Nomination

When Edward Henry Harriman Simmons, president of the New York Stock Exchange, was elected in 1929 for the sixth consecutive term, he made it clear that never again would he consent to nomination. Immediately the Governors of the Exchange started grooming Vice President Richard Whitney for the position.

Vhen the market broke while President Simmons was honeymooning in Honolulu, it was upon Mr. Whitney, acting president, that all the responsibility fell. So well did he manage things that the governing committee passed a resolution praising him for "efficient and conscientious labors during the severe financial disturbance. ..." Many an outsider reading this said, "Ah! Now perhaps he'll be made president of the Exchange." But brokers, knowing how far ahead such matters are decided, took it as the Committee's way of saying: "See how fine our judgment turned out to be."

Last week, with President Simmons touring abroad, Mr. Whitney's official nomination was made. Such a matter is treated with almost sacred regularity. On the first Monday in January, the Exchange nominates nominators. On the second Monday, these are approved. On the second Mondays of February and March the nominators consider in solemn conclave. On the second Monday in April they reveal their choice. On the second Monday in May the election proper is held. Never is there more than one nominee; never is there doubt as to who this will be.

To the public, Broker Whitney is remembered for his bid: "$205 for 25,000 Steel"--an act much over-rated in both effect and drama, since Mr. Whitney acted only upon instructions from J. P. Morgan & Co., could not have bid $205 if, as popularly supposed, the last sale had been only $194, and since, as far as saving the market went, the bid might as well have never been made.

Yet even before this famed transaction, Broker Whitney was very well known in Wall Street. His firm, Richard Whitney & Co., is considered Morgan's broker; he is the younger (age: 41) brother of Morgan-Partner George Whitney. His knowledge of bonds is as thorough and keen as any in the Street. Groton-and-Harvard (1911)-schooled, he goes in for such cultured recreations as breeding Ayrshire cattle and fine hunters at his Somerset County, N. J., farm, although he occasionally foregoes these pleasures for yachting (he is treasurer of the New York Yacht Club). Last January, wearied by Exchange travails, Mr. Whitney left for Miami, achieved temporary newspaper fame when it was learned that he took one Joe Perricone, barber, along. Reason: smart Barber Perricone never tried to sell Mr. Whitney hair tonic.

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