Evening star., 1934-01-03
ASKS PENALTY CUT
IN SECURITIES LAW
u. S. Chamber President Also
Urges Stable Money and
Balanced Budget.
BY the Associa ted Press.

BY the Associated Press
Easing up on the penalties of the
securities registration act, permitting
city executives to make economies in
municipal governments. currency sta
bility and a balanced budget, were
among II points urged on American
business men yesterday in a statement
issued by Henry 1. Hartman, president
Of the Chamber of Commerce of the
United States
His suggestions were:
consolidation and broadening of the
benefits of codes, in order that preven-
ton of all forms of unfair competition
may become a permanent part Of our
American business practice
Modification and adjustment of
codes to remove all inequities that ap-
pear, as between communities Of differ
ent sizes. as between different sections,
and as between small and large enter
priSeS in the same field. 1t was an es-
Sentlal purpose of the recovery act that
independent business should be free
to continue their independence in ac-
cordance with their several abilities.
Urges Tax RepI cement
Certain changes in the agricultural
adjustment act should be made which
will broaden its scope to include cattle
and certain other farm products not
now included and which will make its
action more positive and effective
believe that greater reliance should be
placed upon marketing agreements un-
der which the professor or first pur-
chaser agrees to pay a fair minimum
price, and the farmer who agrees to re-
Ct hoc
in the sale of his products over those
who do not thus agree Processing
taxes were. in my judgment, essential
III the original measure, but should
gradually be replaced by marketing
agreements with preference clauses.
Adjustment of relief activities tc
prevent their having detrimental effect
upon the normal activities of the differ
ent communities of the country.
Accelerate the activities of the in
dust~ies producing capital goods.
Assurance Of currency stability. both
national and international. will go far tC
release funds needed to carry forward
our capital goods industries
Advance our foreign trade.
Securities Sale Retarded"
The securities act requires certain
amendments. I believe thoroughly il
the objectives of this act and think II
some ways its provisions should b
strengthened. On the other hand. it
penalties are. in my Judgment, create
than is required to assure the fulfill
ment of its purposes. and are retardint
the sale of securities so much needed
not only to refnance maturing issues
but to furnish the funds needed by tn,
capital goods industries.
approach revenue legislation in tn
spirit of treating all business enter
plises equitably, for taxation may heed
lesSly be made a deterrent of recovery
Ask all Government agencies to eX
erCise the sam economies that all bus
mess concerns must seek.
Work fOr balanced budgets in Gov
ernment for the same reason that every
business has to strive for a balance II
its budget. and with full realization
that as the Government is larger thar
any business a balanced budget for i
Is proportiCnately more urgent, and II
the highest public interest
The activities Of our municipal anc
State governments affect the daily life
of our people even more intimately
than do the workings of the Govern
ment in washington. The crime Of tht
cities has been unbridled expenditures
Many of them are saddled with burden!
of debt that can hardly be met. and We
should not hesitate to give to the execu'
tives of our cities as broad powers tC
effect economies and efficiencieS in loca
government as we gave to the President
to perform the same good office in ma
tional affairs.
Il am deeply in sympathy with tht
request Of Mayor La Guardia for the
grant Of such authority; but such grant
should not be limited to the city OF
New York. Responsibility should, II
the emergency. be centralized on one
man. not only that economy and eff
cheney may be effected in local govern
ment. but that crime and racketeerins
may be suppressed"