NEW COMEX CHIEF WANTS TO END STRIFE

NEW COMEX CHIEF WANTS TO END STRIFE

Leading gold trader John H. Hanemann, elected Tuesday as chairman of the Commodity Exchange Inc., plans above all to quell political in-fighting at the exchange, and work toward effecting a merger of New York's commodity exchanges.

At the top of my agenda is to get the politics over with and unify the exchange, Mr. Hanemann said in a telephone interview following the tightly contested election.There's too much bickering. There're too many people who feel you have a trade group and commission-house group and a floor group. There's one exchange.

Mr. Hanemann defeated William J. Garvey by 35 votes, according to the unofficial tally. He praised Mr. Garvey, a member of the board, for his past tenure.

Mr. Hanemann stressed repeatedly his aim to create a responsive atmosphere between the board and the membership, to the satisfaction of all the factions. The floor has never felt they had anyone to sit down with and talk about their problems. You could say the same for the commission houses, he said.

To move forward with his goals, which include a merger of the five exchanges on the Commodity Exchange Center floor and relocation to a new facility, another priority that is closely linked to those Comex politics must be addressed: the relationship between the Comex membership and the staff, ranging from Alan J. Brody, president and chief executive officer, through the cadre of administrative personnel that make the exchange tick.

Mr. Hanemann wants to get the staff to realize this is a member-run exchange. The staff has got to take the direction from the board. And he stressed that point repeatedly, noting that the election was the first in the exchange's history where a chairman was elected by the full membership.

He is hopeful his election as a member chairman will smooth the way for the resumption of merger talks with the New York Mercantile Exchange.

Having a non-member chairman was an issue, Mr. Hanemann maintained. Compounding this was Mr. Brody relinquishing his chairmanship in January - a move many exchange insiders and several board members attributed to member

pressure.

We didn't have an impasse. These things had to be settled. They (the merger talks) were put on hold, he asserted. I plan to reopen negotiations as soon as their (the Nymex's) elections are over with. Nymex elections will be held later this month.