The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-04
GIGANTIC LOBBY
FAILS TO HALT
EXCHANGE BILL
Stock Market Control Act
Near to Becoming
u. S. Law.
BY RUTH FINNEY
Times staff Writer

WASHINGTON, May because
the lobby against it is too big, too
costly, too obvious, the stock market
bill is within sight of becoming law,
Soon after the beating of the TOM
toms began, members of the house
made up their minds they wouldn't
dare vote against the bill. Those who
didn't want to vote for it tried all
week to prevent a roll-call. This is
true of Republicans as we'll as DEM
ocratS.
The lobby is one of the most
elaborate Washington remembers. 1t
has bigger phalanX of financial
and business interests backing it.
But it overShot its mark. Even the
investors it tried to organize against
the bill apparently have begun to
wonder if their money is safe with
men so opposed to regulation.
One other factor is responsible for
the bills smooth passage through
the house-the skill of Representa-
tive Sam Rayburn, who piloted it
through his interstate commerce
committee in just the form the ad-
ministration desired and carried on
the floor fight without aid of any
gag rules.
Rayburn Wins Praise
Representative Rayburn learned
years ago, when he was speaker of
the Texas house of representatives
how to get things done quietly and
efficiently. He has been in congress
twenty-one years and knows all the
tricks of this house. His record is
conservative, yet since the start of
the Roosevelt administration, he has
been its most loyal and hard-work-
ing ally. He may be speaker some
day.
In the senate, the stock market
bill is in the hands of another man
rated as conservative until recent
months. Senator Duncan u
Fletcher of Florida, in his seventy
sixth year of life and his twenty
sixth year of service in the senate,
quiet and soft-spoken, has shown
relentless determination to make
public the whole story of Specula-
ton in securities and to drive
through bill correcting the evils
he found.
A safe majority seems to be lined
up behind the senate bill. The bit
terest fight it faces will take place
over attempts to add to it a rider
modifying the securities act. Dras-
tic notifications will be fought by
administration leaders. Mild modi-
flcatiOnS will be offered as COM
promise
With the house on record for a
As per cent limit on margins, fail
ure of the senate bill to include
this is not worrying the administra-
ton greatly. The house vote is Suf-
f1cient to make it practically Ger
tain that as the bill comes from
conference and goes to the PreSi-
dent, this provision will be included
&. of G. Hears Roosevelt.
President Roosevelts letter to the
United States Chamber of Com
merce was an answer to assertions
of business that the depression
emergency is over and that it
should be let alone hereafter.
The federal government will con-
tinue it's unceasing efforts to slim
ulate employment, increase Amer
lean values, and bring about more
wholesome condition." the President
said. Private business can and
must help take up the slack.
1t is time to stop crying wolf and
to cooperate in working for re-
covery and for the continued elimi-
nation of evil conditions of the
past"