Complete Sweep

Franklin Roosevelt's first job was as clerk in the Wall St. law offices of Carter, Ledyard & Milburn, but that firm is prouder of the fact that in its 55 years as counsel to the New York Stock Exchange, it never lost a case. Neither fact, however, moved the Stock Exchange's Acting President William McChesney Martin Jr. and the "Reform" party. Their new brooms are sweeping out the "Old Guards" of ex-President Charles R. Gay who were uncompromising toward SEC. Roland Redmond, senior Carter, Ledyard partner, was a great & good friend of Richard Whitney, an Old Guardsman who at present languishes in Sing Sing.* Last week, Mr. Martin & partisans made the sweep complete. In brief routine announcement that went almost unnoticed by the press they announced that the Exchange had a new tribe of lawyers: Milbank, Tweed & Hope.

*Where, it was announced last week, he has the highest intelligence quotient: 133.

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