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Show MONEY & MARKETS By James McMullin The Telearem't Eserwrw Obierwr Alone W.H Street NEW YORK A line of 1940 strategy is already being mapped in high antinew deal quarters. So far the discussion is confined to a handful of leaders, but they are men ef sufficient Importance, to warrant taking their Ideas seriously seri-ously as a possible pattern for action. , ' The first move would be to connive con-nive with G. O. P. chiefs to make aure the Republican 1940 convention conven-tion is scheduled some weeks after the Democrats stage their shindig. shin-dig. It is assumed that the new dealers will still dominate the Democratic session. Then the idea would be for antinew deal Democrats to secede, hold a rump convention and name their mm candidates for president and rice president The final step would be Indorsement Indorse-ment by the Republican convention conven-tion of the same pair of candidates, candi-dates, even though at least one of them would be technically a Democrat Dem-ocrat Sponsors of this seEupadmit that it would encounter stiff resistance re-sistance from professional politicians poli-ticians in the G. O. P. The Utter Ut-ter could hardly be expected to cotton to a proposal that would Inevitably minimise their power and prestige. But those who figure that this la the only practical way to beat Rooseveltism are confident of overriding this obstacle. In the first place, considerable pressure along financial lines can and probably will be exerted to make the G. O. P. see reason. In the second, certain influential Republicans Repub-licans are already lined up for the idea behind the scenes. A number of new factors could enter the picture before 1940 which might make these plana as irrelevant aa a rudder on a roof. But they are getting enough attention at-tention where it counts to make them worth filing for future reference. refer-ence. The governors of the New York stock exchange will soon aubmit for membership approval a proposal pro-posal to increase brokerage commissions. com-missions. The mechanics of the referendum shed a revealing light on "democracy" aa practiced by the "Select Society of Wall Street Wanglers." The exchange has 1375 members. A clear majority of the total num- ber, 688, must be registered in the negative to defeat the proposal. pro-posal. The actual vote cast pro and con has nothing to do with tha Case. A member who casta no ballot at all, according to this system. Is automatically counted as if be bad voted aye. With auch a aetup It is almost Impossible Impos-sible for the membership to reject any measure that baa the approval of the governors. At last week's New York meeting meet-ing of the National Association of Manufacturers, a leading industrialist indus-trialist was holding forth at a great rate about how urgent it was for everyone to pull together especially government and businessto busi-nessto haul the country out of the current economic crisis. In the next breath he was damning Roosevelt up hill and down dale, saying, there was no use even trying try-ing to cooperate with an administration admin-istration you couldn't trust around a corner. This dual reaction was widespread among those who attended at-tended the N. A. M. sessions. After listening awhile to the diatribe, a friend of the industrialist indus-trialist interrupted: "Where is all this stuff about Roosevelt being be-ing a bum going to get you? You either cooperate or you don't You remind me of a man adrift in a rowboat in midatlantic, busy boring a hole in the bottom." In a recent radio . questionnaire, contestants were asked what animals ani-mals certain words and phrases brought to mind. The first for Instance, was "It's raining," to which the answer was "cats and dogs." The next was "Wall street" The reply was supposed to be "bulls and bears," but the contestant answered an-swered "wolves," and the questioner ques-tioner said he would have to allow that to stand as 100 per cent correct cor-rect ' Wall streeters who happened to be listening In ruefully remarked that the public doesn't seem to think any better of them than it did in 1933, despite the best efforts ef-forts of the stock exchange publicity pub-licity department Copyright 1937, for The Telegram. |