Salt Lake Telegram | 1933-12-23 | Page 10 | Stock Market Laws Foreseen

STOCK MARKET LA LAWS WS FORESEEN Reforms for Stock Exchange Procedure Predicted Predict d dby by Pecora Pocora WASHINGTON WASHINGTON Dec 2 23 A P l' l Legislation Leg Leg- to require drastic reforms reform In stock exchange procedure was predicted pro pre pre today by Ferdinand Ferdiand Pecora counsel for tor the senate banking committee com corn as result of data now being beig collected on market marke operations One change he forecast will wI be a prohibition against brokers trading for or themselves and for customers and anda a requirement that they fine confine conine their operations to one kind of trading or orthe orthe orthe the other He said data being collected by the committee from tram questionnaires to all al members of ot the stock stok exchange snowed showed showe the practice of brokers trading tade trad trad- ing Ins for tor themselves and others at the same ame s tie time was widespread Meanwhile committee members member I s said aid they believed congress would seek eek s to regulate or prohibit group I banking as a a result resul of disclosures this week in the investigation of ot Michigan banking The Te Michigan bank inquiry was recessed re reo c essed until January 3 3 the day congress con con- g gress ross convenes but committee investigators Ives t said sid they had barely scratched the surface and that it i would require several weeks week moreo more t to o complete the investigation An indication of what is I coming then ten was a given when Pecora Pera placed place in i n the record a report from the chief b bank ank examiner at Chicago criticising t the he Guardian group of Michigan b banks anks bank and Its it head Robert D. D Lord I Alfred P. P Leyburn chief examiner a at t Chicago reported that thaL the Michigan Michigan Michi Michi- gan group was somewhat of ol a promotion promotion pro pro- pro motion moton scheme and that Lord was wasa wasn a n glad hand promotion type who was not a banker and never has ha been and never will be