Salt Lake Telegram | 1939-08-24 | Page 6 | Wall Street Views

ai I a i YV WALL STREET VIEWS VIEWS' ws 1 By James mes McMullin U Financial i Observer NEW V YORK YORK New New York anti new dealers are making much of Congressman Samuel Rayburn's declaration In favor of Garner Corner for president They point out that Rayburn has been a faithful floor leader for F. F D. D R. R He lie has done his best to put through new deal measures even when he ho had personal reservations about their wisdom Consequently his open support for the man who Is regarded regarded regarded re re- re- re as the presidents president's chief bete noire among the 1940 1040 DemOcratic Democratic Democratic Demo Demo- cratic aspirants Is hailed as a tremendous boost for Garners Garner candidacy and a lethal blow to Mr Roosevelt's hopes of dominating dominating dominating domi domi- next years year's convention But financial sources familiar with political cross currents discount discount discount dis dis- dis- dis count all this optimism They recall that Rayburn managed Garners Garner's campaign In 1932 and that the V. V P. P looks upon Sam almost as a son It Is only natural natural natural nat nat- ural that old friends should stick together and there Is no Indication Indication Indication Indica Indica- tion that Rayburn Is out to cut the new deals deal's throat throat eIther either In congress or at the convention New deal extremists may try to unseat Rayburn as floor leader at the next session because of ot this apostasy If so they wont won't get to first base Sam Is much too popular with his colleagues of all shades of political opinion Meanwhile New York Insiders disclose that a new obstacle to Garners Garner's candidacy has arisen behind the scenes A number of Influential north north- em ern Democratic leaders are convinced convinced convinced con con- vinced that their party cannot win In 1940 unless it retains the allegiance of the northern colored colored col cal ored vote especially In the key states of New York Ohio Indiana Indiana Indiana In In- diana Illinois and Michigan They feel that the nomination of the conservative Texan Texan Texan-a a strong upholder of southern traditions tra tra- would would send northern negroes negroes negroes ne ne- ne- ne groes scurrying back to the Republican Republican Republican Re Re- publican fold For that reason they will do their best to block Garner even though some of them are anti antl new dealers them them- selves After arguing and pleading fi many months Investment ban bank bahi ers era have finally persuaded k K members of the securities a iii r exchange commission to i a private willingness to w wah f the day 20 Interval now between the registration a ai jj sale of a security issue issue the Issuing company has a sa factory previous record of r reel regi rb The bankers banken contes cont n that elimination of this lag Woe make It more attractive for c CO I to market their n nJ ni securities publicly Instead of Id 11 lei Ing them privately to banks bank ai an Insurance companies j The Tho trouble Is however thi j the tho day 20 provision Is Into the law The SEC SEe ha has W c power to abolish It unless cw f gress amends the tho j i fl The commission Is not likely urge curtailment of iu its ow own ft IU because one might easily lead to others othera o 0 oat the subject Is opened up Mor over there Is reason t to that the president Is opposed t Ie any changes In the Ian 1 reg lating Wall Vai street and the SET SEe certainly wont won't cross hl hit his M MSo So It looks as If the Investment bankers will win t hm rely on congressional they are to get even tt this relief from new deal nt Its It's a faint hope 1 Copyright 19 1939 McClure ure S Sn m