mistreatment NEW YORK CITY
COMMODORE HOTEL DR. E. STYLES POTTER, President
MAIN STREET VS. WALL STREET CAMPAIGN
conducted by
STOCK EXCHANGE REFORM COMMITTEE
Created by resolution adopted May 2lsI', I930
JAMES F. MEEHAN, Chairman
September 25 1952
NEW YORK TIMES . ’ '
COLUMBUS, Ohio, Aug. 20.—
Savagely ripping into the economic _
policies of the Hoover administra—
tion, Governor Roosevelt demanded
Federal regulation of Stock Ex-
changes today as part of a detailed
program for curbing abuses under MI". Russell des Cognets
the current financial system. * * * ' _ 3
* * * Vital regulatory steps must LOUiS des Cognet S and Company,
' be taken, he said, to prevent recur— i 8
rence of exploitation by a highly Lex ngton’ K ntucky.
concentrated economic superpower
working with the Hoover Adminis- Dear MI‘. des COgnets :
tration as an instrument. * * *
‘f * * He put forward this nine-
pomt program as essential to the Your letters have been nicely and personally type-
protection of the maJority of aver- - lit d . 11 b f ' , -
age men and women of the country. WI‘l en an W1 6 orwarded t0 V011 thls afternoon
1. Effortsf to: prgventi the 185116 of or tomorrow. It is advisable that you use your
“man ac ure an unnecessary” . ’- ’
securities, and to insure fun in_ own envelops in mailing the letters.
formation to the investor in 11(12-
gitimate issues concerning t e - .
use of his money, including a Should you de81 re to do any further mailing, we
demand that the sellers disclose suggest that you use our printed form which we can
their bonuses and commissions. .—
2. Fun use of Federal power for furnish you wi thout cost. The printed letters are
regulation of hqlding companies, not as effective, of course, but the campaign has
3- Egg};eggéa’gfferoglgfiagggh grown to such an extent that we haven' t the time
4. More rigid supervision of na— or the facilities to take care of the details connected
tional banks.
5. Discouragement of the use of with having all letters written personally.
bank deposits for speculation.
6. Complete separation of invest- W a e .
ment and commercial banking e r enclosing one of the print ed forms .
7. Barring the use of Federal Re-
serve funds f0? Speclflatlf’m We are also sending you a hundred re-prints of Honorable
8. A pledge against implied ap- J l '
pmval by the Stat? Depgrtmeqt ames A. Far ey 8 letter to us dated July 14th, and »
of forelgn flotations In this suggest that you enclose one of these with each of
coun ry.
9. No government attempts to in- your letters ‘ '
fluence the stock market by “mis-
leadmg Statinlejti' Our campaign is going over with a bang and we certain-
ly appre01ate your co-operation
NEW YORK EVE. JOURNAL
August 27th,1932 Yours very truly, ,
By Claude G. Bowers 1 I, " /
* * *Wall Street, the interna- /' ‘- //
tional bankers, the investment ' / fl LL/ ‘
bankers and the power combines, J , ,
will not contribute to Mr. Roose- ’
velt’s campaign. All these forces _
will contribute to Mr. Hoover’s JAMS F. MEEHAN, General Chairman,
campaign fund to defeat Mr. Roose- +
velt, who has nothing to sell, ,, ,, ,, Stock Exchange Reform Commi otee
* * * “The man who contributes /
liberally to the campaign funds of J FM/ ML
a party of special privilege does so
on a strictly business, not on. a _
senfilmetfital hbaSIS. He 1aneurgli' In- P.S.--‘iou will note that there is a slight change in
ves s. e as a con rac even
though it is not reduced to paper. .‘the laSt tWO paragraphs Of the Snelosed form letter-
The contract is that the Govern- Ne haVe arranged to supply all of your As "ociate
fizngxgégsgiffggfgglggrllfignhyg*a}, Vice Chairmen wi th printed letters without cost.
* * * The Democratic Party for-
tunately has no favorite group '
upon which to call for large sums
under the promise of privilege or
immunity, expressed or implied. .
The Democratic Party is not for '
sale.” * * *
Our slogan is “MAIN STREET versus WALL STREET”. Hoover administration stood by taking no action what-
Governor Roosevelt, with his thought for the “Forgotten ever to curb thls debacle. L .
Man,” represents Main Street, meaning the citizens who, If you want to know at fir?“ hand JuSt what caused ‘more
through effort and ability, bring success to their respec- than _3000 bank failures Wlfih all the attendant mlsel‘yi
tive communities. President Hoover, on the other hand, suffering and hard tlmQSi Wl‘lte to your United_States Sen-
represents Wall Street and the New York Stock Exchange, ator and 35k hlm to mail you afZODY _Of the testimony taken
which, through special privileges and preferred legislation, to date before the Committee mYEStlgafilhg the New York
bleed the country by manipulating the financial machinery. StOCk Exchange. AS you read this teStlmOHY) taken under
Our Stock Exchange Reform Committee, with a national oath, you W11} wonder why some 0f the P901319 connected
membership of over 14,000, brought about the Senatorial Wlth these gigantic frauds were not sent to the 13911th11-
investigation of the New York Stock Exchange. 'Through tlal‘Y- The T635011. IS Simple- They pald for their immunlty
this investigation, conducted by the Banking and Currency through the medium of large campaign contrlbutlons dur-
Committee of the United States Senate, the incomplete mg fiche 1928Pres1deritlalcampaign and they were accorded
probe has revealed how the defenseless public has been the immunity for Wthh they Pald-
swindled out of over fifty billions of dollars While the MANHATTAN BOARD OF COMMERCE, Inc.
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