Disclosures Washington, Oct. 28.
President Roosevelt described today the practices disclosed by the Security and Exchange Commission's report on the Whitney failure as rather "horrifying."
He said that he understood that the S.EC. and the New York Stock Exchange would take steps to prevent a repetition of such an affair in the future. He indicated that the 5.E.C. reforms on stock transactions would be made public shortly.
A leading S.E.C. member said that the Commission in a few days would release its recommendations based on the circumstances preceding the collapse of Mr. Richard Whitney, former President of the Stock Exchange who was convicted this year and sent to prison from five to ten years for grand larceny.
The S.E.C. hinted that it disapprove ed of the failure of certain Exchange members to report their knowledge of Mr. Whitney's wrong doings—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.