Show economic High highlights fights H c that afat the lh planer r pol dividend check und d T tax of keerr In divid 1 national nati al end anil it tao ni pro arob b ae lemn a I reparable irom from local welfare being etore dramatic the air mall ern broglio which has degenerated into a name calling contest between the principals on both sides has obscured the stock exchange chango ex investigation and the proposed national securities act that act however la is considerably the more important ot of the two events so far as business large and small Is concerned it came out ot of the senates dancing banking and currency i committee and Is about as stiff a piece of 0 legislation as the now deal has produced it it passes expert opinion predicts the stock exchanges ot of the country are going to gather moss and the brokers banks and investment houses as well as individual speculators wll will 1 lave have to find now outlets tor for their energies among the things the bill prohibits a are r e wash selling through which speculators create an illusion of market activity by placing c ing buying and selling orders it at the same time pool operations i designed to force stocks up and down by manipulation starting of rumors and the retailing ot of market tips the use of firm capital for or private trading by brokers broker short selling pegging and stop atop loas orders the minimum margin requirement Is 60 per cent and alila provision caused the most bitterness of 0 all among financiers inasmuch as it would force tho the I 1 liquidation of thousands of existing I 1 accounts including nil blon lont in bank lorns all corporations with olisted listed stocks must furnish to the exchanges and federal trade commission voluminous data con corning salaries bonuses options incomes ets to enforce the bill drastic penalties are provided ado in n the case ot of violat violations tons on I 1 the part tit f exchanges a fine may be levied individual enn be hooked to the tune d at plus ton years in jail mainstay ot of opposition to the tha bill III Is urban coolheaded cool headed heade d aristocratic richard whitney great power of the now new york stock exchange I 1 ho ae summoned the tha heads ot t a AL i the big brokerage broke rayo rare houses and wares went out tc ili il heir their b ranch branch managers ins actie ac them to point out the dangora cian pnra ot of the bill to friends and clients clis nty next whitney step was a letter to the head of each of the corporations whose issues tiro arfi listed on the new york exe exchange hango those 11 OsO corporations include the bulk of the great businesses of the country which furnish most of the jobs and investment opportunities when mr air whitney want to them lie he was aiming not only at mg big business but at the smal stock owner and the worker biggest whitney gun however is of a different character than most would anticipate jt it lies in appealing to the small corporation man owner of firms with kith small stock issues which never appear on a major exchange according to mr air whitney the bill would make this stock ineligible eligible iti tor for col collateral collateta latera 1 for loans either itt at banks or exchanges would thus pinch the little fellow as hard as it would pinch his big brother the super capitalist supporters of the bill so tar far teem seem limited to the senate and minor left wing new dealers mr air roosevelt who will have the final word in this as in so many matters lias has said little and the belief is that the act is not a white house measure that much of the ting sting will be taken out of it lie he wants to put a bit on speculation but he want to hobble it entirely and lawyer samuel crusader extraordinary for many years tor for financial legis latton of f this nature on reading the bill murmured sadly that it went to the opposite extreme from uncontrolled speculation k was impractical and impossible notes on business taken principally from government reports follow COMMODITY PRICES following the december recess recession ioni an advance started which has been maintained without deviation RETAIL TRADE january figures show less lesa than 1 l do de alne substantial gabing in dollar volumn va lunio are re portel I from nil all parts ot 0 the country as coni compared ared with 1933 employment Is IB reg isterling more ore than seasonal decline tho the dissolution of the will release more people on the alcad Ki kauti uti 15 aa 13 r mal nini ket liel transport TRANs ra r I 1 Improve it is 13 liow ii in car loaa ings compile Coo ai I 1 1 urns I 1 railroad is for 1933 show sub wall air bial improvement over 1932 railroad expenditures however remain low and the railway supply business is dormant automobiles automobile S the only adequate word for this industry Is booming employment and wage levels are very high unfilled orders are the greatest in several years allied industries are prospering accordingly agriculture better than might have been expected in view of the disturbances of 0 a iem few months ago markets are fair air and prices stable buying power of the major agricultural districts Is bettor better than abak tha of urban areas LUMBER in january production was a third higher than in the same month lost last year STEEL railroad and public utility orders have been low and the industry has lagged on that account rising automobile orders have done much to offset this |