Evening star., 1938-06-07
EXCHANGE SEES
QUIET SUMMER
DulInesS for Another Three
Months Likely While
Industry Lags.
Ey the Associated Press.

6y the Associated PreSS.
NEW YORK, June by all the
present signs and portents Wall Street
is in for duller than average sum-
mer. The best opinion on general
business at the moment is that real
recovery is not likely before the final
quarter.
If it works out this way, financial
markets can remain in a rut of in
activity for another three months and
still have plenty of time to anticipate
the expected industrial upturn. On the
basis of the slim volume on the stock
exchange in recent months brokers are
not hopeful of immediate improve
ment.
Some observers believe the financial
community faces the dog days in bet
ter spirits and with a generally i'm
proved morale considering the past
strains and stresses brokers have been
through in eking out living.
Harmony Is Helpful
The change is attributed mostly to
the recent peace conference" between
S. E. C. Chairman William o. Douglas
and leaders of the stock exchanges
new management. Brokers marked it
as a significant event which removed a
load of worry borne since open fric-
tion developed between the S. f. C.
and the old management of the stock
exchange last fall.
An era of peace and harmony as
proclaimed by Chairman Douglas
cured many cases of jitters among
brokers who previously feared that
regulation of the exchanges by the
Federal Government was incompatible
with friendly relations and would bring
an endless procession of breakdown"
threats and steady Tightening of the
S. E. c. controls.
For the rest Of the way via the
round table" method outlined by
Chairman Douglas for regulation pro-
cedure, members seem hopeful the ex-
change and S. E. C. will develop mu-
tual confidence and good will.
Changes Praised.
Outcome of the first formal confer
ence between Douglas and the new ex-
ecutives of the stock exchange, headed
by youthful william McChesney Mar
tin, incidentally. gave the members
fresh opportunity to record by casual
comment their satisfaction over hav-
ing gone the whole way recommended
by the Conway Committee for reor-
ganization of the exchange admins
tration.
Prominent people in the stock ex-
change have put their heads together
to see if something can be done to ease
the plight of Wall Streets jobless
workers.
A survey of the situation has been
undertaken with view to relocating
in other lines of business some of the
more adaptable and competent of the
unemployed. Other employment fields
will be canvassed., according to the
leaders of the relief movement, because
of the conviction that Wall Street,
under the best conditions conceivable
for any near future period, will not be
able to reabsorb more than moderate
percentage of the thousands now idle.
Jobless Increase.
The employment problem in the
financial center has been an increasing
source Of anxiety to its leaders for sew
eral years, but in the opinion Of OBJ
servers it reached its most acute stage
during the last year.
It has been estimated that many
thousands OF brokerage workers, book
keepers, margin clerks, messengers, as
well as many who held executive po-
sitions. have been turned out of jobs
since the stock market started down.
hill more than year ago.
Since then brokers have been going
in for retrenchment in every direction
to keep expenses from outrunning re-
duced income. In many instances this
involved cutting salary rolls to the
bone.