Evening star., 1933-07-26

Tomorrow, July q, when the new
"let-the-seller- beware" Federal securi-
ties law takes effect, the business world
will become security conscious, if it
has not already done so. 1t is only a
few months ago that President Roose-
veIt and Secretary of Commerce Roper
called Huston Thompson and others
into consultation to whip into shape a
bill to carry out the pledge of the DEM
ocratic platform to protect purchasers
of securities by compelling sellers to
turn on the light in advance OF stock
offerings. The law, by an unantlcl-
pated coincidence. becomes operative on
the heels of the worst Stock Exchange
slump since 1929, affecting certain
securities that might never have
made the big board if the new
law had existed when they were
issued to an unsuspecting public. Wall
Street has expressed general approval
of and confidence in the ar, even
though it's recognized that sIrict en-
torcement will probably work greater
revolution in corporate structure ana
action than any of the more SEN
sational emergency laws now occupying
the country's attention. Already reg
istration statements representing Sc
curities totaling well over 100000, ,O00
have been lodged with the Federal
Trade Commission, which administers
the law. It is generally conceded that
the act is Constitution-proof, but It's
success depends on the punch with
which it is carried out. The prlnclpai
misgiving of high finance Is concerned
with the application OF the law 10 OUT
standing securities, no matter now long
ago they were issued. Market letters
now sent by brokers to their customers
are exceedingly careful not to recon.
mend" even acknowledged gilt-edged
securities. lest such statements come
within the retroactive phase OF the new
securities law.
Life in Washington nowadays nelns
lust one darned code after anotner'
folks historically inclined are brushing
up on the codes hitherto most famed IN
history-the code of Justinian and the
code of Napoleon Already the predic,,
tion is ventured that if the industrial
codes of Roosevelt and johnson acom-
plish their purpose, they may become as
immortal as the law codes OF the no
man and French emperors. Ihe JUS
tinian code of $50 A. D. was said by the
late Gov Herbert G.. Hadley OF MIS-
souri,, author of a standard treatlSe OH
it, to have had a more pro1ouno IN,
fluence upon the history OF the Worio
than any other book except the Blole.
Emperor Justinian's Gen. Hugh Jonn-
son was a remarkable and versatile no
man named Tribonium, who, at the
head of a commission of lawyers ana
law professors, evolved the 5000 legal
propositions which became the Justlnlan
code of the Roman common law. 10.
gether with the code of Napoleon. IL
centuries later, it established the Legal
principles of the larger part OF the
civilized world
Senator Huey Longs latest Congress
sional Directory autobiography says:
His term will expire in 1887" Some
of the Kingfish's detractors would like
to know if that's a promise, and whether
they can. depend on it.
*k X X
Well, If the United States Fleet ever
has to 60 to Japan on business, its new
commander in chief, Admiral Dave"
Sellers, will know his way about. Shortly
after he left Annapolis, in 1894, Sellers
served as flag lieutenant of Admiral
Fred Rodgers, commanding the Asiatic
Squadron. Admiral Rodgers was rela-
tive of Commodore Perry, who opened
up Japan to American commerce. In
company with Rodgers, Sellers had
many and unique opportunities Tor
travel and observation in Nippon. The
new skipper of the United States fleet
knows his Caribbean onions, too. In
1927 he commanded the Special Service
Squadron of five cruisers known in the
Navy as the banana feet" on account
of the periodical trouble shooting it had
to do in protecting our tropical fruit
interests in the old days when the
Marines periodically disported them.
selves In Central America. Admiral