The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-12-30

banks into the federal reserve sys-
tenn by 1886 and the RFC is acqur-
ing a stake in many banks through
buying their preferred stock. Thus,
increasing control already is in
process.
Commercial bankers will fight to
eliminate the permanent insurance
plan, effective in July next year,
covering all deposits up to $4,000,
rs per cent up to $4,000, and so per
cent above $4,000.
Mr.. Roosevelt would like to give
the permanent plan tryout. Full
insurance of deposits up to $4,000,
effective in January, will be con-
tinued in any event.
CTOCK MARIETTA regulatory
~ law seems sure. Roosevelt
wants to eliminate bear raids and
pool operations and his proposed
legislation will be based on reports
from both an inter-departmental
committee on stock exchange con-
troll and the senate banking and
currency committee, which still is
investigating the New York ex-
change. Possible methods of con-
troll have been studied carefully.
SECURITIES ACT-Mr. Roose-
welt favors Qualification" rather
than modification, opposes any
weakening, but wants to eliminate
any antiquities.
Investment bankers protest being
held completely liable, along with
corporation directors, for any mis-
statements or omissions of facts
from security advertisements. They
say the act is holding up recovery
by soaring off security issues.
That's moot point, since other
factors obviously are operating to
that end. Federal Trade Commits
sioner James Lands, who wrote the
act, says it has enabled the ETC
to keep hundreds of millions in bad
stock away from the public.
NEUTRALITY-SUSPICIOUS. by a
large increase in lynching and by
recent spectacular mass murders in
California, Missouri and Maryland,
Senator Costigan of Colorado
promises such a bill.
The Dyer anti-lynching bill was
passed by the house, but died in a
senate f1libuster. Costigans bill will
resemble Dyer's. which would have
made counties liable for deaths of
lynching victims, removed compla-
cent sheriffs, and provided for fed
eral prosecution of lynchers.
DURE FOOD AND DRUGS-The
L Tugwell bill for protection of
users of drugs, foods and cosmetics
is expected to pass in modified form.
The measure forbade advertising
statements which legally couldn't be
made on labels, hit at poisonous
fods, and established more detailed
standards and definitions of quality.
The patent medicine lobby and
otoher influences, regarding the bill
as too drastic, appear to have in
Sured important changes.
COMMUNICATIONS-An admin
istration plan calls for federal con-
troll over all wire and air communi-
cations, with monopoles through
mergers of telegraph and radio COM
panies which would be controlled
rigidly by a powerful new federal
commission.
Strong opposition to the monop-
oily feature has developed, led by
Speaker Rainey and Senator Cou-
zens of Michigan.
CRIME-The Copeland commit
tee, which investigated racketeering
and the underworld, has program
for combating crime which pro-
vides firearms control, federal par
ticipation in most kidnapping cases,
national f1ngerprint system, and
of the unanimous jury
for conviction.
PHILIPPINES independence
issue is back again. FilipinoS re-
jected the Halves Cutting act grant,
ing independence in ten years, and
now ask immediate freedom.
They also ask large concessions
for subsequent imports of Filipino
products. It's doubtful whether
this congress will act.
APPOINTMENTS-Couzens has
promised to fight confirmation of
Martin Conboy, attorney for Albert
H. Wiggin in the stock market in
vestigation, as United States dis
trict attorney for New York City.
William G. Bullitt will be con-
frmed quickly as ambassador to
Russia, but opponents of recogli-
ton are likely to. take the occaSi n.
to express themselves. -