Evening star., 1933-03-30
WIDER STOCK QUIZ.
AUTHORITY SOUGHT
Counsel Instructed to Act
After House of Morgan
Raises Objections.
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waiting until had something / wanted
done"
Questioned by newspaper men, Woo
din said he thought he had "laid the
basis for cooperation" between the
committee and the Treasury.
House Hearing Tomorrow.
Meanwhile 1t was announced that
Attorney General Cummings and Hu1-
ton Thompson, former Federal trade
commissioner, will be the first witnesses
tomorrow before the House Interstate
Commerce Committee on the admins
tretion securities regulation bill sent to
Congress yesterday.
The acknowledgement Ray
burn of Texas-announced the plan
today, looking toward expeditions action
on this latest item of the Roosevelt
program received only yesterday on the
Hill.
Charles Taussig, New York economist.
also will testify in support of the meas
ure.
The hearings will open tomorrow
and probably will not be concluded until
Monday" Rayburn said. THE bill Is
rather Long, but I hope the committee
will report it by the middle Of next week.
1t is my desire to bring it up fer House
action before the end Of next week.
The Senate Judiciary Committee also
invited Thompson and officials CT the
Commerce and Justice Departments TO
appear tomorrow to explain the bill.
One Day Limit Seen.
Chairman Ashurst said the hearing
would probably be limited to one day.
He expected the measure would be
reported to the Senate this week.
Thompson was one OF those who
helped frame the legislation.
The bill, sent to Congress yesterday
by President Roosevelt with message
declaring its purpose was to protect
the public with the least possible in
reference to honest business" would
empower the Trade Commission to re-
quire full publicity OF all new securities
and provide severe penalties for willful
Misrepresentation.
Meanwhile, the Senate Banking Com
mittee adopted a motion asking to
have the Presidents securities bill re-
ferred to it instead of TO the Judiciary
Committee. where it now rests.
Chairman Fletcher pointed cut the
Banking Committee has been conduct
ing its long investigation for the pur-
pose of framing legislation TO regulate
the sale of securities and protect the
public
No announcement was made of a &C.
cision regarding Offering an invitation TO
Samuel Untermyer of New York to be-
come associated with the investigation
Untermyer who has been an investiga
tor of stock markets and banks fo-
more than 25 years, once declined such
an invitation.
The New Yorker was here today
helping Mr. RooSevelt's advisers draft
legislation to extend Federal control
over the Nations stock and commodity
exchanges. Such legislation will be
presented to Congress soon.
1t was recalled, however. that IN the
1912 inquiry by Congress directed at the
accumulation Of wealth in few hands
Untermyer, as chief counsel, submitted
definite recommendation for control
of stock market trading.
Wanted Postal Control
Untermeyer proposed then that con-
troll be effected through the Post Office
Department, holding that method pref
cradle to an attempt to regulate through
interstate commerce law or other more
indirect channels
Untermyec in the 90 years that has
elapsed since his recommendation, fire.
quently has reiterated his belief tha.
this constituted the best medium OF
Federal control
Should the veteran investigator be-
come connected with the Senate Gem
mite it was believed he would revive
and press his 1912 declaration that the
affiliate system of large banking firms
was illegal. The banking phase Of the
Senate inquiry has shared equally with
the investigation directed at stock mar
ket operations.