Evening star., 1932-09-22

and corporations relating thereto" Mr.
Roosevelt declared:
l. Full publicity as to all capital
issues of stocks, bonds and other securi-
ties: liabilities and indebtedness, capital
investment and frequent information as
to gross and net earnings; in other
words let's turn on the light.
2. Publicity on stock ownership OF
stocks and bonds and other securities,
and-this Is a new one-the stock and
other interests Of all officers and direc-
tors
g. Publicity with respect to all inter-
terchange Of power.
4. Regulation and control of holding
companies by Federal Power Commis-
sion and the same publicity with re-
gard to such holding companies as pro-
vided for the operating companies.
Federal Cooperation.
S. Cooperation of Federal Power
Commission with public utilities COM
missions of the several States, obtain
ing information and data pertaining to
the regulation and control of such pub
lie utilities.
6. Regulation and control of the is
sue of stocks and bonds and other secu-
rites on the principle OF prudent IN
VeStment only.
7. Abolishing by law the reproduction
cost theory for rate-making and estab-
fishing in place of it the actual money
prudent-investment principle as the
basis for rate-maklng.
8. LEGISLATION making it a crime to
publish or circulate false or deceptive
matter relating to public utilities every
where and at any time.
II do not hold with those who advo-
cate complete and indiscrlm1nate Gov
ernment ownership or Government op-
Grafton Of all utilities" the Democratic
nominee declared. Il state to you cate
gorically that as a broad. general RUE
the development OF most OF our utiiitles
should remain, with certain exceptions,
a function for private initiative and pri-
vate capital.
Gives Utility Principle.
"I lay down the following prlnclple.
"That where a community-a city or
county or districts not satlsneo
with the service rendered or with the
rates charged the private utility unit,
has the undeniable right as one OF its
functions of government, one OF lts
functions of home rule, to set up, after
a fair referendum has been taken, It's
own governmentally owned and oper-
ated service.
"State-owned or Federal-owned power
sites can and should properly pe oe-
yeloped by government itself"
when Roosevelt asserted Il nave
spoken of a new deal for the Amerl-
can people, the crowd roared. He
added: Il believe that the new deal
can be applied to the relationship pc
tween the electric utilities on one sloe
and the consumer and investor on the
ether. True regulation Is for the equal
benefit of the consumer and the IN
Nestor. ~,
Referring to the collapse Of the utili-
ties formed by Samuel insult. the FOR
mer Chicago magnate, as reason for
stricter utility regulation, Mr.. Roosevelt
said:
open our eyes than anything that has
happened"
Affected Millions.
The 'Insull monstrosity," as he called
ity until it reached position where
it was an important factor in the lives
of millions of people"
The Investing public" he declared,
did not realize there had been IN
f1ation of vast capital accounts. -,
"They did not realize that sound
subsidiaries had been rnilked ana
MIXED again to keep alive the weaker
sisters of the great main.
"They did not realize that all these
conditions neceSsitated terrific over
charges for services by these corpora
tions."
Mr.. Roosevelt said the next great
hydro-electric development to be un-
dertaken "by the Federal Government
must be on the Columbia River
After he left Portland, where he ad-
dressed also a farm gathering at
Gresham, near the city, Mr.. Roosevelt
made platform appearances at several
points in Oregon. His train Is due to
reach Sacramento at $40 pm. Pacific
standard time, and San Francisco at