AMERICAN BANKS.
A SENATOR'S ATTACK.
REMEDIAL LEGISLATION PROPOSED.
(UHITED PBBB3 ASSOCIATION—B* ELZCTBtt TELEGRAPH—COPYBIQHT.) (Eeceived May 10th, 5.5 p.m.) WASHINGTON, May 9. Senator Carter Glass (Virginia), opening the debate in the Senate on his Bill, which is designed to remedy the chaotic conditions in American banks, including the restriction of the activities of bank affilates, particularly with reference to the marketing of securities, severely attacked by inference the New York branch of the Federal Eeserve Bank, as "giving more attention to the stabilisation of Europe and making enormous loans to European institutions than it has given to stabilising •America." He said that such affiliates were declared to be illegal twenty years ago by the Soli-citor-General at that time. However, the Attorney-General suppressed that opinion. Senator Glass also criticised the Sttite Departments "passing upon foreign loans" prior to issue, pointing out that billions of dollars of foreign securities held by American investors were now greatly depreciated.
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Press, Volume LXVIII, Issue 20543, 11 May 1932, Page 11
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154AMERICAN BANKS. Press, Volume LXVIII, Issue 20543, 11 May 1932, Page 11
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