Show I r- r THE DAILY NEW YORK F I Fina Financial Whirligig ir I Written V t n for Th The Telegram J By JAMES McMULLIN I NEW YORK YORK Wall Wall street has no hope of blocking the Fletcher bill to regulate the ex ex- changes But a vigorous undercover drive is onto on onto onto to ease up certain provisions If IC the boys can get action on four points especially they'll pat themselves on the back 1 They want margin requirements reduced from 60 to 50 per cent and still lower if possible possible possible pos pos- sible to give them a better break for commis commis- You'd be surprised what rivers fivers of tears are arc being shed about the prospective loss of stock transfer taxes to the government because of the smaller volume of business induced by high margins Its It's a good argument if it works 2 They want to be able to borrow from somebody besides federal reserve member banks They fear the banks will be enough un under under un- un der the governments government's thumb to be pernickety 3 They want certain of the regulations made applicable at the discretion of the federal trade commission instead of mandatory Who Vho knows knows- the might turn out more reasonable than a bunch of congressmen 4 And they haven't entirely given up hope of a larger degree of home rule for the home talent Old Partnerships Doomed If the rule that no house can serve as both commission broker and bond dealer goes into effect it will raise havoc with several firms of excellent reputation whose business is more or orless orless less 50 In that case you will see some split- split ups of old partnerships whose names are fa famous famous fa- fa in the street A handful of houses have to carry this part of the battle alone Most brokers arent aren't interested S S C Curiously some of the big houses are arc all in favor of regulating margins by I la law v. v. v Competing Competing Com Corn branches have had t the unprofitable habit of slashing margins below the safety line in order to get customers That way the house takes it on the chin if the market slumps sud sud- denly S S S The smart lads of the trading fraternity are already toying with plans to Houdini out of the federal strait straitjacket jacket Interference with their constitutional right to rig the market grieves them no end Up to date they cant can't see why well-disguised well private corporations with remote addresses wont won't serve their purpose of continuing to make soft money without the judge The Fletcher bill as it stan stands s would have trouble reaching these gentry Carolina Blues Turn Rosy New York bankers are warm in hi their praise of Governor Ehringhaus of North Carolina for his skill in promoting his states state's credit from N. N G. G to A I. A year ago they regarded North Carolina as a sour risk Now they're happy to take any of the states state's paper that comes their way Its It's understood here that a state sales tax was largely responsible for the remarkable comeback New York proponents of the sales tax fin financial leaders ardent leaders tax including including many ardent ardently ly hope North Carolinas Carolina's example spreads Some of them anticipate gradual adoption of the sales tax by all states with a feder federal 1 tax super super- superimposed imposed later as happe happened ed i in m 1 the case of gaso gaso- line The N. N C. C record of being the only state inthe in inthe inthe the Union not to close a single schoolhouse also is well regarded That took smart h handling ofa of ofa a tough financial l situation Grows in Japan New Yorkers with excellent Japanese contacts contacts contacts con con- get p private information ion that a public somersault is developing there The tide of popular feeling has su suddenly denly set in strongly toward liberalism and against the militarists Reactionary leaders leader sensed the coming trend last summer and created a crisis to try t to avert it Evidence of the change may develop in the Japanese diet Pol Political le leaders ders ar are are planning to question question perhaps perhaps even to heckle the heckle the servi service e ministers who were sacrosanct a few weeks ago Premier Saito is understood to side privately private private- ly with the but fears they are going too fast and is trying to apply the brakes There is still of danger-of a reactionary coup Informed New York opinion believes that Japan would be well satisfied to achieve a 5 4 ratio at the next naval conference She could then aim at cv eventual parity 10 years later F Fascism Alarms Swiss Local Local bankers learn t that at the Swiss are getting getting get get- ting excited about growing fascist activity in their country The strong socialist element is de demanding anding that the goy gove government r ment take sharp measures res to suppress nazi and fascist ganda Serious political repercussions are probable probable probable able soon 1934 McClure Newspaper Syndicate |