Evening star., 1934-06-30
PRESIDENT SPEEDS
CONTROL GROUPS;
SAILS TOMORROW
Decisions ON Railroad Pen.
sion and Mortgage Bills
Concealed.
KENNEDY SEEN HEAD
OF EXCHANGE BODY
Approval of Farm Measure Is
Indicated-Last Work to
Be on Ship.
BY the Associated Press.

BY the Associated Press.
President Roosevelt today made
ready to wind up his land business
preparatory to sailing from Annapolis
tomorrow evening for his vacation
cruise
His final business in Washington
Included:
Naming of a commission of five
to administer the new Stock Exchange
control bill
Naming of the communications CON-
mission.
Naming of housing admins
TRAITOR.
Announcement of his decision in re-
gard to the Frazier-Lemke farm mort
gage bill, giving bankrupt farmers a
virtual f1ve-year moratorium.
Announcement of his decision in
regard to the railroad pension bill,
setting up a uniform pension system
The President completed action on
these last two bills yesterday. but
withheld announcement as to whether
he had signed or vetoed them until
he could prepare statements.
Will Motor to Annapolis.
Virtually all the Presidents family
is expected to bid him good-by some
time tomorrow.
He will motor to Annapolis, where
the cruiser Houston lies at anchor,
ready to steam down Chesapeake Bay
RI Pnodc No
Mr.. Roosevelt goes aboard. The trip
will take him to Puerto Rico, the
Virgin Islands, Haiti, Colombia, Pan
ANA Canal and Hawaii.
Last-minute business will be dis
posed of tomorrow night and neces-
sary papers dropped at Hampton
Roads Monday morning. Then the
Houston will slip out through the
Virginia Capes to sea.
The naming of the stock market
commission was of particular interest.
since at midnight tonight the Gov
eminent will lay the hand of regu-
lation upon the Nations stock
markets.
Most of Rules Delayed.
Most of the rules will not operate
legally until September l or later.
but officials expected the effect to be
much the same as though the regu-
lations, particularly those against
manipulation, started Immediately.
Authoritative sources in New York
understood that Joseph Kennedy
financier and former Harvard base
ball player, is the Presidents choice
for chairman of the commission.
Others said to have been selected
were James M. Lands and George
c. Mathews, members of the Federal
Trade Commission, and Robert Healey,
counsel for that board.
The fifth choice, these sources
said, lay between Ferdinand Pecora,
counsel for the Senate stock inquiry.
and Frank ShaughnesSy, president OF
the San Francisco Stock Exchange.
The first major step of the COM
mission will be the registration of ex-
changes. This requirement becomes
effective September l.
On the same date registration of
securities with the commission will
start
Must Decide on Margins.
On October / most of the rest of
the act becomes effective. although
the commission has power to give
more time if necessary.
The Federal Reserve Board will de-
eide what margins are necessary. The
board has wide powers, but the act
recommends margins ranging from
As per cent to about 25 at the start.
1t will be illegal to create the ap-
pearance OF activity in stock, to spread
false or misleading information, to
recommend purchase or sale on the
basis of expected manipulations, or,
in effect, to take part in pool to
raise, lower or stabilize the price of
a stock.
The act also looks toward segrega-
tion of the functions of floor traders,
brokers, dealers and others.
In official quarters it was said to-
day indications were the Chief Exec
utive had approved the farm mort
gage bill
While this appeared to be the pre-
pondant sentiment of those who have
followed the bill closely, others were
in doubt.
Seen Favorably Inclined.
The President has received recon-
mendations against legislation which
was designed to allow a breathing
spell of five years to farmers unable
to reach an agreement with their
creditors. Mr. Roosevelt referred the
proposal to the Department of JUS
tice and the Farm Credit Administra-
tion for study.
Yesterday, however. Western men,
bers of Congress received word that
CONTINUED on Page 2, Column 81