BANKING REFORM

Evening Post, Volume CXVI, Issue 131, 30 November 1933, Page 14

BANKING REFORM

LEGISLATION URGED

(Received November 30, 2.30 p.m.) WASHINGTON, November 29.

Before the Stock Market Investigate iiig Committee today' Mr. W: WJ Aidrich,' head of the Chase Bank, recommended legislation for. fundamental reforms in American banking. He blamed the Federal Reserve Bank policies during the Harding;and Coolidge Administrations as being "very largely responsible" for the collapse of the- banking structure. . ...

Mr/ Aldrieli proposed that' the 'Glass-Steagall-Bill be strengthened by amendment^ and additions and a more com--plete separation of commercial and investment banking. ' .■.'.''' In the course of Kis proposals he mad* the following revelation that the promoters of the Detroit-Canada Tunnel Company received stock- ■woith ! s,49;J,oUo dollars as a bonus, one of the recipients being Mr. Coinstnck,., Governor of Michigan. The exchange market fluctuated widely throughout the day.. Foreign currencies gained 011 tho boost of the gold price, but the dollar rallied in late trading and closed at 63.55 in' terms of the franc, up about /half a cent. Sterling and the franc closed slightly dowa at 5.18J dollars and 6.164 cents respectively. Securities" and .commodities fluctuated with the dollar. Ijltock exchange prices were up fractionally. to a few points in light trading. Wheat was up If to 2 cents, and cotton 4 to 8 points!