Business: Nov. 9, 1940

After SEC Chairman William O. Douglas lashed out at the New York Stock Exchange's "club" atmosphere and declared that "no element of the Casino should be allowed" (TIME, Dec. 6), Exchange members expressed their reaction by hooting, whistling and booing on the floor of the Exchange, crying "Casino!" whenever they had trouble buying or selling at a desired price. Wall Street's official reaction was a painfully courteous promise by Charles R. Gay. president of the Exchange, to look into the situation.

Last week President Gay made good his promise. He appointed a committee...

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