corporation are arc trying to gain legal recognition as creditor units on a par with the banking group regardless of the respective size of debts involved If they win the two agencies combined could outvote the bankers' bankers committee committee com corn and force fOlce adoption of their own reorganization ideas You can see sec what this precedent would imply for the old banking custom of tailoring reorganizations to profitable patterns No wonder New York is agitated about this attempted invasion of ot the rights of private capital Right wingers feel strongly that Jesse Jones should have been more considerate 0 a aThe The treasur treasury's s willingness to sell gold to other nations if a suitable suitable suitable suit suit- able swap can be arranged arranged as as already done with Mexico and Guatemala is is interpreted by New NewYork NewYork NewYork York sharps as a virtual guarantee guarantee guar guar- antee against further tion They figure that Mr Mor- Mor would hardly be giving up a handsome potential profit on his gold assets if It that profit were actually in sight The move is also a psychological cal threat to Britain which could have an important bearing on monetary developments Theres There's nothing to pre prevent us from underselling under under- selling the London gold market if it we choose choose Experts agree that's a n. handy club to flourish if It the English let the pound slide Uncomfortably uncomfortably uncomfortably un un- comfortably far tar or if It we wish to hasten stabilization maneuvers They believe Britain would do almost anything rather than permit permit permit per per- mit damage to her precious gold shares shares and and they call our gesture a gentle but canny warning 9 S New York Republicans had no trouble restraining themselves from dancing in the streets about Herbert Hoovers Hoover's call caU to arms Inner G. G 0 O. P. P circles agree largely with what he said but wish to pete someone else had said it You hear biting remarks in high quarters to the effect that if It the tho former president really wants want to help his party he should cultivate the gift of ot anonymity as asA A gr cr group up of ot Wall Street Republicans Republicans is trying to raise for a series of ot radio broadcasts All Ail they want Is each from people Apparently they dont don't want to bother with smaller do donations do- do nations Key mon men have been asked to land 15 such contributors apiece each apiece each of oC whom is in turn to go and nd get 20 more Comment runs that if it the boys make malec good on that assignment they are wasting their talents and should be out selling caviar to Chinese coolies 0 S S Tammany Boss Dooling may be happy in his relations with Jim Farley but plenty of ot the old- old time Tiger leaders arc are anything but They want to know what's happened to that promised patron pat pat- ron ge The feeling is growing that theres there's been a somewhere Some of the bo boys s arc are whetting their knives for use on the balance of Governor Lehmans Lehman's legislative program and for tor tormore more deadly purposes n next year unless they get satisfaction mean mean- while If It the move continues Farley may find an awkward amount of- of carbon in the cylinders when he tries to crank up the Democratic state machine for tor 1936 S S 0 o oA A promoter recently tried to sell seJI sella seJIn a n New York bank president the idea of financing a movie to portray portray portray por por- tray the life of ot John Law and his Mississippi bubble disaster He pointed out that It would be a perfect example of the horrors of ot inflation and would educate people to demand sound money The banker thought it a swell Idea but but failed to enthuse about playing angel Q 0 SO 0 New York hears th that t Professor Rex Tug Tugwell's new field feld of activity activity activity ity will b be confined to subsistence homesteads rural rehabilitation and the like Its It's understood he will retain his title of und undersecretary tary of agriculture but will have nothing more to do with the A A A or department policy polley in general Conservatives will do a lot of private v vate te cheering cherin if it th this s happens No other new deal demotion could give them such a kick 0 o 0 o 0 o New York banks arent aren't as much worried by Hitler's saber rattling as they would have been a year car ago They've managed to dump the bulk of oC th their lr German commitments But they hear that London banks are arc ared d deeper per in the German woods than the well well known known babes Copyright McClure Newspaper Syndicate |