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Page 8 THE WASHINGTON DAILY NEWS-MONDAY-MAY 6-1935 SEC Is Ready to Put Over-Counter Deals Under Federal Rule Dealers Must Register With Commission Before Aug. 1 or Be Denied Use of Mails By United Press. For the first time since its establishment, the Securities and Exchange Commission today was ready to put the "over the counter" securities business under full Federal regulation. Before Aug. 1, "over-the-counter" dealers must register with the SEC or be denied use of the mails for facilitation operations in markets apart from national securities exchanges. 20,000 DEALERS SEC officials estimate that 20,000 "over the counter" dealers handle $10,000,000,000 annually. They act for houses trading in bond and stock issues not listed on the recognized securities exchanges. For that reason they previously had not come under Government control. Only dealers with clear records will be permitted to operate under the new regulations. Exemption from the new regulations can be obtained only by local brokers dealing in securities never listed or registered, or in exempted securities, such as commercial paper, bankers" acceptances and commercial bills. Explaining its new rules, the SEC said: "No registered broker or dealer may act as agent of both buyer and seller unless he procures their written consent at or before the completion of the transaction or makes written disclosure to both before the completion of the transaction that he is so acting." REQUIREMENTS "A registered broker or dealer must disclose to his customer in writing whether he is acting as a dealer for his own account, as a broker for such customer or as a broker for some other person. He must also disclose whether he is controlled by or controls or is under common control with the issuer of the security sold to a customer. "Any broker or dealer who manages a discretionary account or acts as investment counsel for a customer must disclose to the customer the fact that he has a long or short position or an option in the security or a financial interest in its distribution of accumulation, and must obtain the written consent of the customer to each transaction." Illinois State House Guarded From Relief [[torn]] Ebb Ruth Law Grows Cautious Daring Aviatrix of Past Shuns Planes Now [[photo]] Here is Ruth Law as she appeared 18 years ago in her old Curtiss "pusher". She electrified Capital crowds, including President Wilson, by roaring down Pennsylvania-av to the White House, a bare 30 feet off the ground. by EDDY GILMORE Mrs. Charles Oliver-who, as Ruth Law flew an airplane over Pennsylvania-av 18 years ago-today refused an invitation from the Bureau of Air Commerce the see the city the same way. Yes, sir, what a difference time makes! Eighteen years ago, Ruth Law was the country's leading woman flier. She was 30 and was telling reporters that she was thinking of jumping the Atlantic in her old land plane. Eighteen years ago she skimmed along Pennsylvania-av 30 feet above the street cars and the wide eyes and open mouths of admiring thousands. 18 YEARS AGO Eighteen years ago she shot her roaring, wheezing plane over the White House, and looked down and saw President Woodrow Wilson craning his neck skyward in admiration. Eighteen years ago Ruth Law doubted if she's ever stop flying, even tho she might be great-grandmother. Eighteen years ago Ruth Law was the symbol of the Viking spirit among her sex. And today? UNNOTICED TODAY Today she is 48 and telling reporters that it would have been suicide for her to have tried the fly the Atlantic in her old plane. Today she agreed that airplane pilots should stay away from the White House when they're in the air. After all, those motors and that noise. [[photo]] Mrs. Charles Oliver, the Ruth Law that was, as she is today. That's enough to worry a President troubled with the worries of his country. Today she knows she's stopped flying for good even tho she's far from being a grandmother. Today Ruth Law is quiet-spoken, dignified, gracious; listening as well as talking and considerably shocked by reports of fatal auto accidents here yesterday. Ruth Law, who 18 years ago had to elbow death out of her way before each flight. Yes, sir, what a difference time makes! Dawes Still Thinks the Depression Is Nearly Over [[torn]] Wailings Con- [[torn]] It's Only [[torn]] Says [[torn]]ves, for- [[torn]] United Women Pacifists Seek $100,000 for Referendum A resolution demanding that all preparation for war be abandoned and efforts be made to set up needed peace machinery will be presented the Government by the Womens International League for Peace and Freedom, it was decided at their closing convention session last night. A fund of $100,000 will be sought with which to conduct the campaign for signatures to the resolution. Liner Normandie Puts Rebel Chief Denies Asking Japanese Aid Filipinos Says He May Return to Manila Soon; Asserts People Back Him Copyright. 1935, by United Press Tokio - Benigno Ramos, leader of Philippine Sakdalist insurgents, today denied he had purchased guns in Japan or sought aid there for the frustrated Filipinio revolt. In an interview, he said that he had ordered the uprising postponed, presumably to May 14, the date of the national plebiscite on a commonwealth form of government which he opposes. But he implied that despite disobedience of his orders--if his cablegram was delivered--he would retain leadership. WON'T GO TO GENEVA "I will not go to Geneva" (to seek aid at the headquarters of the League of Nations), he said. "I may possibly return to Manila soon. "I have not purchased guns on Japan. I have merely been seeking to explain the Philippines situation to the Japanese people. "I desire immediate independence for the Philippines. "I am willing that the United States should retain its naval base, and other privileges, if independence is granted. "But the purpose of the insurrection was completely to prostrate the May 14 plebiscite. "The Jones law promises independence when a stable government is affected. WANTS FREEDOM NOW "I object to the commonwealth period preceding independence. I am willing to agree to almost anything, including free trade with the United States, in return for immediate independence." Ramos referred to possible assassination attempts against him. "The uprising will continue with possibly greater intensity if I am assassinated," he said. "But I do not expect to be. Friends protect me well. I have declined to ask protection of the Japanese police." Ramos said that the plebiscite was certain to favor independence on the present terms. TALKED WITH JAPANESE "Manual Quezon (probable candidate for president) is working hard in glove with the American Government," he added. "The Sakdalistas expected to gain nothing from their insurrection except to hamper the plebiscite and give publicity to the opinion of the common Filipinos. "I asked that the uprising be withheld. The Americans intercepted by cablegram and used by instructions themselves for the purpose of investigating premature action." By United Press MANILA, P.I.- The Government today continued its drive to capture widely scattered ringleaders of Thursday's abortive insurrection in which 62 persons were slain in Guerilla warfare. B'nai B'rith Orator Warns Jews Must Repel Anti-Semites Economic Submersion of Race Threatens, Alred Cohen, President of Order, Says Speaker Joseph W. Byrns will make tonight's principle address at the second session of the B'nai B'rith convention being held at the Willard Hotel. He will be followed by Judge I. M. Golden, first vice president of the organization. The convention was called to order yesterday by President Alfred M. Cohen. In his message he asked Jews everywhere to unite in an effort to combat anti-Semitic movements. "Coincident with the shifting of our former emphasis on philanthropic work," he said, "to ever increasing interest in a cultural and protective program of the order within the United States, is the equally significant tendency in the last few years for greater concern in the problems of world affairs and for the position of the Jew in various countries. "We should renew our undertaking to bring all Jewish bodies together in an effort to do their utmost to stem a tide which threatens to overwhelm Jews economically." Cohen said one of the most widespread abuses of Jews was that of employers taking advantage of them. Addresses of welcome were made to the 100 delegates by People's Counsel William A. Roberts, speaking for the District government; Alfred L. Bennett, president of the local chapter of B'nai B'rith and Abe Shefferman, president of the District Grand Lodge No. 5 Henry Monsky, grand lodge executive committeeman responded. The B'nai B'rith represents 85,000 Jews in 30 nations. The convention will continue thru Wednesday. House May Consider Philippine Bills Three highly controversial bills involving the Philippine Islands may be considered in the House today. They include the McDuffy bill which would authorize the President to send a military mission to the islands when the commonwealth is established; the Welch bill designed to limit the amount of cordage imported into this country from the Philippines to 6,000,000 pounds a year, and a bill to authorize the construction of a $1,000,000 residence for the high commissioner who will represent the United States in the Philippines when the commonwealth is established. Col. Maddox Reappointed Luther Robinson Maddox, local lawyer, has been reappointed a lieutenant colonel in the Army Reserve Corps for a period of five years. [[image]]
