The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-14
BIC BOARD TO
Give VOICE TO
NON-MEMBERS
Nominating Committee to
Hear Opinions at Two
Extra Meetings.
BY BARROW LYONS
Times Special Writer

NEW YORK, Feb. 14.-More than
usual interest in the annual election
of governors for the New York
Stock Exchange has been aroused
by the announcement that, in addi-
ton to its three regular March
meetings prescribed by the consti-
tuition Of the Exchange the nomi-
mating committee would hold two
special meetings. These will be held
next Monday and the following
Monday.
Partners of Stock Exchange firms
have been invited to express their
opinions on the coming election at
these meetings. A decision to get
the views of non-members who are
closely connected with the operation
of the market was arrived at in
view of the suggestion of the Sc
curities and Exchange Commission
that nOn-member partners Of Stock
Exchange firms be given repre-
sentation upon the board.
To Meet After ClOSingS
The three usual meetings of the
committee have been called for
March 4, March IL and March Is
at 3:15 p. m.
While the Exchange repeatedly
has expressed its desire to COS
operate in every way with the See
curities and Exchange Commission,
it has taken no definite stand on
the recent proposals for changes in
the organization of the Exchange
suggested by the commission. The
legal committee of the Exchange
still is studying the proposals.
On the other hand, the Associa-
ton of Stock Exchange Firms, of
which Frank R. Hope, partner in
Paine, Weber e. Co. is president,
has come out vigorously in favor of
admitting non-memberS to the Ex-
change board. Mr.. Hope became a
member of the Exchange in Deem
Der, 1882.
MtnIlOu6u dS CduuiudUS
In the agitation or admitting
new blood" to the governing COM
mittee, which was of consuming in
terest previous to the election last
year, Mr.. Hopes name was frequent-
ly mentioned as a candidate for
membership on the committee. He
was not elected, however.
When Mr.. Hope recently issued a
statement defending an announce
ment of the advisory committee Of
the Association of Stock Exchange
Firms, calling for support of the
SEC proposals., he was rOundly
criticized by some of the Exchange
members, both publicly and
privately.
The board of the Association of
Stock Exchange Firms, however,
vigorously defended the action Of
the advisory committee and adopted
resolutions calling for the kind of
cooperation with the SEC which
was called for Membership in the
association comprises about IS per
cent Of firms with partners holding
seats upon the Exchange.
Last January members of the Ex-
change elected without opposition
the regular ticket for the 1885 nom
mating committee put forward by
the group that served in that ca
pacity last year.
Called Liberal" Group
At the time of its election the
new nominating committee was
hailed as liberal" group
The new committee, nevertheless,
was careful 10 point out that it con-
sidered receiving the suggestions of
members with an open mind it's
primary duty, that it has no favor
tie sons" and that every opportun-
ity would be afforded to get at the
real sentiment of the exchange. The
two special meetings are regarded
as the first move in this direction.