Word: brokering
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...incompatible with the national welfare." As a basis for further reform by the Exchange, Chairman Douglas and acting Exchange President William Martin Jr. drew up a "round table" of Exchange and SEC members to discuss: i) problems of floor administration such as the question of segregation of broker and dealer activities; 2) increasing the amount of bond trading on the floor; 3) commission rate revision; 4) development of odd-lot trading; 5) creation of a depository for customers' securities. These are Chairman Douglas' "five favorite ideas...
...drew 924 members to the polls, a record. Since the reform slate was unopposed, those die-hards who wished to show disapproval had only one way to do so: by scratching names off the ballots. The man whose name was scratched most-163 times-was shock-haired Broker Paul Vincent Shields of Shields & Co. For this the reason was clear: Broker Shields, more than any other Wall Streeter, is responsible for the Exchange's change of front...
...similarly minded gentlemen, Brokers Edward Allen Pierce and John Hanes, helped elect mild, supposedly liberal Charles R. Gay as Exchange president in place of Richard Whitney. But Gay presently swung to the right: when the market crashed last August he made a speech blaming it on SEC regulation. Paul Shields then took it upon himself to go see SEC Chairman William O. Douglas. Thenceforth, while Douglas attacked from Washington, Paul Shields and John Hanes worked from within. The Richard Whitney affair was the Trojan horse which delivered the Exchange into their hands. John Hanes then went blithely to Washington...
...Note. Broker Paul Shields, pleased with his success in being "the man behind" the reform of the New York Stock Exchange (see p. 51), several weeks ago set out to do as much for the utilities. He invited Wendell Willkie, Chairman C. E. Groesbeck of Electric Bond & Share and President James F. Fogarty of North American Co. to lunch, proposed that a neutral board of tycoons act as umpires in the battle against the Holding Company Act. Wendell Willkie objected and there was something of a row. The utility magnates wound up by having a conference with SEC Chairman William...
...felt there was very grave risk. . . . He asked me if I knew about the events of November. I said that I did. He asked me if I had talked to George Whitney about it. I said that I had. Then he mentioned the unfortunate episode of Greer [a broker who was declared mentally incompetent last year]. He said, 'It is difficult to know whom to trust...