Show I THE TIlE DAILY NEW YORK YORKI F. F I Fina Financial Whirligig ir I Written t n for o Tho Telegram j By JAMES JAl McMULLIN NEW YORK YORK Recent Recent straws in the securities act breeze cheer inside Wall street The recommendation of the advisory council for the federal reserve board that the act be modified was very significant Its It's true that the council is composed of conservatives who would naturally lean that way but its it's likewise true that their report would never have seen the light of day without an O. O K from high administration administration ad ad- ad ministration sources Governor Black isn't issuing is issuing issuing is- is suing casual statements these days Ex-Brain Ex Truster Adolph Berle has also decided decided de de- de that the act is a little too drastic as it stands He isn't given to speaking out of turn either cither Informed betting is 10 to 1 that the act will willbe willbe willbe be softened in at least two essential particulars The m maximum liability of issuing houses will willbe willbe willbe be restricted to the original offering price of a given issue and the period during which claims can be filed will vill be shortened from 10 years to two You'd be surprised how much difference these two changes would make in the attitude of investment bankers Whitney Irks Vall Wall Street Richard Whitneys Whitney's efforts to defend his flock from the Rayburn Fletcher bill were not as ap appreciated ap- ap predated b by the said flock as you might think There is a a widespread impression among backers that Whitney has once more rubbed the congressional congressional con con- gressional fur the wrong way and that because of his intervention regulation is likely to be bemore bemore bemore more stringent rather than less Strictly private comment by a ranking partner partner part part- ner ncr in one of Wall Vall streets street's leading leadin firms ran as follows When will that misguided such-and- such such learn that times have changed hanged and keep quiet A lot of us are perfectly willing to play with Washington on this regulation thing but butwell butwell butwell well we'll never make Washington believe it after a spiel like Whitneys The incident has sharpened sharpened sharpened sharp sharp- ened the resentment of exchange members who want a New Deal of their own It would be a big relief to the boys if the federal trade commission could be eased out of the picture There is general agreement t with Whitney on that They only hope he hasn't gummed all chances of such an amendment Deamon Rum Deal in Picture The exchangers in an awkward spot in conne connection con con- ne with last summers summer's alc alcohol hol stock manipulation manipulation ma ma- on if congress is unkind enough to mention mention men men- tion the matter The authorities went through the motions of an investigation at the time time time- questioning members about pool oper operations and such In due course it was officially announced that there hadn't been any pools pools pools-it it was all the publics public's fault for being too optimistic Evidence at curre current t congressional hearings indicate they m must st have asked the wrong questions questions ques ques- or the wrong people In particular they must haye forgotten entirely to question B Ben n Smith who Smith who is a member of the exchange He could have enlightened them and his friends say he would have obliged if requested Overlooking Smith in m the circumstances is like overlooking a whale in a bathtub It all makes makes- the exchanges exchange's claim to be a p perfect mechanism to control speculation look Jook a trifle silly The dope here is that the senate committee com corn intends to ask Mr Whitney how come when wh n they get him hun in m their clutches Mueller J Is Church Dictator Nazi Primate Mueller has been set up as absolute church dictator He can fire or transfer transfer trans trans- fer any pastor without appeal The IThe leaders of f the opposition are either in jail or under con con- troI The German ch church struggle isn't over by any means but it will be underground underground underground under under- ground for a while Nazi Economics The 1933 1033 balance sheet of the famous Krupp arm armament ment works in Essen shows that Baron Krupp von Hallbach Bohlen-Hallbach made a shrewd investment investment in in- in vestment when he financed the nazis and helped Hitler to Rower power ower The nazi policy of rearming helped his business to such an extent that the number of workers employed increased from to At the same time the total amount of ot wages paid out Pout decreased decreased thanks thanks again to nazi economic principles Escapes Nazi Prison Gerhart Seger Seger former former Democratic deputy in the reichstag a and d secretary general of the German Peace society succeeded succeeded in escaping to France from the Oranienburg concentration camp where the nazis had held him for ten months Seger's detailed report on the conditions and unbelievable tortures practiced in that camp was so shocking that its publication was held for fear it might be up labeled atrocity prop prop- But e every ey incident described by Se Seger Seger Seger Se- Se I ger has been verified and the report will soon be made public under the sponsorship of ot one of the foremost European humanitarian societies Nazis Annoyed Berlin is much uch annoyed at Ambassador Luthers Luther's inability to prevent our former consul general there George there George S S. S from from giving congress a confidential report on German German Ger Ger- ma man conditions ns The nazis figure that Messer- Messer smiths smith's s testimony has done their reputation ir irreparable irreparable ir- ir reparable harm Copyright tl j JL g. g |