Evening star., 1933-05-21
|CONFEREES AGREE
+ ON BOND SALE BILL
Fletcher Charges National C.
OF c. With Attempt to
Kill Measure.
By the Associated Press.

oS ths hssSSieteu FIeSSs
A complete agreement on the ad-
ministration's bill to regulate the sale
Of securities was reached by congress
siona1 conferees yesterday after Chair
man Fletcher Of the Senate Banking
Committee had asserted in the Senate
that the United States Chamber of
Commerce and Investment bankers were
trying to kill the measure.
Senate and House managers COM
posed their last difference by retain
ing the amendment Of Senator john
son, Republican, Of California, creating
a board to take steps to recover for
American investors payments due on
defaulted foreign bonds. but with
modification to put it into effect only
upon presidential proclamation.
The conference report, compromise
of bills passed by both Houses re-
quiring registration of and full publicity
on future security issues with the Fed
eral Trade Commission and providing
tation, will be taken UP In the House
next week and then by the Senate.
Fletcher AssaiIs Opponents.
Fletcher, head of the Senate confer
ees, told the Senate the Chamber of
Commerce had wired its members to
send letters and kilograms TO Congress
stating while they are in sympathy
with the purposes Of the legislation In
its present form, 1t was "unworkAble
and q serious menace to industry and
business generally"
Fletcher asserted 1t was not expected
legislation to protect the public from
"the financial racketeering of certain
ers" could be enacted without the most
determined opposition from profession
which has "mulcted the people Of some
fifty billion dollars during the past 10
years"
These interests were given their day
in court in the hearings before both
the Senate and House committees and
submitted volun1inous BRIEFS" he said,
"but 1t is evident, from the almost
unanimous approval Of the bill In both
houses, that their arguments made
little impression.
Every effort was made by both
committees to satisfy every reasonable
criticism or objection made to the bills.
Says Many Firms Refused.
eft became necessary, therefore, for
opponents to resort to other expedients,
and this has. taken the form Of in
spired kilograms and letters to, the
members of the Conference Committee,
seeking to influence their decision and
to postpone action until the next Con-
gress, when, these interests hope slf-
ficient time will have elapsed for the
public and Congress to have forgotten
to some extent the occurrences Of the
past few years"
Fletcher said many firms desiring to
do legitimate business refused to send
the requested protests. One Of these
'telegraphed his committee.
Earnestly against this organized ef-
fort Of bankers to thwart Just legisla-
tion by the administration and saliva
ton of investment banking business,
solely dependent upon restoration Of
confidence by assurance that past
crookedness viii not occur again in
short time"
Truly" said Fletcher, "these instruc-
tions sent out by the Chamber Of Com
merce and the investment bankers
have had quite contrary effect Of
that intended and, boomerang like, have
done their cause far more harm than
good. 'sa
THE country demands that the pub
lie have some protection, real investors
some safeguards, and honest business 4
legitimate chance"