Evening star., 1934-05-17
MARKET MEASURE
TEST IS IN MAKING
Roosevelt and Glass Will
Match Strength in Senate
on Bill.
BY the Associated Press.

BY the Associated Press.
A test of strength in the Senate
between the clashing ideas of Presi-
dent Roosevelt and Senator Glass Of
Virginia over an agency to regulate
the stock exchanges was in the max
ing today.
Senate House conferees on the stock
bill were in deadlock even before they
met to talk things over.
President Roosevelt's stand for
Federal Trade Commission supervision.
together with the ire of the Virginian,
who engineered the Senate vote for
an independent board. combined to
create a situation making an agree
ment all but impossible.
Senate Group Solidified.
The Chief Executives Endorsement
of the House approved plan strengthen
ed the determination of that cham
bers conferees to stand fast, while 1t
solidif1ed the Senate agreement
seekers behind the Glass proposal.
Senate conferees became so uncom-
Portable over the situation yesterday
that they postponed the scheduled
U16tllIlR WIFI GllC I1OuSC AhdAAo6C4o eAAA
met together tacitly to agree there
would be no yielding without consent
of the Senate.
The conferees' session today was
expected to prove largely formality.
The House managers will insist upon
the House provisions. The Senate
conferees will stand firm for the Glass
amendments. Later they will report
to the Senate an inability to agree,
and ask for fresh instructions, thus
involving another vote on the Trade
Commission versus Independent Com
mission issue.
Senator Glass, asserting Mr.. Roose-
velt previously had assured him the
independent Commission plan would
be acceptable to the White House.
yesterday told news men:
well, the President has right to
change his mind.
You don't suppose would pursue
a phantom for five or six weeks, do
you?"
The whole mix-up, which caused
both frowns and smiles at the Capt.
tol, came about like this:
When the Fletcher -Rayburn stock
market control bill was first intro
duced, it provided for regulation by
the Federal Trade Commission. Pres
ident Roosevelt let it be known that
he favored this plan.
The bill went through the House
in that form, but the Senate later
approved the differing Glass proposal
Overwhelmingly.
Then came the omission nf Glass
from the Senate conferees, although
he was a ranking member of the
Banking Committee after Chairman
Fletcher. Infuriated, the Virginian
called it a deliberate affront and said
the purpose was to get a group of
conferees that would yield to the
House on his plan for a separate
commission.
He resigned from the Banking
Committee, but his resignation was
not accepted. This move made the
conferees determined to stand for his
amendment. Then came the White
House announcement that the Presi-
dent favored the House Plan.
Barley Resignation Refused.
This put the conferees In an EN-.
barrassing position, and Senator Bark
ley, Democrat. of Kentucky rendered
his resignation from the Conference
Committee to Fletcher. but like Glass
1t was rejected. The Kentuckian
agreed to continue as a conferee, but
with the understanding that he was
TO be a free agent and could not be
bound by decisions of the other Sen
ate members.
Late yesterday the White House em-
phasized that the President In eX-
pressing favor for administration of
the Stock Exchange by the Trade
Commission was simply giving his own
personal views, and he did not in
tend to preclude a genuine conference
between the Senate and the House
on legislation.
It was added Mr.. Roosevelt had
taken the view the question Of who
would supervise the stock exchanges
was not a supremely important ques-
ton, although he expressed personal
preference that the Trade Commission
do it.
The White House emphasizedz that
Mr.. Roosevelt had very carefully
stated that while the legislation was
in the House and the Senate he had
kept hands of.
Four Killed in Wreck.
PFORZHEIM, Germany, May II
R.-Four persons were killed today