The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-04-23
NRA USED BY
BLOC FIGHTING
MARKET BILL
Rayburn to Expose Scope of
Propaganda on
House Floor.
Continued from Page one)

authorities and code committees in
the country in its campaign.
Lewis H. Brown, president Johns
Manville corporation and member
of the durable goods industries COM
mittee.
George Mead, head of a Dayton
co. paper company, member of the
same committee.
The Baldwin locomotive works and
JohnS-Manville corporation are rec
ognized as Morgan influenced con-
Germs. Thomas Newhall, chairman
of the board of Baldwin locomotive,
is head Of DreXel & Co., the Phila-
delphia branch of j. P. Morgan. Mr..
Houston was brought in by the
MorganS to supplant Samuel Vau-
CLAIM, former head of Baldwin loco
motive
The suspicious of Chairman Ray
burn were aroused few days ago
when Mr.. Mead submitted to him
memorandum criticising the stock
market bill which bore very definite
evidence of stock exchange CO.
operation.
Denies Redmond Help
Mr.. Houston told the Scripps-
Howard newspapers that the memo
randum was printed on the mimeo-
graph machine set up in stock ex-
change headquarters at a local no.
tel. He said he had taken it to the
hotel at o'clock in the morning,
after working on it since II o'clock,
and Mr.. Redmond had it run off
for him.
He denied that Mr.. Redmond had
helped draft the memorandum, or
redraft it. He said that he and his
lawyer had prepared it. He sub
nits every such statement on the
stock market bill to Mr.. Redmond
so there will be no conflict, he eX-
planned. He has an understanding,
he said, that his committee will
concern itself only with sections
of the bill affecting industry. His
committee and stock exchange
representatives worked out such an
agreement to stick to their par
ticular interests in the measure, he
said.
Likewise, he submits such memo
randa to James A Emery, counsel
of the National Manufacturers AS
ISOLATION, for the information Of the
association.
Sent Copy to President
81 submit it to others, to the
newspapers sent one statement
to President Roosevelt" he added.
Typewriter in the righ-hand,
upper corner of the memorandum
submitted to Chairman Rayburn
and members of the house and SEN
ate committees was From George
H. Houston and George Mead" Mr..
Mead handed it to Mr.. Rayburn,
but when asked about its contents
by the chairman he said he was not
familiar with it, but that it has been
prepared by lawyer. Mr.. Rayburn
says he has found many instances
where business men who protest
about the bill have rot read it.
An analysis of the memorandum,
according to sponsors of the bill,
reveals criticism of provisions of the
bill in which business and indus
try could have no interest and some
in which they would have but lit
tie interest. The criticism in many
cases parallels that of the stock ak
change.
Want Section 2 Removed
Like stock exchange recommended
tionS. the committee memorandum
asks for elimination of Section of
the bill which states the general
purpose of the measure and has no
direct bearing whatever upon the
interests of industry. This section
was inserted to ward off legal at
tacks on the grounds of unconsti-
nationality.
The memorandum urges change
of a section so that private bankers
such as j. P Morgan and Kuhn,
Loeb & Co. could enjoy privileges
of regular commercial bankers not
accorded them in the bill, a matter,
the bills sponsors say, in which
business and industry could have no
direct interest.
Likewise, the committee seeks
elimination of the powers of the
proposed securities commission to
regulate the affairs of stock ex-
changes.