Show MONEY MAR MARKETS ETS By James McMullin The Telegrams Telegram Exclusive Observer Along Wall Street NEW YORK YORK The The stock exchange exchange ex ex- change old guard like Napoleons Napoleon's never surrenders Despite the re repercussions repercussions repercussions re- re percussions of ot the Richard Whitney Whitney Whitney Whit Whit- ney mess the timers old-timers are still secretly angling for domination of the board of governors to be elected under the reform set They are putting all kinds of pressure on the nominating committee com corn a a weak one this year year year-to to designate key members of the ruling faction as official candidates candidates candidates candi candi- dates for the new board Official nomination is usually tantamount to election The nominating committee will announce its selections next month The up make-up of the slate pre presented s en t e d then will disclose whether the old guard has gotten away with its desperate campaign to retain control The securities and exchange commission is well aware of this maneuver It doesn't propose to allow the reform regime to be sabotaged by its enemies If It the exchange elects a chairman sympathetic sympathetic sympathetic sym sym- pathetic to the old guard like President Charles R. R Gay or a majority of governors from the private club crowd the commission commission com corn mission is prepared to crack down and and how New and exceedingly stringent regulations for the conduct of the stock exchange business have al already already already al- al ready been drafted by the S SEC E C. C The only reason they haven't been promulgated before now is be because because because be- be cause the element clement in the exchange which favors genuine reform persuaded persuaded persuaded per per- the commission to hold off and give them a chance to clean house first Insiders say flatly that the very existence of the New York stock exchange as a private institution is at stake The projected S SEe SEC E C Crules rules are so drastic that practically practically practically all speculation would be eliminated and even investment buying would be handicapped Keen observers doubt that the exchange exchange ex ex- change as now constituted could remain in business under such conditions If it couldn't since there must be a market place for securities the logical sequel would be for the government to step in and create a national stock exchange owned and operated by itself Such a development is by no means as remote as it sounds sounds sounds-if if the old guard wins the May election New York political sharps have an eye on the Oklahoma senatorial contest President Roosevelt evidently evidently evi evi- dently decided to throw his weight behind Elmer Thomas for tion Mr Thomas used to be the most active leader of the monetary monetary monetary mone mone- tary inflation block in the senate but has had little to say during the current session His silence may maybe maybe maybe be a part of the bargain as th the administration certainly doesn't want agitation for monetary maneuvers maneuvers maneuvers ma ma- at this time F. F D. D R. R has already helped Thomas by keeping Congressman Wesley E. E Disney out of the race Disney was all set to file for the primaries when the White House hinted that he was too valuable in inthe inthe inthe the house to give up his seat Thomas' Thomas primary opponent will willbe willbe willbe be Governor E. E W. W Marland who is a New Dealer also But the governor governor governor gov gov- is somewhat involved in the Oklahoma social security scandals scandals scandals scan scan- dals which may be the reason the administration figures he was the wrong horse to back Marland will will make a fight of it anyhow He is popular with the old folks and Oklahoma has an exceptionally exception exception- ally high percentage of voters over 6 65 Chairman William O. O Douglas of the S SEe E C is an outstanding leader in the backstage drive to force a z speedy settlement between T V A and the private utilities operating in its territory Mr Douglas is convinced that the quickest way to promote re recovery recovery recovery re- re covery is to encourage utility spending by making the industry feel it has nothing to fear His influence is reported to ben ascendant at the White Hous House Hous The The textile workers rs org organic ll committee hasn't been dOlD doing well recently Begun wi l I fanfare last summer the theor t izing campaign in the te textile 18 has subsided to an a ai inaudible moan I Admittedly the recession i thrown a monkey wrench Sidney Hillmans Hillman's machine but i most serious problem is a d deai C of competent organizers who r southern psychology r hopes to find some some perhaps perhaps perhaps' draw on John Lewis' Lewis United Workers to Workers to renew the drive the spring I Copyright 1938 for The Tel TeleS i j |