Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-12-08

Congress" said Mr..
Lincoln, called at c. Gould Lincoln.
tention to the i'm
perative need of strengthening the
banking system of the country. On the
Senate calendar today is the so-called
Glass bill, designed to do just that
thing. It is the purpose OF Senator
Glass of Virginia, the author of this
measure and one of the authors of the
. Federal Reserve act, to bring this Dill
I'D in the Senate al the earliest oppor-
tunity.
within the next few days, certainly
during the coming week, Mr.. Glass Will
ask unanimous consent that his bill be
taken I'D for consideration and action.
If that is not granteu-ano ehere Is OPP
position to the bill on the part OF Sen
sator Norbeck OF South Dakota, chair
man of the Banking and Currency Com
gnittee of the Senate-the Virginia Sen
sator plans to move to take the bill
fup. BY majority vote the Senate
lean take this action, and it seems likely
THAT it will do SO, particularly in view
sof the fact that the prohibition ques-
stion is to be referred to the Senate
Judiciary Committee. BY special ORDER
the bill for the independence OF the
philippine Islands is to come before
the Senate tomorrow. A vote on that
! bill is likely to be had by the end
sof the present week, leaving the way
.clear for the banking bill.
Chief Aims of Glass Bill
1.-THE Glass bill is drafted to provide
FOR the safer and more effective use OF
sthe assets of the Federal Reserve banks
and of national banking associations. IL
is designed to regulate inter-oank con-
.trol and to prevent the undue diversion
sof funds into speculative operations. 1t
was prepared after extensive hearings by
"a subcommittee of the Senate commit
tee and by the committee itself and Is
sthe result Of careful study by Senator
Glass. Secretary of the Treasury In the
Wilson administration and widely as
scussed as Secretary of the Treasury In
THE coming Roosevelt regime.
Much will depend upon the amount
sof cooperation Senator Glass receives
sfrom the Republicans. He was aided In
THE framing of the bill by Republican
members of the committee, and at one
slime word was brought to the .Capltoi
that the President looked with favor on
the measure If the bill can be passed
by the Senate and sent to the House,
.long step will have been taken toward
banking legislation for which there has
.Norbeck's principal objection to the
ineasllre lies against the section author-
.izing more extensive branch banking.
Representative Steagall Of Alabama;
schairman of the House Banking Com
.mittee. may undertake the oralL oI
banking legislation too. He Is 1nclneu
to wait until the next Congress, now
ever In the House there has been a
sdemand on the part OF a NUMBER OF
Democrats for imitation measures OF ONT
.kind or another. One of these was tne
sGoldsborough bill. passed at the last
session but which the Senate decapi-
.tated," MIR. Lincoln said.
Special Session Held Certain.
! At the conclusion of his main ad-
dress. Mr.. Lincoln was flooded with
questions on every angle of the present
political situation. In answer to one,
he stated that it is now considered Ger
tain that an ezra session Will be calleo
by the incoming President. He does
not expect the Tame duck session" to
pass enough legislation to make it pos
sible to avoid special session.
Mr.. Lincoln insisted that he is not a
prophet vet he was asked many ques-
lions about the next cabinet and dis
cussed the probabilities in most enter
tanning manner. Referring to war debt,
he said that no action will be taken by
the present Congress. The Democratic
leaders often have stated that they are
opposed both to cancellation or revi-
March will mean that the foreign ma
tons will have to pay or default.
The speakers sidelights on the Pres
ident-elect and many of the leaders in
Congress proved particularly pleasing
part of his talk.
Rev. Allen A. Stockdale, pastor of
the First Congregational Church. told
the bankers that he did not have much
money and preachers never expect to
have much money. They do not have
great many business relations with
bankers yet ministers and bankers have
many of the same problems. He then
gave brilliant address on the unseen
values that touch every successful life.
I'VE could never be content with the
world we can see alone. The unseen
world of the mind that thinks, the spirit
that dreams and the soul that is aware
of eternal capacities, all the mystic
narvels of sensitive personalities-these
are values that need to be treasured as
SUCH handled as such and cultivated
The four important looks that every
man must take to know and appreciate
the unseen values of life, he said are
the sincere, deep look within; the intel
ligently compassionate look about, the
long look ahead and the steady look on
high" he asserted.
Norman E. Towson, chairman of the
Forum Committee, presided. The chair
man introduced several former Wash
ingtonians who now are with the Re-
construction Corporation in Philadel-
phia. Among those present was c. H.
Pope, president of the District Bankers
Association.
Bond Deposits to Be Requested.
A request for the deposit of general
mortgage bonds of the National Press
Building Coropation is to be made in
the next few days by a committee
headed by Huntington p Faxon of
Boston Other members of the Bond
holders Committee are: Former Senator
Joseph E. Ransdell of Washington
Alwyn Ball, Sd, of New York; Samuel
j Bunting, ir., Philadelphia, and Law
renee A. Sifert, of New York. The Sec
rotary is Charles w Greenough, 100
Milk street, Boston. The depository of
the bonds is the Bank of New York &,
Trust Co., 48 Wall Street. New York
Another Protective Committee, of
which Ord Preston, president of the
Union Trust Co., is member, is also
working on this same matter.
Heard in Financial District.
VI. Bowie Onpman OF ddTTIHlan q
Co. got free dinner last night as the
result of an election bet, He made a
wager with Levi Cooke that if the
Democrats won, the average position of
the New York Stock market would be
lower on December l. AS it was of 5 or
6 points Mr.. Cooke gave the dinner at
his home, on Wyoming avenue. other
guests including Lloyd B. Wilson,
Charles P. Light. Jesse L. Suter, Frank
j. Hogan, Justice Harlan F. Stone,
Clarence A. Aspir1waI. H. L. Rust. Phil
Iix, roffiy, ord yUoltar