Word: guard
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Dates: during 1930-1939
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This group was led by three men, Paul Shields, John Hanes and E. A. Pierce. All three represented the big "wire houses" in the Street with large volume of business from all over the U. S., 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...
...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...
Richard Whitney's Old Guard looked on him as an amiable tool for their campaign...
...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 chairman of Continental Can. Among the liberals on the Conway Committee was William McChesney Martin...
...enough Old Guard resentment still remained to make the elevation of Martin inevitable. Others had played a bigger part in the battle than he, but feelings were still too bitter to allow their choice...