Show MONEY MARKETS By James McM llin The Telegrams Telegram's Exclusive Observer Along Wall Street NEW YORK YORK New Yorkers with excellent Washington conta contacts contacts con con- ta ts report that Secretary of Agriculture Henry Wallace andS and S SEe SEC E C Chairman William O. O Douglas Douglas Douglas Doug Doug- las rank close to the top on the current list of White House ad ad- Douglas particularly is consulted on many questions outside outside outside out out- side his own bailiwick Both men are advocates of an extension of government powers In the interest of a planned econ econ- omy They visualize the huge prospective spending and program as an Instrument to that end They argue that the mechanism mechanism mech mech- of private finance has stalled and that the government must take over some of its functions functions functions to get the economic machine machine machine ma ma- chine rolling again Therefore plans are being concocted to put the government into the banking business and the business of underwriting underwriting un un- un- un security issues in a abIg abig abig big way Theoretically these plans are to tobe tobe tobe be worked out in cooperation with banks and investment houses Financial Financial Financial Fi Fi- Fi- Fi men are thoroughly skeptical skeptical about that They foresee a growth of government competition tion in their own fields that would ultimately tend to squeeze them out of existence They believe that Douglas Is sincere but misguided and they intend to fight his suggestions suggestions suggestions sug sug- to the bitter end through sympathetic congressional con con- As recently reported ted here the stock exchange nominating committees committee's committees committee's com corn list of ot candidates for the new board of governors freezes out the old guard completely But it took intensive pressure on the part of the reform element to tomake tomake tomake make it a per cent job Up to the last minute the committee committee com corn intended to nominate Charles R R. Gay as a member of the board not board not as chairman in in recognition of his services as president presIdent president pres pres- ident of the exchange He was not personally involved in the Whitney affair in any way buthe buthe but buthe he has worked pretty closely with the ruling faction in which Whitney Whitney Whitney Whit Whit- ney was a dominant force The exchange insurgents protested protested protested pro pro- tested vigorously against even a single tie between the new board and the old regime The S SEC E C quietly but effectively backed them up So Mr Gay was dropped at the eleventh hour and another man substituted who had been a particular pain in the neck to the Whitney crowd The old guard used their last remaining vestiges of influence to try to keep him off This man was Lawrence Oakley Oakley Oak Oak- ley Icy of the firm of Maynard Oakley Oakley Oakley Oak Oak- ley Lawrence Mr Oakley as chairman of the nominating committee committee com corn in 1935 led the fight to oust Richard Whitney as president president president dent of the exchange His determined determined determined deter deter- mined resistance to the strongest kind of pressure was a big factor in putting Gay over in Whitneys Whitney's place If It that rebellion against Whitney Whitney Whit Whit- ney had failed there probably would not have been another attempt attempt at attempt at- at tempt to displace him In that case he might still have been head of the exchange when he crashed and and wouldn't that have been fun In the light of recent events a governorship seems a modest enough reward for Mr Oakley's services in saving the exchange from a hole of a depth to stagger the imagination Advocates of modification of the 1937 neutrality act act to to allow shipment of made American munitions munitions munitions mu mu- to loyalist Spain have switched their main attack from Capitol Hill to the other end of Pennsylvania avenue Ever since Chairman of the house foreign affairs committee discontinued public hearings on amending the act pro loyalist delegations delegations delegations del del- have been h hanging a n gin g around White House and state department department department de de- de- de corridors They argue that made American munitions have reached the Spanish Spanish Spanish Span Span- ish rebels via Italy and Germany so why not allow the loyalists to purchase war supplies direct from us They maintain that the neutrality neutrality neutrality neu neu- act was enlarged to in in- in 4 II 5 elude the Spanish civil war by tit presidential proclamation and the embargo can be lifted by th thi same method The state department depart department It ment sticks to its present inter ts t's The national nation industrial conference confer conference ence board has published a pe Ipe cial bulletin comparing economic conditions in Canada and the United States In terms of ind inde numbers based on 1929 The statistics show clearly that Canadian employment and industrial indus trial production are at a relatively relative relatively rt ly higher level than ours Strikes I have been fewer in relation to tD c population and living costs per lift k capita relief expenditures and per i capita burden of government debt 1 1 are substantially lower The conference board stresses 5 It the point that Canadas Canada's basic economic eco CCO fc R k up set-up is similar to ou ours i i and that her greater progress to toward to t C i marked ward recovery has been by a notable absence of new v deal deal- ish experiments with economic controls The charts and figures in the bulletin present a graphic c and impressive case for permitting j Ja private enterprise to function I Imore V more freely 1 tJ aJ et Copyright 1938 for The s. s L' L In |