Evening star., 1932-12-08
GLASS TO CALL Up
BANK REFORM BILL
Virginia Senator Is Awaiting
Disposal of Philippine In
dependence Bill.
BY G. GOULD LINCOLN.

The Senate will be asked to tackle
the subject of reform Of the banking
system in this country within few
days. Senator Carter Glass of Virginia
plans to call up for consideration his
banking bill, now on the Senate calen-
dar. as soon as the Philippine Islands
independence bill has been disposed Of,
either the end of this week or the be-
ginning of next The Democrats Of the
Senate have given the Glass bill a
place in their legislative program,
adopted yesterday, Immediately after
the Philippine bill.
While President Hoover in his an
nual message stressed the vital need Of
bank reform legislation ana Secretary
Ogden Mills of the Treasury went much
more into detail regarding the need OF
reform, there has SO far been no move
on the part of the Republicans to put
forward a strictly administration bank
ing bill. Their inclination seems to be
to go along with the Glass bill. with
perhaps some minor amendments.
Walcott G. o. p. Spokesman.
Senator Walcott of Connecticut, a
member of the Senate Banking Com
mittee, was inclined to take this view
of the situation today. He has been re-
garded as an administration spokesman
on matters before the Senate Banking
Committee.
''The principal objection raised to the
Glass bill in the Senate at the last
session. said Senator Walcott today,
ran to the section which extends the
privileges Of branch banking. I think
that in recent months there has been a
considerable change in sentiment on
this subject of branch banking which
may be Of aid In getting bill through
Congress"
Senator Norbeck of South Dakota,
chairman of the Banking Comraittee,
wrote minority report on the Oass
bill, attacking the measure, particularly
because of the branch banking section.
So far he has not indicated that he has
changed his position. In short ses-
sion Of Congress, the South Dakota
Senator, aided by few other Senators,
might block the Glass bill if he sees fit.
President Hoover in his annual mes
sage to Congress called attention to the
fact that 4,665 banks have failed in the
United States since January /, 1890
with deposits estimated at $4,000,
100000. He said, too, that in Eng
land, harder hit by the depression than
the United States, there have been no
bank failures.
Cites Great Britain.
Senator Walcott and other advocates
OF increased branch banking as a
remedy for mary of the ills that beset
branch banking, call attention to the
fact that in Great Britain there are
only five main banks. with about 5000
branches to do the banking business for
the British. The responsibility is great
and the efficiency and stability resulting
are correspondingly great. The same
kind of a system prevails in Canada
which has been free of bank failures
too. Senator Walcott said that grour
banking, such as prevails in the United
states, is irresponsible, with the hold
ing companies free of liability.
Whether any banking legislation can
be put through at the present session
| OF Congress is decidedly question: BILE,
i no matter how much it may be needed.
In the House Representative Stesgall
OF Alabama, chairman of the Banking
Committee, is inclined to the view that
there is no time for constructive bank
| ing legislation before March 4. He
does say that If the Senate passes the
| Glass bill end sends it to the House,
he will seek to have it considered in
! that body. But he has so far no plans
for bank reform bill now. The HOUSE
last session passed the Steagall bill for
the guarantee of bank deposits and
/ that bill is now before a Senate Sub
committee, headed by Senator Fletcher
! of Florida.
! Some of the bankers themselves were
in part responsible last session for the
failure to get action in the Senate on
the Glass bill, opposing various features
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