Show Text of Presidents President's I Exchanges Message a Br BT United WASHINGTON WASHINGTON- Feb 9 9 The text of President Roosevelt's stock tock exchange message to congress con con- gr gress follows blows To the congress In my message to you last March proposing legislation for federal supervision of national traffic in investment securities securities' I Isaid said laid This is but one step in our broad purpose of protecting investors investors investors in in- and depositors It should be followed by legislation relating relating relating ing to the better supervision of ot the purchase and sale of all property property property prop prop- erty dealt with on exchanges Praises Service of This congress has bas performed a useful service in regulating the investment business on the part of financial houses and in protecting protecting pro pro- the investing public in its acquisition of securities There remains the fat fact h however however how how- wever w- w ever that outside the field of legitimate le- le e investment naked speculation spec spec- has been made too alluring alluring ing lug and far tar too easy y for those who could and for those who could S not Dot afford to gamble gambIe Such speculation peculation has run un th the scale cale from the individual who has r risked his pay envelope or his meager savings on a margin marcin transaction involving stocks with whose true value he was wholly unfamiliar to the pool of ot or corporations with large resources often not their own own which sought by manipulation to raise or depress market quotations quota far out of line with reason reMOn all aU of this resulting in loss to the average investor who is of necessity sity lity personally uninformed ed Must Blast Eliminate Abuses Abuse The exchanges in many parts of ot the country which deal in inse securities securities se se- and com commodities conduct of course a national business because because be be- cause their customers customer live in In every part of the country The e managers of these exchanges have it is true true- often taken steps to correct certain obvious abuses We must be be- certain that abuses are are eliminated and to this end a broad policy of ot national re regulation regula la tion lion is required It is my belief belie that exchanges for dealing in securities and com commodities arc are necessary and of definite def def def- mite value to our commercial and agricultural life Nevertheless it should be our national policy to restrict as far tar as possible the use of at these exchanges for tor pur purely ly speculative operations I therefore recommend to the congress the enactment of legislation legislation legis legis- lation providing for the regulation regulation regula regula- tion by the federal government of the operations of exchanges dealing dealing deal deal- ing in securities and commodities for the protection of the safeguarding of values and so EO far tar as it may be possible for forthe forthe forthe the elimination of ot unnecessary unwise and destructive specula tion FRANKLIN D. D ROOSEVELT |