Evening Star Newspaper, March 17, 1933, Page 20

" B—5 = THE IS’ QUTINE N STOCK WARKET Senate Banking Committee $tudies Report Filed by Former Counsel. By the Associated Press. In a report recommending ‘“careful consideration” of corrective legislation the Senate Banking Committee had be- fore it today evidence purporting to show widespread “evils” in the sale of securities. The report was filed by the commit- tee's former councel, William A. Gray, after its investigation into stock market manipulations. The former counsel said the evidence in this investigation would “leave no doubt” that “powerful interests oper- ating on a large scale in a particular stock can so manipulate the market and control the price of that stock in normal times as to accomplish almost any de- aired result.” Evidence Reviewed. His report, made public by Chairman Fletcher, made no specific reccommenda- tions for legislation, but said “the mat- ter is undoubtedly worthy of the most careful ccnsideration.” Submitted origirially to former Chair- man Norbeck, the report reviewed the | evidence collected by the committee Wwhile Gray acted as counsel. He said the evidenced showed— Existence of pool: Manipulation of the market | Employment of traders to “stabllize” Prices. | The use of the knowledge of a special- st to aid those with whom he was associated. Activities of brokers themselves in the formation of pools, and in trading on their own accounts. Buying and selling of stocks by offi- cers of corporations who had inside in- formation of the affairs of the corpora- tions and whose transactions on the exchange were conducted in such a manner as to prevent the public from | knowing of their dealings. Operations of specialists on their own account Subsidizing of newspaper men and others whose business it was to dis- seminate information for brokerage | houses and traders with regard to a | particular stock in order to aid the | market manipulations, with their serv- | ices peid for in a substantial manner. Pegging of prices in order to permit | issues to be sold to the public at a | fixed price. Two D. C. Naval Officers Named Louisiana Colonsls Gov. Oscar J. Allen of Loulsi- ana has made two Washington naval officers colonels on his staff. The commissioners arrived to- day as “colonels, aide de camp,” for Lieut. Comdr. F. L. S8andoz, U. 8. N, retired, and for Lieut. John H. Lewis, on active service at the Navy Department. The commissions are honorary pro- motions in both cases. ‘Three other Washingtonians who served on the Governor's staff during his inaugural visit received commissions as colonels on his staff. They are Harvey L. McCoy Jones, Thomas W. 1smdoz and Frederick W. Brad- ey. practice which may result in a serious loss to the stockholders or the deposi- tors of the bank in a manner which was never intended to be permitted under the laws of the United States with relation to national banks.” Gray criticized transactions by Wil- liam Fox in his own theater corporation stocks. Pointing to losses by the pub- lic, he said: “Of course, these losses were ulti- mately borne by the public which owned the Fox Theaters stock and these transactions are an illustration of the nefarious practices which can be car- ried out by one who is in control of & corporation to his own advantage and profit and to the detriment of the public which owns a considerable portion of the stock in the companies | in question.” COMMONS APPROVES NAVAL ESTIMATE Debate on $185,888,000 Measure Interrupted by Three Demon- v stration by Pacifists. By the Associated Press. LONDON, March 17.—The House of Commons last night approved the £53,570,000 ($185,888,000) naval estimate after an all-day debate had been inter- rupted by three demonstration by pacifists in the galleries. The estimate, £3,930,700 ($13,637.000) greater than that of 1932, provides for part relaxation of the rigid economy enforced in 1931 and 1932, which re- sulted in curtailment of building and Teplacement programs. |CAMPFIRE GIRLS GET By the Associated Press. NEW YORK, March 17—Headquar-|to “make ters of the Campfire Girls announced | ties,” sa; receipt of a message from Mrs. Franklin | doing in studying how to make the most EVENING STAR, ‘The message sent b y_Mrs. Roosevelt, sponsor of the 1933 Campfire project the most of your personall- @MFORT«' o from the first day Imagine not having to break in a new pair of shoes! This is a fact with Bob Smarts. In them are em- bodied features which insure a per- fect fit from first wearing. Come in and convince yourself. $ $ AND D. O, FRIDAY, D. Roosevelt which will be read at|of yourselves is one which will help meetings throughout the country today, [You all lives, for to really succeed OHIO RIVER RECEDING LETTER FROM FIRST LADY |the twenty-irst anniversary of the or- ganization, WASHINGTON, ne“:; e first things we must do is and our limita i in 2 the Juogk of v to the utmost. Nothing is too small but MARCH_ 17, 1933. $100,000. AFTER $100,000 DAMAGE | 1,ing s, AR e city proper still ties | BY the Associated Press. :,'.:‘m poe lerstand ourselves, our capacities, tions. must make the best of to clean away the us and develop our capaci the flood, which after reaching the highest stage in 20 3, Business and transportation facilities | supplies. We'll Gladiy Arrange a Liberal Deferred Payment Plan for Your Convenience NOW! A Separate, Com- plete, REAL Men's Clothing Shop— With a Separate Entrance on 10th St. years and causing damage estimated at | disrupted by the unruly stream for two - days still are handicapped, since the south side of the | Whter's recession is siow. Several large ooned in their | stores in the business district were closed yesterday. it by Police patrol] -1 ‘WHEELING, W. Va., March 17.—The | reached its crest of 41.66 feet—nearly | city in b:h hl:?p.eum !:fnfll& that it counts in the full flowering of & | rampant Ohio River is receding today | 6 feet above flood levei last night. to get to the personality " ge e stores for food and Other Benefits Seen for Few. A hatless woman in the peers’ gal- Manipulation of the affairs of trading | lery suddenly showered the floor with corproations and investment trusts for | pacifist leaflets and escaped by leaping the benefit of those who had the mat- | the rail into the members’ gallery,and ter of their affairs within their control | disappearing through a door. A ‘man and to the detriment of the investing in the strangers’ gallery threw over a public. second bundle of leaflets and an elderly “There can be no question,” he said, | Woman began shouting a verbal protest “but what & number of the practices 8gainst passage of the estimate. Both Wwhich have been shown to-exist are evil | Were seized by attendants and debate in their results whether or not they are evil in themselves.” | Gray said it had been suggested that | brokerage houses should not be per- | mitted to buy and sell stocks in which | they were trading for customers be- cause it “might and frequently is con- trary to the interests of the customers | whom they represent.” | In connection with National City Co. operations in copper stocks, Gray said “In plain words, the National City | Bank, which was never intended to| have the authority to gamble in stocks, ‘was permitted. through a subterfuge of an affiliated company, owned and controlled by the stockholders of the | National City Bank, to gamble in the stock market. “This would seem to be a dangerous continued. Money Orders Resumed. OTTAWA. Ontario, March 17 (#).— The post office department announced that money orders to and from the United States, suspended March 4, will be resumed today. 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