Evening star., 1934-04-14

The commissioners were in doubt
as to the actual present value OF the
property, but at least one Of them
figured it at no more than $4,000
The company contended the property
had a book value of around a half
million.
An S800,000 stock issue on a $40, ,00(
property requires considerable roman
tic faith, and it soon became evident
to the promoters that the commits
sioners had no poetry In their souls.
Sympathy Found.
An adjournment Of the hearing was
asked, and the romanticists dashed
up to Congress. where sentimentalism
usually is rampant in an election year
such as this. There they found SYM
pathy, and understanding.
Certain Conoressmen, Whom they
interested in the subject, called a
meeting. Some of the Federal
Trade commissioners Were invited
to attend. One did. The Others
declined.
At that meeting, it was agreed the
Congressman and the commissioner
could never agree on how much imagi.
nation there should be in capita
stock. One Congressman bluntly
said as much and accused the COM
missioners Of being phlegmatic ma
terialists.
That started the fight which has
been going on ever since.
Thnco uyt knouy mill
an amendment to the securities act
modifying the liabilities section. But
no two will agree on the wording oil
a SPECIFIC amendment.
The liberals who wrote the act ART
strongly against repeating the CLAUSE
entirely. They do not mind exemptins
corporation officials who make ex.
cusable mistakes in filing statement
with the commission. But they ar,
dead set against weakening the ac
by repeating the whole section. They
want to make culpable corporation
officials liable for mis-statements.
That is not as easy as it sounds
The whole theory of the act is al
stake in the wording OF the amend.
ment.
Writ Misses Chance.
Those who attended that Writ part!
out in Virginia say it was the dullest
rag-chewing session the parlor pink,
have ever held.
The week before the same crowc
had a fine time because there wert
no Wirts present and they had &
chance to get in a word of their own
Present on that occasion was diplo'
matte representative of foreign
country whose face turns crimson
even now, with the thought OF what
would have happened had Wir'
been present then and dragged hi
name to the front pages.
Or. Writ really did not get into
the best revolution circles here.
You can get more thrilling con-
versation in the pdrlors of any
number OF homes here eUery night.
However, there is no chance fol-
him to get an invitation now.
The way the mugwumps, younE
Anthony advocates, brain trusters, et
al, look at it. they are being deeply
maligned. They say privately they
are the real upholders of the capitals.
tic system and point to the stock
market bill and securities act as proof
Those two bills are founded on per.
petuating the capitalistic and profit.
basis by sympathetic reform.
Some rich men are putting a por.
ton OF their wealth into small bulk
collectors objects. such as stamps
rare books. etc. These have an inter-
national value, the same as gold.
A group Of business men from the
Far West report that during theii
Washington visit recently their hotel
rooms were entered and their per-
sonal papers inspected. 1t must have
been an isolated incident, because
hotel managers say they have received
very few such complaints.