| Show S MONEY MARKETS MARI ETS B By Y James McMullin The Telegrams Telegram's Exclusive Observer Along Wall Street NEW YORK Leading corporations corporations cor cor- corporations with securities listed on the New York stock exchange are arc quietly preparing to claim an Important important important Im im- im- im voice in the exchanges exchange's affairs The new manage management ent up set-up soon to be adopted gives them an opening A group of bankers and corporate corporate corporate cor cor- executives has met on several several several sev sev- eral occasions recently to discuss cooperative action along this line Some of the new governors to be elected are outsiders supposed to represent industry and the pub pub- lic The idea is to agree upon a slate of candidates for these posts in advance and then get together to put them over instead of squandering squandering nde n- n de dering ring effort on rival candidacies The men chosen will be of a caliber to command respect from their associates on the new board Industrialists hope in this way to exert considerable influence on the shaping of stock exchange poli poli- cies Heretofore the exchange management has ignored them completely Some time ago Harold Ickes' Ickes public w works o 0 r k s administration agreed to advance to the city of Chattanooga to construct construct construct con con- a municipal electric plant in competition with existing power pow pow- er facilities So far this project has not gotten beyond the paper stage But last week things began to happen President Wendell Willkie Willkie Willkie Will- Will kie of Commonwealth Southern asked David Lilienthal of T V A Ato Ato Ato to suspend payments to municipalities municipalities municipalities for power plant construction construction construction tion pending negotiations for the sale of Tennessee Electric properties properties properties prop prop- to the Next I day Mr Ickes criticised Mr Willkie Willkie Will Will- kie for making such a request but indicated it would be okeh with him him- if the municipalities were willing to wait The day after that without publicity publicity publicity pub pub- P W A paid over to the Chattanooga the first cash payment payment payment pay pay- ment made to that city under its arrangement with Mr Ickes It was a neat little way of letting Jetting Mr Willkie but Willkie-but but not the public- public know that he was starting negotiations negotiations negotiations under the governments government's guns No utility man can tell Mr Ickes what he should do One of the most significant angles of the house rebellion against the third basket tax on held family-held corporations escaped general attention An outstanding outstanding outstanding ing leader of the revolt was Congressman Congressman Congressman Con Con- gressman John W W. McCormack of Massachusetts hitherto an ardent and faithful follower of F. F D. D R. R Mr McCormack was invited to lunch at the White House and spent an hour and a a. half with with- the president shortly before the showdown The third basket wasn't even mentioned although Mr Roosevelt knew the congressman's congressman's congressman's congress congress- mans man's attitude and the latter expected expected expected ex ex- ex- ex to be asked to change it Perhaps the president thought the lunch itself was enough of oa a hint If so Mr McCormack didn't take it T The e Massachusetts man privately private private- ly did not expect to win when he started his fight on the levy He was amazed at the size of the vote vot against the White House a majority that grew larger on each roll c call Il Many congressmen joined the opposition as a protest against the highhanded tactics of administration administration ad ad- ministration leaders Doughton and Vinson The Democratic machine in the house broke down badly badly- and the house was supposed to be P. P D D. R. R Rs R.'s s 's bulwark against senate insurgency Consumer cooperatives tives in this country showed a 20 per cent gain in 1937 business over 1936 Dollar Dol Dol- lar Jar volume jumped from to Coops handle ap ap- ap- ap proximately 15 per cent of t country's retail business V Minnesota and Wisconsin the greatest number of cooper coope tives with the two Dakotas sl Iowa next in line Headway the east and west has although New York City org or almost doubled tg business over 1936 At pres press press' retail and 26 wholesale wholesale 1 operatives are doing business this country fB Finns and Swedes are the baa bae bone of the cooperative i with Germans and Danes l behind and Anglo S Anglo x have so far been apathetic Far groups and white collar have been most susceptible I the cooperative theor theory A A. A r to enlist industrial workers is ti u uj der way and overtures have b be made to labor unions Copyright 19 1938 for The he |
