Evening star., 1935-02-18
NEW BANK LAWS
GRIP ATTENTION
Holding Companies Also Due
for Study by Congress
in Near Future.
BY FREDERICK GARDNER,

Associated Press Financial Writer.
Congress is expected to give con-
sideration this week to some of the
more important measures bearing on
industry and finance.
Committee hearings are slated on
the public utility holding company
and the banking bills, both labeled
as administration measures, and a
proposal for bringing the soft-coal in
dustry under control of a Federal
commission.
These have far-reaching implica-
tions for business over a long term,
in contrast with the shorter period
involved in the $4,880 100000 work.
relief measure which has kept the
stage so far.
Slow progress on the relief meas
ure has caused many business scouts
on the New Deal front to revise their
ideas of legislative prospects, although
1t is considered too early to reach
conclusions as to how tightly the ad-
ministration holds the reins on Capt.
tol Hill.
Congress has been in session a
month and a half and the work
relief bill is just arriving on the
! floor Of the Senate. Unless the legiS-
lative machinery speeds up, some OF
the more controversial bills. includ-
ing the holding company and banking
proposals, may find the going exceed
ingly slow.
Two Vital Issues.
Interest of the financial world has
focused on the holding company and
banking legislation as likely to be
crucial battling points in this session
Both have stirred up strong oppoSi-
tion, although 1t has not become loud
in Washington yet. Mariner S
Eccles, governor of the Federal Re-
serve Board, has started the drums
beating for the banking bill with talk
Of conscious control" of the money
machinery through Federal Reserve
system responsive to Government will
In their present form-covering a
good deal of ground-both the bank
ing and holding company bills are de-
scribed by legislative experts as some
thing for legislators and the public tc
shoot at" before final drafts are
made.
| Market Fears Passage.
The holding company bill eventually
would remove that form Of financial
! control and concentration of wealth
from the utility field. The low leve
| of leading utility holding company
shares on the New York Stock Ex-
change is regarded by observers as
! indicating the market fears some such
bill will get through this session.
! While both the banking and holding
company bills are labeled adminiStra-
ton measures, President Roosevelt ha,
refrained from indorsing them pub
| licly in their present forms. A re-
porters effort to sound out his position
on the holding company bill provoked
a presidential rebuke and reminder il
was not his habit to comment or
! pending legislation.
The banking and holding company
bills have been under attack from
some quarters as long steps towart
! the left
On the other hand. latest develop
ments in the administrative field hav
revived talk President Roosevelt ha
been steering to the right.
Among events cited as indication
Of a rightward course are the ex
tension of the automobile code, ap
proval of the cigarette code, appoint
ment of Gen. Robert E. Wood to heaC
an advisory business committee OF
public works expenditures and tn
shake-up in the A. A. A.