Word: broker
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Almost every broker in Wall Street has for months been talking this way in private. Reason at this time for speaking publicly was fear that the SEC would soon inaugurate its "segregation plan" announced last June. To achieve an investment market and reduce speculation, the SEC proposed, by segregating the functions of broker and dealer, to reduce the kind of quick-turnover buying and selling which these professionals practice. Unless a "valid case" against it were presented by the Exchange, Chairman Landis declared he would achieve this by: 1) placing all trading by members, on the floor...
Star witness when the Committee resumed hearings last week after a month's interval, during which its chairman, Montana's Burton K. Wheeler, was busy with the Court fight, was Broker Robert R. Young of Manhattan. Most sensational development of the week was that 40 year-old Broker Young, who with his partners Kirby and Kolbe acquired control of the huge Van Sweringen railroad empire by buying a majority in Alleghany Corp. for a mere $6,000,000, had less shrewdly spent $15,000 for 60 campaign books which he had then "scattered all over Texas and Oklahoma...
...solicitors from whom Broker Young would gladly have purchased $15,000 worth of soap wrappers were a group of pressure salesmen who got a 50% commission on campaign book sales. Senator Wheeler read a letter from Manhattan Lawyer Watson Washburn who said he had been notified that one of the salesmen who had approached Broker Young was one N. M. Lichtblau. Wrote Lawyer Washburn...
Although Senator Wheeler grumbled because Broker Young had not ousted leftovers from the Van Sweringen regime and complained that U. S. railroads are controlled by men who lack practical experience, the net summation of a week's rail-road investigation was the chairman's sharp comment on the campaign books. Said he: ". . . I resent the Democratic Committee going to people just prior to their coming here, and soliciting funds. . . . It might give the impression that people had to give money to get proper treatment...
...Securities & Exchange Commission's two-year-old investigation of manipulation in Bellanca Aircraft shares by famed Broker Michael J. Meehan (TIME, Nov. 4, 1935 et seq.): A Decision, the first involving manipulation since SEC was set up, ordering Broker Meehan barred from all U. S. stock exchanges. To the nervous little broker whose name in stockmarket history was written in Radio stock during the Coolidge bull market, the order will mean little in money, much in honor. His health broken by SEC's interminable proceedings, Mike Meehan has not been active for more than a year...