Ganged

Henry Goldman Jr. whose father, before his retirement in 1917, was the Goldman of Goldman, Sachs, is a member of the New York Stock Exchange. For several years he has been the only "specialist'' in Celotex, in Ohio Oil, in United Piece Dye Works. Fortnight ago he wrote a letter to Exchange President Richard Whitney suggesting reforms in Exchange practices. Far more startling, he wrote also to the Senate Committee on Banking & Currency recommending that the Government establish a board of two Senators, two brokers, two businessmen, to regulate exchanges.

Fellow-members of the Exchange were dumbfounded. No more anti-social act could they imagine. Such a man was beyond the pale. Last week four different brokers sprang forward to seize the bone which had belonged to Trader Goldman by announcing themselves as specialists in the three stocks which had been all his. No stock exchange rule did they violate, for any member may open a "book"' as a specialist in any stock at any time. Usage and small possibilities of profit ordinarily keep members from "horning in" on each other's business. But last week bitter brokers were glad to throw their business to the new specialists. Mr. Goldman ruefully admitted that he had lost a substantial part of his business.

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