Evening star., 1933-07-23
DY a. GOULD LINCOLN.

Regulation Of the stock and commod-
ity exchanges Of the country will be
proposed in one Of the first major pieces
Of legislation to be undertaken by the
Congress when 1t convenes next Jan
uary-unless 1t should convene earlier
1T was indicated here last night.
The huge imitation in security and
commodity prices during recent weeks,
followed by the crash Of the last few
days, has made this practically Ger
tain.
Senator Robinson Of Arkansas, DEM
ocratic leader of the Senate, made the
following comment, without going into
any details with regard to the legisla-
tion for stock market control:
The last few days indicate the neces-
sity for additional legislation.
Report Expected Early.
In view of the fact that the Sen
ate Banking and Currency Committee
has been making study Of the subject
OF control OF the stock exchanges it
Is believed report may be looked for
early in the next session.
SSdASC, lllCIc dTlScS not ONLY
questions OF what should be done, but
also the extent to which the subjec,
may be dealt with by the national au-
thOritieS,
IT Is rather surprising that the losses
OF 1929 should be so quickly forgot
ten, or rather that those losses would
not nave been more profoundly i'm
pressed upon the American people"
Senator Mcclellan of Tennessee
Democrat, declared himself to be-
strongly in favor of legislation eiyinp
the Federal Government regulatory
powers in connection with the stock
ana grain exchanges. He said that
much Of the trading on these ex-
changes IS simply gambling and that
tnele was no reason why it should
commune to be cOuntenanced by the
Government any more than any other
form Of gambling.
Favors Margin Curb.
The Tennessee Senator expressed
the opinion that ban on buying and
selling stocks and commodities on
margin would obviate a great part of
the present gambling.
While at the White House the ad-
ministration was represented as being
stnl wstchfuny waiting and as hold
ing the opinion there was no way Of
saving foolish people from their own
mistakes II they continued TO bid up
prices Of stocks and commodities far
beyond their real value. it is believed
that II the present debacle continues
on the market and threatens the re-
coVery program, steps will be taken
to deal drastically with the exchange
national conference Of executives
and Representatives of OrQaniZed
groups In the grain trades u to meet
at 10 am. tomorrow at the Depart
ment of Agriculture and will consider
what steps can be taken under the
agricultural adjustment act to main
tain fair and stable grain prices for
the farmers. The conference was call
ed by George N. Peek and Charles J.
Brand. administrators of the act.
Mr. Peek called upon Senator Robin
son at the Capitol yesterday afternoon,
presumably to talk over the situation
Of the grain markets and the work
which Is going forward under the agri-
cultural adjustment act.
Wheat Rise Speculative.
Members Of the Senate from agricul-
tural States yesterday expressed the
opinion that prices Of wheat and other
commodities had been forced far be-
yond real values, by the gambling in
the exchanges; that $l.2s for wheat
had not been justified and that the
level to which the grain had been
forced back In the last few days was
more nearly correct. However the dan