Word: gay
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Dates: during 1930-1939
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...year bull market, then collapsed with a world-wide break in commodity prices. By July, prices once more had begun a slow rise, although volume of trading was unbelievably thin. It was actually the beginning of Depression II, but almost to a man the brokerage community believed what Charles Gay put into his Exchange report-that too strict regulation by SEC was to blame. Wrote President Gay in his usual mild way: "I am fearful that, in an effort to cure what might be termed sporadic evils, undue restraints are being placed upon normal, proper action, thus creating abnormal market...
...unlike the business of the Old Guard which mostly originated in big cities. All three had lined up against Richard Whitney in his famed 1934 fight to stop the law creating SEC. All three had helped force Dick Whitney out of the presidency to make way for Charles Gay, a middle-of-the-roader with a vague repute for being "New Deal." Soon after Douglas became SEC chairman, Shields and Pierce called on him in Washington, suggested reorganization of the Exchange...
First onslaught came in late November in an SEC kickback at Charles Gay...
...essential," he snarled, "that no element of the casino be allowed. . . ." To President Gay these words carried conviction. That harried broker, whose worries and heavy dewlap had combined to give him the mournful mien of a bloodhound, by this time had alienated almost everybody. Douglas linked him with the Old Guard. Shields, Hanes and Pierce, his original backers, were fed up with...
Since Douglas had demanded reorganization, this strategy called for appointment of a committee to study reorganization, then delay on the job long enough for the crisis to blow over. Accordingly, the governors voted for such a committee, gave Gay the right to appoint it. But Gay had seen the light. Viewing the crash (by then the Dow-Jones average had dropped to 113), the depression and Douglas' determination, Gay decided it was time to play ball. To the fury of the Old Guard, he appointed a genuinely liberal committee headed by a non-Exchange member, Carle Cotter Conway, dynamic...