Show I The Financial Whirligig By JA JAMES IES McMULLIN VIEW EW YORK Sept 24 Joe 24 Joe Kennedys Kennedy's Kennedys Kennedys Kennedy's Ken Ken- nedy's resignation as head of or the sc securities exchange commission was no surprise to New York but Its its suddenness was a distinct shock Until recently he was prepared to subordinate his personal wishes for tor fora tora a t few w months more in order to strengthen F. F D D. D Rs R.'s relations with finance and industry Insiders are convinced it was the appointment nt of James L. L Ross to the commission that caused him to change his mind It wasn't so much that his own wn recommendations were overlooked in naming Pecora's s 's successor successor successor suc suc- cessor as as the fact that Ross has been privately authorized to build to-build build buildup buildup up his own o organization to administer administer administer admin admin- ister the holding c company law Kennedy has shown no resentment resentment resent resent- ment about this even to his intimates inti Inti- mates mates mates-he's he's hes too much of ot a diplomat for that that but but undoubtedly he foresaw foresaw foresaw fore fore- saw friction ahead with himself becoming becoming becoming be be- coming a sort of fifth wheel Such Sucha a prospect wouldn't appeal at aUto all aU to a man of his temperament temperament and and the commissions commission's other work except for routine duties of enforcement and investigation is pretty well completed Naturally New York was agog to know who his successor would be Theres There's a rooted deep conviction that the securities act and the securities se securities securities se- se exchange act have been workable from tho the financial viewpoint viewpoint viewpoint view view- point only because they have been fairly and intelligently administered and and that a hostile S SEe SEC E C chairman could wreck the investment banking banking banking bank bank- ing and brokerage business beyond r repair pal The lie day that Kennedy quit t the e ep p phone lines were humming with nervous inquiries Financial men were were s 's sounding out every Washington Washing ton contact they could reach They couldn't get A single clue that amo amounted to anything F. F D D. R. R kept his thoughts on the subject comp completely to himself It shows how times change to find finda a number oL of financial of-financial men were actually actually ac ac- ac- ac expressing the wish that Commissioner Com Com- Commissioner missioner James M M. Landis would get the tho job A year ar ago the boys boy's were thor thor- thoroughly thoroughly convinced that Landis had cloven hoofs Now that they have haye watched him im In action they concede that he has shown himself fair- fair minded and practical More than that he is familiar with the machinery machin machin- ery and would therefore be unlikely to jam the gears So with his election election elec elec- tion to the post vacated vacate b by Kennedy Kennedy Ken Ken- nedy the street ought to be happy ap y American shipping companies are evidently fearful that labor Jabor unrest I Imay may spread spread- to ships ships' officers On I some some lines of officers have been required required re re- re to sign a pledge of loyalty I to the owners and agree in writing not to adhere to previous pledges to other organizations organizations meaning meaning the Masters Mates and Pilots' Pilots association tion and the Marine Engineers Engineers' Beneficial association The order has stirred an undercurrent undercurrent under under- current of resentment resentment but but few have refused to sign Jobs are too scarce Nor is any open rebellion by either cither of the officers unions in I prospect L La Large a r g e corporations especially utilities and railroads railroads are are getting as annoyed as brokers at the plague of ot questionnaires and Investigators with which they are being visited One utility group not group not among the largest largest has has seven different sets of or investigators at work in Its offices Ex Executives complain that what annoys annoys an an- no noys s 's them most is the rude approach of most of ot the inquirers who seem to start off on the assumption that thai they must be guilty of ot something Copyright 1935 for tor The Telegram |