davidaulloa/AmericanStories huggingface dataset:
La gaceta., 1934-10-26

Parrafos de I'm articrIo de
Gel Socialism," publicado dias
anteS de h catastrofe, del de-
rrumbamiento parcial de la Re-
pGblica: Ell problema de regi :
men politico en- sistema de pro-
piedad privada Sc plantea en- las
monarquias de IA Europa occi-
dental, Sc planted en- Alemania,
sc PLANTED en- Espana. En- otros
pueblos 81 que es possible la tran
sici6n DE la monarquia al socia-
lism3 sin ell p2so por la Repu :
blica. Ell minero belga o ingles
quiere la Republica sociallsta,
la RepGblica sin classes"
EN- EsIana no Sc comprende
esa actitud sine en- personajes
de turbiedad polftica, adorable :
res de todos los Segismundos,
pillos redomados, como don Mel
quiade sAlvsrez' alg1n 9tro ca
male6n impenitente. Aqui la ia
Sc historical representada por la
Rep1blica burguesa no podia
ser suprimida."
"tC6mo vamos a negarnos a
defender la Rep1blica 81 esta a
menazada? iComo podriamos
yer con los brazos cruzad2s que
Nal asaltaban las deredhas? La
Republica, la Repdblica como
institution, no tiene guardian
mas arrojado nj mas vigilante
que ell proletariado frente a un
golpe o una intrusion de las de-
rechas. All. 81 no fuera por no
sotroS, mo Sc habTla pr2ducldo
VA la resta~raci6n? Nc Sc ha-
bria va alzado con ell PCder un
general andaluz? En- la Monar-
uuia nos conducimos como repu
blicanos; en- la Republica, como
socialistas. Republicans y 50
Gil listas pueden ir mucho ITEM
pc juntos, hasta que llegue el
momento de abolir la propiedad
privada."
La gaceta., 1934-10-26
LAS CORTES VOLVERAN A
ABRIRSE MANANA

Madrid, Oct. 26.-DespuGs
del conSejo de ministries efec-
tuado aver bajo la presidential
de don Niceto Alcala Zamora,
ell primer miniStro, Alexandra
LerrouX, anunci6 que en- la Sc
mana pr6Xima Sc ADRIAN las
CoIteS. Sc propone ell iefe del
gobierno que las deliberacioneS
c0miencen de nueVo Ell marteS,
de ser possible,
FL gobierno mantiene su O.
posici6n a que las penas de
muerte, impuestas por conse :
JOS de guerra, Sc cumplan, pc
70 no re~solvera hasta que to-
dos los juicios Sc hayan verifi-
cado. "Hemos decidIio, dijo
LerrouX, aguardar hasta que
sean juzgados todos los rebel
deS, que son varios tentenares,
para entonces traZar una nor
ma definitiva. Diarlamente Sc
dictan nueVaS penaS de muerte
Y las SentenCiaS son paSadaS a
revision e informe del tribunal
supreme.
Ell hecho DE que las C1rtes
vuelVan a reunirse sc intCrpre-
Ia por algunos como que muy
rronto sera levantada la ley
marcial, pueSta en- vigor a d1u-
sa de la revoluci6n.
Una comisi6n desIgn6 ell go
biern0, cCmpuesta de los minis
tros de la guerra, ju%sticia y o.
bras pGblicas, part que inVesti-
que las atrOcldades que Sc dicen
o''''e'l.'"S p"i wv ''1''eo ''
AH'lil"'' ~ 'n"'''r'0 0e ''"
Il" % 'e II" o'"e''"'o u ''''o"'"'
50 ueSue ASI"' '"S " '"'".''i"'
uo''ue "Ner'Bu"i" . ei"oio't'-
n, cap Ia ,1anna do i~Ulasias y
90 o'h Ia quei''@ ue 'R'e''"'
c~oii'eIi0o7 y d'"qUe' " ioS oie-
flRoS'
III '''''f"9Vio VIC H''1i
La gaceta., 1934-10-26
CONFERENCLARON BATHS
Ia, T~ORRIENTE, MENDIE-
TIA Y CARLOS MANUEL

Habana, oct. 26.-En la fin
"a Gel coronel Mendieta, a cor
"a distancia de esta capital, ce-
iebr,ron aver una N9rga confe-
rencia con ell P~residente, ell CO.
ronel Batista, jefe del ejercito,
ell Sr. Cosme de la norrienta
secretario de estado, y ell lider
c1nservadOr Carlos, Manuel de
la Cruz.
AsegGrase que Sc discuti6 la
crisis politica.
FL Presidente regres6 a pala-
clio donde Embellishments re
cioio al DIR. SuareZ, fiscal del
tribunal sujremo. A las 1890
de la noche lleg0 ell DR.. Pelayo
Crarvo, pero al ~infcrmarzele
que ell PreSidente conference.-the
con ell DR.. Srarez dijo que VOL
verfa mas tarde.
Al DR.. CuGrvo sc lie ofreci0 la
secTetaria de comunil9 clones,
pero el no quiso aceptarla. Afr
mase que de un momento a otro
renunciara ell DIR. Rogelio Pima,
secretario del trabajo.
ESp6rase que tenga gran ira:
cenG2ncia ell consejo de secretl-
rios convocado para hoy.
La gaceta., 1934-10-26

Ell exPresidente Grau San
Martin, que dentro de pocos
dias nos visitara, representa- los
i1eales de la revoluci6n Guiana,
ahora "militlrmemte" ultraja :
dos por ell coronel Batista.
Grau no aspira a la Presiden
cia para enriqueoerse, como hi
cieron otros; quiere ejercer ell
! Gobierno para m~ejorar la terri
We situIci6n de los cubanos Y
de les que con ellos conviven.
iNlsotros esperamos q. la CO
lonia "latina'' tenga oportunidad
lie escuchar de sus labios un re-
late de 10 que hizo desde ell 60
bicrro y de 10 que no le dejaron
hacer les ':patri9tas".... que Sc
negaD2n e S2cundafle aunque Ell
embajador Caffery lie habia di-
cho: "Creo que su gobierno Sc
"a reconocido por ell del presi :
dente Roosevelt, 81 listed logra
ell apoyo de Uno de los importan
ties grupos polit;cos que ahora lie
combaten."
Los cubanos v~olvieron la es-
paldE al gobierno cubanisimo,
oyendo los consoles que desde
Washington les daba, mefistofe
licamente, su excelencia ell EN- =
bajador Welles.
La gaceta., 1934-10-26
Ia DEFENSA DE LA
FAMIlIA
Pr ordan del presider

Pr orden del presidente
Sc eta para una junta extraor.
dina ia hoy yiernes 26 de Octu.
tre, a y 8 de la noche, en- e.
Centric Obrero.
Sc zuplita no falte nadie.
Ell P~reSidente.
La gaceta., 1934-10-26

Explica claramonte ell articu-
10 que los socialistas freron a la
guerra civil p ra defender a la
Repdblica de izquierda contra
las dentelladas de las derechas,
La gaceta., 1934-10-26

al DR.. Perez Andre, hijo del di-
funto gObernador.
FL j6ven polftico desempen6
interinamente csc puesto, GUAM
do su padre estaba enfermo.
La gaceta., 1934-10-26

Bueno es avisar que en- Ell
Circulo Cubano Sc constituira ell
comit6 para recibir y agasajar
al expresidente de Cuba, DR.. Ra
mon Grau San Martin, pero que
"a reunion no tendra caracter
politico, aunque la cast tot2lidad
de los cubanos aqui RESIDENCES
sinceramente simpatizan con el
Pc! dc Ravclucionario y su adj
mirable prcgrama.
ALI Sc dara ell abn 20 al ext
milo cOmpatriota y en- ctro lu
gar, para evitar la critica, ex-
plilara 81 SUI programa de reno
vaci6n, de redenci6n Guiana.
La gaceta., 1934-10-26

Ce~H.ron ell Club Lincoln. No
deseamos ell juego prohibido pa
ra Tampa, pero 81 ha de consen
tirse es preferible qre sea en- la
avenida Lincoln, fuera del limi-
tie urbano, que en- ell centric de
la poblaci6n.
A un pastor lie dijeron que
wi iban a jugar los jovencitos
del institute y 10 crey6..... de-
nunciandolo al sheriff.
lie han dicho a csc ministro
que en- Ybor las casas de pros
tituci6n estan abiertas a tres o
cuatro cuadras de una escuela
elemental? lie han dicho que
lis casas de juego estan en- Ell
centric de la pcblaci6n, pOr DON
de transitan senoras Y ninos a
todas horas?
81 los vicios del juego y la
prostitution han de consentirse,
~nosotros humildemente opina .
mos que para ellos los mejores
lugares estan en- los arrabales,
en- los sitios POGO habitados.
La gaceta., 1934-10-26
Vanos mdividuos agredieron
Vlolentamente a Martinez Saenz

Habana, Oct. 26-Cuando do Cardona. Sc unieron otros
1aia aver de un restaurant en- cubancs Que e hallahan en- la
New York, el DR.. Martinez acera. los que lie agre Heron,
Saenz, jefe del ABC y ex-secre abofeteandolo.
tarto de hacienda, Sc VIC incre Saenz e halla herido. pero
pado per u n indviduo, cubano, no de eravedad.
QUEEN 10 acusaba de haber sido Ell suceso ha producdo indig
el ausan de la muerte de 5 u racion entire los miembros de
hJo. A este indiv duo, de apeli Ia sociedad ABC.
La gaceta., 1934-10-26

no para abolir la propiedad pri-
vada.
8 lieron a la Gale como repu-
blicanos Y murieron como he
roes de la causa del pueblo.
Pues ah0ra ell gobierno de LIE
rroux, del exanarquista Ler :
roux, que incendiaba conventos
en- Barcelona y al mismo item
pc sc entendia con los gCbiernos
monarquicos, los presenta como
mcnstrros, como Vampires an
siosos de beber la sangre de Ia
burguesia.
La gaceta., 1934-10-26
r ANDRE GOBERNA-
DOR

. Habana ,oot. 26.-PCr deere
to de aver Sc nombra goberna-
dor de Ia provincial de 0riente
The Washington times., 1934-09-13
WARBURG FINDS
.BANKSONT TRIAL

BUFFALO, N. Y, Sept. 13
State control of credit and pro,
duction sounds the knell of dem
Iocracy, James P. Warburg, vice
president of the Bank of Man.
haitian Company, yesterday told a
gathering of bankers on the heels
of a smashing warning delivered
by Harrison Jones, Of Atlanta,
Ca, vice president of the Coca
Cola Company.
Jones, assailing the members of
the banking profession, at the
Financial Advertisers Convention
here for their marrow psychol-
ogy," urged them to abandon
their "tight-fisted" policies and to
do away with the pseudo-religious
secrecy with which the banking
operations are carried mysteri-
ously on behind oak paneled walls
and grilled windows. He bade
them remember that banks are
"quasi-public utilities"
Warburg also inveighed against
"the old order" of bankers, and
declared that their system needed
|renovating in the worst way
still needs it," Banking, he said,
must continue as private enter
prise, but as private enterprise
with a sense of public response
bility. He added:
"If we pass the sentence Of
death upon the private banking
system and go in for a system
of Government owned and Op-
Grated banks, we shall have
passed the sentence of death
upon all private business, upon
all capitaIistic enterprise, and
upon our political. social and
economic freedom"
Jones urged the bankers not TO
forget your owners, but for Gods
sake, remember the public" He
declared:
"You are too conscious OF
the fact that the bank is 9
privately owned institution. 1t
has stockholders who own its
stock. 1t has officers and di-
rectors who handle its affairs
for the stockholders. Again we
have, as a result of this private
ownership, another obstacle to
proper psychology in reaching in
the masses"
The Washington times., 1934-09-13
MARKET SHAKY
DESPITE TALK
BY WALL STREET SPECTATOR

BY WALL STREET SPECTATOR
NEW YORK, Sept. IL GN.SO
The market put in another day
fluttering about without getting
it's feet off the ground. Weak
ness in Government bonds is
restraining what little optimism
there may be around, and the
Sidelines are still cluttered up
with traders waiting for stocks
to give some cue which way they
are going.
Rumors of important news
pending are still making the
rounds, but aren't likely to bring
any speculative response until
they actually appear.
Wall Street is keenly interested
in the "battle for credit ex-
panSion."
The entrance of President
Roosevelt into the fray yester-
day, joining the banks in attack
ing the severity of banking
examiners, foreshadows an i'm
portant change of policy. This
indicates further gains in bust
ness loans, which have been up
seven weeks in a row, and should
help bring the hoped-for fall re-
covery. Some significance is
being attached to the conferences
between the President and such
business leaders as Myron C.
Taylor of U. S. Steel, and Orlando
Weber, of Allied Chemical.
There should be some good
news from the American Can
board meeting at the end of the
month.
Recent rumors to this effect
have been heightened by the
action of the Continental Can
The Washington times., 1934-09-13
Is EXCHANGES
UNDER SEC

TWenty-three securities markets
Of the country have filed applica-
tions with the Securities and Ex-
change Commission for registra.
ton, preparatory to Federal su-
pervision on October 1, 1t was an
nounced yesterday.
Among them were the New
York Stock Exchange, which filed
its application yesterday, and the
New York Curb Exchange. The
New York Stock Exchange sent to
the commissions offices a suit
case full of papers containing in
formation about its form of organ
ization. Self-government, and prac-
tices in securities trading. This
material will be gone over by
commission examiners before be-
ing made public.
No Serious Hitch
Examinations of the applica.
tions from some of the other ex-
changes have been nearly COM
pleted. Some changes and addi-
tional information will be sought,
but no serious hitch has devel-
oped as to any exchange, officials
said.
Virtually all the applications,
which are required to be filed by
Sept. Is, have been received.
Twelve exchanges asked for ex-
emption from registration on
various grounds. These included
the Boston Curb Exchange, the
California Stock Exchange of Los
Angeles, the Chicago Curb. the
San Francisco Mining Exchange
and the Seattle Mining and Stock
Exchanges.
Washington Files
Those which filed registration
applications, besides the two big
New York markets, included the
New York mining, real estate and
produce exchanges, the Chicago
Stock Exchange, the Los Angeles
Stock Exchange, the Los Angeles
Curb Exchange and the San Fran.
cisco Stock and Curb Exchanges.
The Washington, D. c., Stock
Exchange also applied.
Exchanges in Honolulu and
Manila, P. l., cabled the commits
sion asking for extension of time.
The Washington times., 1934-09-13
Trade Failures
L0weSt for
II Years

Business failures in the United
States in the latest week fell be-
low the number of any previous
record back as far as IA years:
that is, to the last week of Sep
tember, 1920. The number, &C.
cording to reports filed with Dun
and Bradstreet, Inc, for the
week ended September 6, was 174,
comparing with 202 and 218, re.
Spectively, in the two preceding
weeks; 205 in the same week Of
last year, and 420 two years ago.
This year, as well as in the two
previous years, the week was
shortened by the interruption of
the Labor Day holiday. So was
that of the first week of July,
when Independence Day was OBJ
served. For the week last men
toned, 181 business defaults were
recorded, which was the lowest
number for any week in IA years,
up to that time. Usually in these
holiday weeks, there is some re-
duction in the number of in
olvencies.
For the week just ended, the
decline from a year ago was S1.8
per cent; for the first week in
July, it was practically the same,
or 31.7 per cent. For the month
of August, this year, business fail
ures were below those in number
for that month last year by 1916
per cent, while for this year to
date there was reduction of
45.9 per cent.
The Washington times., 1934-09-13
Road Will Seek
Loan for Needs

Chicago g. North western Rail-
way is planning to borrow funds
to meet it's requirements for the
remainder of 1884 and maturities
of underlying bonds due January
1 next, and in addition will ask
an extension of Reconstruction
Finance Corporation loans due
this year, Fred w. Sargent, presi-
dent, reports.
January / maturities of bonds
are $3,9O0,0OO of Iowa, Minnesota
& North Western first 312s and
1928, 900 of Minnesota & South
Dakota Railway first 31aS, both
assumed by Chicago and North
Western, which roads first and
refunding mortgage provides Tor
retirement.
The Washington times., 1934-09-13
Chevrolet Sales
Largest in 5 Years

August production of Chevrolet
Motor Company in all plants
totaled 74,437 units, compared
with 92,947 in July and 73,433 in
August, 1898. This was the big
gest August in five years.
World production in the first
eight months this year was 692,477
which exceeds by $4,000 produc-
ton in all of 1888.
Retail sales took a decided up
turn in the last 10 days of August.
Reported deliveries in the United
States exceeded domestic produc-
ton.
The Washington times., 1934-09-13
New York Central
Traffic Declines

New York Central Railroad re-
ports a decline in its traffic last
week due to the Labor Day holi-
day, in line with the decreases
shown by other carrires.
Loadings fell to 83,706 cars COM
pared with 95,572 the week be-
fore and 90,233 a year ago. De-
cline from 1888 was cut to To
per cent against 1913 per cent in
the preceding week.
The Washington times., 1934-09-13
Dollar Rallies
With Bonds

NEW YORK, Sept. 13 (I.N.S).
Signs of support for the United
States Government bonds yes
terday brought a moderate re-
cOvery in the dollar today. At
the same time, the price Of
gold in the London market was
boosted again to 14O ShillingS
619 pence an ounce from 14O
shilling 512 pence yesterday.
The table:
The Washington times., 1934-09-13

S t ock market
today.
The rise in
Federal issues,
reversing the
recent W e a k
n e SIS, ran to
more than q
half point and
helped offs ct
t he unsettling
influence of the
serious dis or.
ders in the tex
tile strike zone
and the break
down of the set
AlA.AnA4 l
The Washington times., 1934-09-13

One might we'll
have expected a
much larger de-
cline than has
yet occurred,
considering Cd
the effect Of
the Maine elec-
tionS on C n
servative Senti-
ment, 90 the
weakness shown
IN Government
credit, and 90
the growing dis
appointment in
the minds of
manV SDecula-
The Washington times., 1934-09-13
Triplex Safety
Net Increases

Triplex Safety Glass Co., Ltd,
reports for the fiscal year ended
June 80. 1884. net profit of $75,17O
after charges, depreciation and
provision for income taxes, COM
pared with $55,63l in the preced-
ng year. ]
The Washington times., 1934-09-13
EXTRA DIVIDEND

Air Reduction Co., has declared
an extra dividend of $1.50 a share
in addition to the regular quar-
terly dividend of IS cents, both
payable October IS to stock OF
record September %. !. --.-s-.---
The Washington times., 1934-09-13

Favored groups were the mines
and the farm shares, U. S. Smelt-
ing rose more than point in a
further recovery from its recent
collapse and strengthened the
other mining shares.
Case Threshing rose a point
while Montgomery Ward and
Sears Roebuck were active and
higher in the face of the sluggish
action of grains and cotton.
TObaccOs Rise
Tobaccos also were in demand,
Reynolds Tobacco B rose to a new
high for the year on volume, while
Phillip Morris gained more than
a point. American Tobaccos B
was higher.
Rails showed occasional flurries
on the upside but failed to score
more than fractional advances.
Bethlehem Steel went up easily
in it's group, while United States
Steel Common continued to be
hampered by the heavy action of
its preferred.
Chrysler and General Motors
met some buying in the auto di-
vision.
Oil shares were sluggish.
The Washington times., 1934-09-13
HANEY ADVISES
INITIATION
STOCKS
BY LEWIS H. HANEY
Professor of Economics, New
York University

Considering the condition OF
industry and sentiment, the stock
market has held up very well.
The Washington times., 1934-09-13
MINING SHARES
HELP LII 7
MARKET
BY LESLIE OULD

NEW YORK, Sept. 13 G.N.S.).
A sharp rally in U. S. Government
bonds brought a firm tone to the
The Washington times., 1934-09-13
WASHINGTON STOCKS

SALES
Annapolis & Potomac r. r. SIS
81, 1,OO0@75; $2,O00@75.
Capital Transit Co.-10@26;
10@26.
Mergenthaler Linotype - 100
1914; 10@23A; 10@23A.
AFTER CALL
Capital Transit Co. 25@26;
30@26; 5@26; 20@26h.
Annapolis g. Potomac r. r. S.
-$2,OO0@75.
Potomac Electric IS 1853
1,OOO@109.
The Washington times., 1934-09-13

Montreal funds in New York, S3O.62A
premium at 81 ,0O0s
The Washington times., 1934-09-13
Volume This Year
255223,702 Shares

Net
High Low 800 Ch'ge
The Washington times., 1934-09-13

a) Optional stock cash. Partly extra (c) Extra
S'6 B On ana scoane of "a Gs tn stock Paid
latest payment thl Payable stock. (mj Special
(n) Paid this year. (ww) (xw1 Withon
warrants (") Ex-divdend. (+) Ex-rghts > ~
DIVIDEND rate in dollars CNote> Extra
dividends published through regular dividend perod
The Washington times., 1934-09-13

There should be some good
news from the American Can
board meeting at the end Of the
month.
The Washington times., 1934-09-13

"Ex. dividend.
The Washington times., 1934-09-13

Recent rumorS to this effect
have been heightened by the
action Of the Continental Can
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-08-06
BOARD REFUSES
PAROLE SOUGHT
BY rs C0NvICTS
Commission TightenS Up on
Applicants; Only Seven
Win Freedom.

The state clemency commission
hasn't been particularly generous
in letting prisoners out of Indiana
penal institutions recently, accord
ing to a report to Governor Paul V.
McNutt.
OF forty cases coming before the
board during the July session
twenty-five were denied clemency,
seven we're paroled and the others
we're continued.
Alex Geisking. alleged bootlegger
and hijacker, was paroled from a
ten-year auto banditry sentence from
Ohio county to begin serving the
same length sentence from Marion
county.
Tim Harris, sentenced in 1881
from Marion county to ten years for
robbery. was denied a parole. The
prison record of Lemuel E. Gilpin,
sentenced from Marion county to
ten years for auto banditry, kept
him from receiving clemency.
Cases Of Orville George, serving
ten years from Marion county for
burglary, and George Dewey Game,
Marion county, five to twenty-one
years on statutory charge, were
denied.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-08-06
lat approximately $4,000, 600, 900

that approximately $1,000 ,000, 900
was in default on March /, 1884.
The committee criticised the Gus
tom Of stabilizing the price of new
issues during the flotation. 1t was
shown that after this artificial sup
port was removed prices slumped.
The report reviewed the Morgan
preferred lists"
In each case. a portion of the
stock purchased by the bankers
was offered to a selected list of the
influential individuals" the report
stated AS result Of these Of
ferings, which received considera bic
publicity. the interest of the gen.
eral public was captivated. ard
market levels materially above the
price Of the original offering were
quickly established.
Awaiting themselves of the OPP
portunity afforded by the intense
public interest, the bankers dis
posed of large blocks of their hold
ings at substantial profits, with en-
tire immunity from the legal LA
bility which would have accom-
panied a public offering and the
issuance of proSpectuses."
The report reviewed the evidence
showing that John j. Raskob,
Charles Francis Adams, Silas H.
Strawn. William Woodin and others
had received stock at preferred
prices.
The report cited a number of
South American bond issues as il
Illustrative Of the kind of practice it
was denouncing.
The committee also condemned
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-08-06
Stops Torture of
Rheumatic Pain

Sufferers from rheumatic pain are GER
tainly happy over their discovery of
Nurito Now they have found prescrip-
ton that quickly relieves the agonizing
pain of rheumatism, sciatica, lumbago,
neuralgia or neuritis. This effective for
mula-developed by an eminent special
ist-is now available to the public every
where. 1t works like charm, fast and
powerful, but harmless, no opiates or other
narcotics. BY all means make a trial of this
prescription that eases torturing pain and
makes sufferers grateful. And to make it
more emphatic. if it doesn't relieve the
worst pain with two or three doses, your
money will be refunded. Try Nurito today
on this guarantee. At all druggists
Advertisement.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-08-06
THE INDIANAPOLIS TIMES
SENATE FLAYS
FOREIGN BOND
SALE METHODS
Activities of Investment
Bankers 'SCandaIouS,'
Report Says.

WASHINGTON, Aug. 6.-Activi-
ties Of investment bankers in float
ing foreign securities in the United
States form "one of the most scan
dalouS chapters in the history Of
American investment banking" the
senate stock market committee de-
clared today in the second reports
on its two-year investigation.
The sale of these foreign is
sues was characterized by practices
and abuses which we're violative Of
the most elementary principles Of
business ethics" the report charged.
The first committee report was
issued several weeks ago. Suisse
quent chapters are to be released
from time to time.
The report denounced the lack Of
protection to investors and the GUS
tom of offering new issues to pre-
ferred purchasers at prices which
guaranteed a profitable turnover
without risk.
THE colossal loss sustained by
the public on bond issues sponsored
by investment bankers manifests
that these bankers either were in
competent or derelict in the per-
Torrance of their duties" the report
stated.
The record of activities in the
investment banking field were SO
shocking as to place beyond con-
troversy the urgent need for legis-
lation such as the banking act or
1888 and the securities act of 1888. "
The report stated that the public
purchased $6,293 100000 in foreign
bonds alone from 1923 to $780, and