The Washington times., 1934-02-28

,@,,+ =, ~ Con Dunbar Hare
gressional NAV, the local boys,
like the national ones, began
doing some tall figuring.
Then when the committee
hearings actually got under way,
the local boys found something
to which they could actually OBJ
ject.
Then they got together and ap-
pointed committee to present
their claims.
That committee consists of the
very bashful, non-publicity- seek-
ing, Yelverton E. Booker, of the
company which bears his name,
and James M. Johnson, most
affable soul, head of an organiza-
ton of the same caliber.
Mr.. Booker, though modest, is
going to be the spokesman for
the local group. How he will do
it is a question in the minds of
the local financial boys. Will he
be modest? Will he be agrees
Sive? Every member of the local
exchange would like to know.
However, in passing, it might
be said that Mr.. Booker before
becoming the financial genius
, that he is was a neWspaperman.
So, what?
Mr.. Booker undoubtedly will
be ably supported by G. Hermann
Knnicutt. He's coming here, too,
to represent the investment house
group.
Mr.. Kinnicutt is going to rep
resent Is firms which are organ
lied to oppose this proposition in
the Congressional measure-the
proposition being there will be
opposition to restrict members
Of exchanges from becoming in
vestment bankers.
Local companies giving this a
particular eye are: Charles D.
Barney & Co., where Frank B.
Morse is chief; Hemphill, Moves
& Co., where Chester Lockwood
and Thomas Mangan hold forth,
and G. Mp. Murphy & Co., of
which C. C. Morgan is manager.
There are a number of other
firms in the list which Mr.. Kin
nicutt is going to represent.
Some have local correspondents.
They are as follows:
Galloway, Fish & Co., CaSsatt
& Co., Clark, Dodge & Co., Field,
Glore & Co., Hallgarten & Co.,
A. Iselin & Co., Kidder, Peabody
& Co., Ladenburg, Thalman &
Co., Laurence M. Marks & Co.,
Ritter & Co., L. F. Rothschild &
Co.. Edward B. Smith & Co.,
Spencer, Trask & Co., Tucker,
Anthony {; Co. and White, Weld
& Co.
Michael j. O'Brien, president of
the Chicago Stock Exchange, has
been visitor in Washington for
the past few days. He testified
on the National Securities Ex-
change Act of 1884 recently, in
part as follows:
Gas / have sat through these
hearings, / have been impressed
with the earnest desire of men,
berS of the committee for sug-
gestions as to how the problem
in which we are both so vitality
interested can be solved. My
associates and I, representing
the third largest exchange in
the country, do not come here
to oppose legislation which may
be needed in the public inter
est. We are here to cooperate;
to explain our viewpoint and
offer you our experience in the
hope that it may be helpful in
arriving at a solution that will
be fair to business and in the
best interests of all of us.
81 believe I can best assist
this committee by telling con-
Cretely and in simple narrative
style the progress the Chicago
Stock Exchange has made, Of its
own vOlitiOn, in preventing many
of the abuses Outlawed by this
bill.
Constantly changing social
and economic forces make ours
an ever changing business. To
be workable, any legislation to
regulate the exchanges and our
business must be f. sxibIe enough
to be almost instantaneOusly
responsive to the forces that
- f~a IS -
iSIatiOn should not discourage
nor render ineffective the eff
forts of men who desire honestly
to regulate themselves"