Washington, Nov. 24.
Further Government action for stricter control of Exchanges was foreshadowed in a statement made to-day by Mr. W, O, Douglas, Chairman the Securities Exchange of Commission, who declared that, unless Exchange throughout the country were willing to take steps to eliminate many undesirable features, more stringent control would. be enforced.
The plan he contemplated includes the punishment of members guilty of illegal activities, transfer of the management of the Exchange to paid impartial experts, a reduction in the number of members and restrictions on floor trading.
Thefe will be greater public confidence, declared Mr. Douglas, if the management was not in the hands of professional traders, Many Wall Street operators interpret the statement as a declaration of war. which may end the cooperation of brokers with the Securities Exchange Commission in efforts to achieve some reform.
Text read from the printed page and cleaned; old type leaves the occasional error.