Show CHECK CHECK MUST BE PUT UPON SPECULATION PRESIDENT STATE tI Points Out N Needs e s tut ut Le Leave Leay vf Problem of Legislation tion in in Congress Congress- Hands 4 t TWO BILLS I BILLS INTRODUCER INTRODUCED tuf Provide Complete Fe Federal it Control of Exchanges t i t By Prep Piew W WASHINGTON SHING ON Feb 9 S sent ent a a message t to congress si today asking regulation of f. f the the pez of exchanges de dealing ung In u ties and commodities i. i Declaring t the e exchanged as S necessary necessary s- s sary and of definite value value Mr Roo velt vel added Nevertheless It should b be our national r as far faras as possible le the theise Use of these exchanges for tor purely specula ve I J therefore re recommend to 10 th tM the congress congre the ena enactment tin nt of legislation tJ tlE providing for fox the th the r regulation by tha federal government of the theop of exchanges dealing in securities sec a B ct commodities for the protection of m ht in Text Texi of presidents president's message on J 1 rage pate 2 1 for the safeguarding of val vaU ues and as asit it may maybe be p possible Wible for the elimination of unnecessary unwise and destructive speculation t 1 J te ye It toCo Mr Roosevelt left congress t to fra ne ifs It Il was was emphasized at th the White House HOUe that he h had d not seen n nor nor cor approved ap approved p. p proved por nor disapproved any bill or ar hilLs bills drown fo for introduction cUon oh on C Cap itol hilL 3 aa Comple Complete federal fedral control of ot stock exchange practices and the tha outlawry o many operations common p past t arc are proposed In legislation laid before congress today In response to the presidents president's message Identical bills were Introduced lb by Chairman Fletcher of t the senate senat bankIng bankIng bank bank- Ing committee committed arid and Chairman R Rayburn Rayburn Ray Ray- y burn bum of the h house c committee e. e Fletcher announced the bill W vas i S designed ed to make st stock ck exchanges market places for invest investors rs and arid not riot places of resort for lor those who wo would d speculate or gamble Conceding that the thc I legislation would hurt the insider who has hb r rp- rp lied upon his hii ability to take advantage of the unprivileged outsider Pl Fletcher Fletch Fletch- er en contended the bill represented a the road program and said it was not riot as drastic as he a and some other members of congress wo would like Requires n The TOO primary purpose of th the bill billis is to require Je- Je Jethe the registration of all aU exchanges ex cx- x- x changes with the fedei federal 1 trade corn com mission which would have broad road pow promulgate ruI rules and regu lations for their operation i a aIn In Iii addition the h bill would write into the lawa law a number of strict prohibitions ons and regulations of ot pra practices Exchanges violating the law would be subject to a fine of The bill would make officers antI and directors of ot companies civilly civilly- ll liable bl for lor false or misleading filed with the c commission One provision of the bill designed d to prevent evasions would prohibit persons from nom doing things through dummy or members r ol of their families families' that they were forbIdden forbidden forbid forbId- den to do themselves The law would become effective O Oc Os tober 1 I. I 1934 w |