Evening star., 1934-06-24
TRIO HELD SLATED
FOR STOCK POSTS
Lands, Mathews and Pc
cora Expected to Be
Appointed.
BY the Associated Press.

BY the Associated Press.
The Capital is pretty thoroughly
convinced that three OF the five men
who will administer the stock ex-
change control bill will be James NJ
Lands and George C.. Mathews of
the Trade Commission and Ferdinand
Pecora, counsel for the Senate Bank
ing Committee.
Stock exchange officials and big
business organizations have been de-
luging the White House with requests
that two of the appointees be men
Versed in the ways of the market
through long and actual experience
with it.
The friends of the bill, at the same
time, have been tugging the Presi-
dent in the other direction with the
argument that an undivided COM
mission would function best, and
that precedent be given to men who
favored enactment of the measure.
They contend that when other reg
ulatory bodies have been named rep
resentatiyes of the business regulated
have been excluded, with provision
made for the submission Of adequate
pleadings when disrupted points arise.
Business Continues Drive.
The drive of the business interests
is continuation of the campaign
they began when the original Stock
Exchange bill came before Congress
specifying that the bill be admins
tered by the Federal Trade Commits
sion.
At that time, Richard Whitney,
president of the New York Stock Ex-
change proposed, on behalf of that
organization, a separate commission
on which the Stock Exchanges would
have two representatives.
The House clung to the Trade Com
mission idea, but the Senate substi-
tuted a separate and independent
agency at the insistence of Senator
Glass, Democrat, of Virginia, and its
view prevailed in the conference which
followed.
However, the Senate Banking Com
mittee voted down a Glass proposal
that at least one of the appointees
be a man with direct Stock Exchange
experience, on the ground that the
President should be unrestricted in
his choice of commissioners.
That issue did not arise in debate
on the floor, and consequently the
committees decision is the only ex-
preston of congressional sentiment
upon that point.
Favored Trade Commission.
Mr.. Roosevelt favored regulation by
the Trade Commission but was will
ing to leave the decision to Congress.
That the present personnel of the
commission may have had something
to do with his view on that point is
evidenced by the apparent certainty
of two transfers 20 the new commits
sion
Lands was prime influence in
the drafting end subsequent revision
of the bill. He worked with the COM
mittees of Congress throughout their
long consideration of the bill, and
wrote the modification of the 1888
securities act subsequently attached
as rider.
Mathews has been in charge of the
Trade Commissions administration
of the securities act and in performing
the duties involved has won acclaim
from the elements that favored the
enactment of the bill.
Pecora conducted the investigation
of Wall Street which led to the en-
actment of the present law. He has
been anxious to return to his pri-
vate law practice after nearly two
years devoted to Government service.
The five commissioners are to be
appointed, for one. two. three. four
and five year terms. and it is be-
lieved that Pecora will accept the
shortest of these.