The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-13

ments, pledging a finish fight.
THE right to express
opinion, even when opposed to
an Administration measure,
has not yet been abrogated,"
Philip H. Gadsden, chairman
of the Committee of Public
Utilities Executives, said.
"The utilities have endeavored
honestly to inform investors and
the general public as to the dis
astrous effects of this legislation.
THE President states that he IS
as 'unimpressed' by these protests
as he was by similar protests against
the Securities Exchange bill last
spring and that the Securities Ex-
change act is now generally accept
ed as a constructive measure.
1--WE would respectfully point out
that what made that act at all
workable was the opposition that
developed against the original bill
which forced the adoption of draS-
tic changes in the legislation as
finally enacted.
Democrats Cheer Message
1--WE will not be deferred from our
purpose in submitting to the con-
gressional committees the facts in
volved in their true light, convinced
in the belief that in due time the
justice Of our opposition will pre-
vail"
While Mr.. Roosevelt's message
was greeted by applause from the
Democratic side of the House and
with smiles in the Senate, it did not
assure passage of the Rayburn-
Wheeler bill, which many congress-
men believe too drastic These men,
bers believe strict regulation Of
holding companies rather than their
humiliation is the better course.
The Rayburn- Wheeler bill now
provides that holding companies, ex-
cept in a few instances, must go
out of business by 1910. While most
congressman apparently held no
brief for holding companies them
selves, considerable fear has been
expressed for investors should the
bill be enacted as written.
Roosevelt Attacks Propaganda
Mr.. Roosevelt attacked the propa-
ganda campaign being conducted by
utilities which have loaded Con-
gressional mail bags with protests
against the Rayburn- Wheeler bill
for weeks. He said the companies
we're using investors money to
make the investor believe that the
efforts of the government to protect
him are designed to defraud him."
He termed holding companies repre-
sented private socialism"
Proponents of the bill were ex-
pected to conclude their testimony
before the house committee today.
Opponents are sheduled to begin
presenting their evidence tomorrow.
Within the committee there is a
growing sentiment for regulation to
halt abuses attributed to the COM
panies, but to minimize financial
losses which the companies say will
result to security holders.
Tons of Mail Received
Congressman have received tons of
mail protesting against the bill dur
ing the last few weeks. Most mem
bers agree the demands have had
little effect. Several members be-
lieve the campaign has worked to
the detriment rather than the bene-
fit of utilities.
1t was this campaign which drew
the strongest fire from the PreSi-
dent in his message to Congress yes
terday He described the drive as a
propaganda drive" designed to
arouse the most fetched and
fallacious fears"
Rep. John G. Cooper (R., o.,
member of the commerce committee,
said it was "untimely for the Presi-
dent to come to Congress right now
when the committee is working hard
to give the bill careful consider
alton"
His criticism of propaganda COM
ing to the committee and Congress
against the bill does not" Mr..
Cooper said, come with very good
grace considering the attitude he
and his advisers took on the Ques-
ton Of holding back the public
works bill until enough propaganda
could be worked up throughout the
country to get the Senator'S to
change their vote on the McCarran
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