Show Pass Measure Put Check to Speculation W AT ASHINGTON April Apr 3 7 The administration meas measure measure measure ure under tinder uder which the federal re rc reserve servo serve sIO board bard hopes to effectual effectually ly check ceck speculation was ws today by the Senate and Senat no goes goe to the President Under the tho bill bl discount rates at each eachor of or tho the t twelve elvo Ts reserve banks with tho the approval review ro and anti determination of or tho federal reserve hoard board ma may be graduated or pro progressed progressed- on the tho basis of or amount of ot advances ad and discount accommodations extended by tho the federal federl fed fed- bank oral eral erl reserve reser o bank to the borrowing Enactment of ot this measure as s an amendment to tho the fe federal erl reserve law recommended b Governor HardIng harding Hard Hard- was ns by Go HartIn Hart Hart- In Ing of or the federal reserve board in his annual report report Governor Go handing Harding HardinG In his annual re report to- to port said that In this wa way It would bo be bf possible to reduce excessive o borrowings her bor ross lags of ot member banks and induce them thorn to hold th their lr own largo large borrowers borrow borrow- ers in check without raising the basic baslo rule rate The he federal reserve reser banks would woul thus bo be provided with an effective method of ot dealing with wih credit expansion ex ox- more clearly at the source than Is now noW practicable and without unnecessary hardship to banks and anc borrowers who aro are conducting their affairs within tho bounds of or modera modera- tion ton The Tho expansion of or credit credit set set In motion mo mo- tion Uon b by tho the war must bo be checked ho ha said Credit must must bo be brought under effective o control and ane Us Its flow tow bo be once moro more regulated and governed o cred with ith careful creul regard to the economic welfare welfare wel wel- fare taro of or tho country and tho the needs of or i. i Its IM Industries i |