The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1930-07-04
House CHIEFS
PLACE BAN ON
STOCKS PROBE
LongWorth and Aids Back
Hoover and Watson in
Barring Inquiry.
DICKINSON LEADS MOVE
Iowa Senate Nominee Asks
Quiz, Cooperating With
viii Wood.

BIZ ScripDs-HoTdrd Newspaper alliance
WASHINGTON, July 4.-Speaker
Nicholas Longworth and other house
leaders, following the example of
President Hoover and James E.
Watson, senate majority leader, have
turned thumbs down on a proposal
to investigate the New York Stock
Exchange.
Longworth's attitude is that the
suggested house inquiry, which was
sponsored by L. j. Dickinson of
Iowa, who recently won the Repub-
Ican nomination for senator, would
not have a constructive result at
this time.
Longworth held that the probe
would prove harmful if undertaken
during this period of economic and
stock market uncertainties and that
it should be delayed until business
is on a more even keel.
Dickinson's resolution, introduced
following the slump last month on
the stock exchanges, directed the
appointment of a select committee
of seven congressman to ascertain
to what extent the exchanges may
have been utilized by INSCRIPTIONS
manipulators for the purpose of in
f1uencing legislation of the con-
gresS, or official actions of the
executive officers of the government,
and for exercising an unfavorable
influence upon the general economic
situation Of the country"
Will Wood Aids Move
His resolution also directed an in
quiry into whether "Stock manipu-
lation is practiced by short selling
or block sales or rigging or promo
ton sales or wash sales" for the
benefit of limited number of in
vestors, but against the interest Of
the general public"
Representative Will Wood of IN
diana, chairman OF the Republican
congressional committee of the
house, co-operateG with him in
preparation of the resolution, Dick
inson said, "and, like me, he was
anxious for thorough investiga-
ton, but the rules committee
reached the same conclusion as sem
ate leaders and ruled against us"
Dickinson said he discussed his
resolution with Republican Leader
Tilson and Chairman Smell of the
rules committee.
In connection with the plan of a
group of young guard" Republican
senators to investigate the New
York Stock Exchange, it was learned
today that this group had agreed to
recommend Senator Otis F. Glenn
OF Illinois as chairman and Glenn
had consented to serve. But Wat
son, after conferences with Presi-
dent Hoover, called them off.
Indirect Probe Forecast
An indirect senate inquiry into
the stock exchange is expected next
fall as a result of passage recently
OF the resolution by Senator King
OF Utah to make "a complete sur
vey Of the national and federal re-
serve banking systems"
This committee is authorized to
comprehend specifically" the use Of
the federal reserve facilities for
trading in speculative securities, the
extent Of call loans, and also in
Vestment and security trusts, chain
and branch banking and likewise
ANY related problems" which the
committee may deem it important
to investigate.
Senator Carter Glass of Virginia,
former secretary of the treasury un-
der woodrow Wilson, was named
chairman. His associates include
Senators Walcott of Connecticut,
Townsend Of Delaware, Bratton of
New Mexico and Norbeck of South
Dakota.