Indianapolis Times, Volume 45, Number 234, Indianapolis, Marion County, 8 February 1934 — Page 9

FEB. 8, 1934

STOCK MARKET CONTROL BILL GAINSIMPETUS Measure to Be Introduced in Congress Session Tomorrow. By United rr . •* WASHINGTON. Feb. 8— Drastic control of stock exchanges and speculative practices of their members will be undertaken by the government to protect the public under a bill to be introduced in congress tomorrow. Legislation, it was believed in administration circles, would be closely In line with President Roosevelt’s Ideas to stamp out evils of widespread stock speculation No administration decision has been revealed as to whether commodity markets will be regulated by the measure, and it was generally felt that thus question would be left to congress, to be dealt with in amendments, or, if necessary, in a separate measure.

President’s Surprise Decision Decision to speed up introduction of the bill came at a surprise White House conference last night. The President suddenly called interested parties to confer with him, however, and details of legislation were agreed upon. It was authoritatively understood the bill would outlaw stock pools, which would be classified as criminal conspiracies, and their operation made punishable by heavy fines nd imprisonment. No Marginal Transactions Stock exchanges and all their members would be placed under the close supervision of the federal trade commission which would be invested with wide powers to inspect all records and require periodic report* from the exchanges and members. Banks would be prohibited from lending money for margin transactions and federal reserve banks would be prohibited from discounting any loans made to brokers for trading on margin Use of mails, radio and telegraph would be denied for the transmission of market quotations for securities, financial news and rumors unless their truth was attested by affidavits, filed with the federal trade commission, which would be given power to prescribe rules. Foreign Bond Sale Supervision Sale of foreign bonds in the United States would be prohibited for a period of perhaps five years unless the payment of both interest and pr.ncipal is guaranteed by the firm sponsoring the issue. Specialists would be licensed and bonded heavily. They would be prohibited under severe penalties from having either a direct or indirect interest in the stock in which they were specialists and from dealing in it. and from disclosing any information on their books.

‘COLONIZE PALESTINE,’ IS SPEAKER’S PLEA Move Is Only Answer to Jewish Problems. Mrs. Meverson Says. The Zionist movement of colonizing Palestine is the only answer to the problem of the Jews, Mrs. Golde Meyerson said at a meeting of the Indianapolis Zionist district last night in Kirshbaum Community Center. She described the work of establishing farms in Palestine by exiles and immigrants. Review of current Jewish history was given by Morris Strauss, Jewish Chronicle editor. CONDUCTS REVIVAL HERE Niagara Falls Evangelist Preacher at Church of God. Evangelist W. T. Rimmer of Niagara Falls is conducting a revival nightly at the Church of God, Elder avenue and New York street. Many delegations from city churches as well as from Anderson, Ind.. have attended the services which close Sunday night.

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Barren Ground Bandit Gives Up After Three Failures.

11T HATEVER his sins, a deW pression bandit last night at least had the virtue of persistance. Hanging around an alley near Noble street and Fletcher avenue in the snow, the bandit held up three men. none of whom had any money. Then the bandit quit. The would-be victims of his trade were Herbert Huffman, 32, of 516 East Washington street; John Peters, 1017 Laurel street, and Joseph Bennett. 23, of 1719 Harrison street. General Store Robbed Cigars, cigarets and miscellaneous articles, valued at SSO, were stolen from the general store owned by Verne Coleman at 183 Bellefontalne street, last night or early today, by burglars who broke a rear door to gain access to the store.

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19 ARRESTED IN MIDWEST VICE RING^OUNDUP Forced Delinquent Girls Into Life of Shame, Is Charge. By United Press CHICAGO. Feb. B.—Police raids on a south side hotel placed nineteen persons in jail in what Illinois parole j authorities today said was a round- ! up of a midwest vice ring, j South side police sought a Negro, ! whose name was withheld, as a leader of the ring. They charged that forty inmates of the Geneva home for" delinquent girls had been induced to escape and enter houses i of prostitution operated by the ring. Raids in Superior, Wis.; Rockford

THE INDIANAPOLIS TIMES

and Coal City. 111., resulted in seven other arrests. The raids were conducted as the result of an investigation by George T. Scully, state superintendent of paroles. The names of three men arrested and charged with pandering were made public. They were David Young, Angelo Louisa and Calvin Stone. Stone is a Negro. The raid here was led by Lieutenant Frank Johnson. Two previous raids on the suspected establishment were unsuccessful, Lieutenant Johnson said. He suspected that the operators of the hotel had been warned of the previous raids and said he was investigating the activities of two policemen who are suspected of being members of the ring. Five white girls were arrested. Johnson said these girls were living with Negroes and Orientals. Johnson revealed that the raid on the hotel occurred after a Chicago girl who said the ring sent her to Wisconsin, returned here. The average speed of General Italo Balbo’s fleet on its trip to Chicago was 127 miles per hour.

STATE AIR TOUR DATESARE SET Annual Event to Be Held Sept. 10-16, Officials Announce. Tentative date for the sixth Indiana air tour was set for Sept. 10 to 16 by members of the Indiana Aircraft Trades Association at a meeting yesterday in the Athenaeum. This is much later than the tour has been held in previous years, but a majority of members favored this date, which, however, may be changed later. Among the reasons for the later date are the steady increase in business activity, addition of fifty new airports in the state through CWA programs, and possible intro-

duction of a S7OO airplane during the summer. The air tour committee will be composed of Walker W. Winslow, former president, chairman; Lawrence I. Aretz, Lafayette; Clarence F. Cornish, Ft. Wayne; Mike Murphy, Kokomo: Clyde Shockley. Muncie; Bob Shank, Hoositr airport president, and Charles E. Cox Jr., Indianapolis municipal airport superintendent. Herbert O. Fisher, secretary, will serve as tour director again this year.

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PATRIOTIC FEJE SET McGuffey Club to Present Program on Saturday. The McGuffey club will present a Washington and Lincoln patriotic program in Cropsey hall of the Central library at 1:30 Saturday. Members will respond at roll call with quotations from McGuffey readers.

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PAGE 9

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