Union Head, Banker Ask Stock Curbs
A New York investment* banker and a union leader j joined yesterday in urging Congress to clamp new curbs on j the stock market to prevent l dangerous speculation.</br></br>The United States Chamber of Commerce differed sharply. It said there is nothing to indicate a market collapse despite Û¢Û÷some loose talk" at the Senate Banking CommitteeÛªs ÛÏfriendlyÛ market investigation.</br></br>The proposal for tighter market controls was made to the banking group by Ferdinand Eberstadt, the banker, and James B. Carey, secretary-treasurer of the CIO.</br></br>Eberstadt, head of an 80-mil-Iion-dollar mutual investment trust, was mildly critical of market operations. But he warned that ÛÏundesirable practices and tendenciesÛ have entered the market recently.</br></br>lie said a ÛÏrashÛ of unpromising security offerings and ÛÏhot tipsÛ have led to ÛÏfeverish stock buying.Û He recommended that the Federal Reserve Board be empowered to raise margin requirements on stocks that threaten to get out of hand.