Show HOLDING UNIT CURB SOUGHT President Asks Control Control Control Con Con- of Utilities B By 3 Associated Press Pres WASHINGTON March 12 12 President dent Roosevelt in a special message to congress called today for regul regula regulation tion of public utility holding companies com com- panics and nd struck back at propaganda propaganda ganda flooding Capitol hill hIlI against the legislation Except where it is absolutely necessary to the continued function function- functioning functioning ing of a geographically integrated operating utility system said the president the utility holding company company com corn pany with ith its present powers must go If we could relate our financial history in the light of experience ce Text of or Message Page Pate ZO 20 0 certain certainly I we would have hase none of this holding company business Docs Docs' Belong It is a device which does docs not belong belong be be- long to o our American rican traditions of oC I Ilaw law and business I Transmitting a report by the na national national na- na na-I na al power power policy committee he wrote rote Ive watched the use of investors investors' mone money to make the investor believe that the efforts eHor of government to to protect him arc designed to defraud himI hintI him hint I have seen much of the propaganda propaganda ganda anda prepared against such legis lation lation even even down to mimeographed sheets of or instructions for propaganda propaganda propaganda ganda to exploit the tho most farfetched far Car fetched and fallacious fears I UI have seen enough to be as unImpressed un un- un impressed by it as I 1 was by the simIlar sim sim- ilar liar efforts to stir up the country against the securities bill bin last spring Mr Roosevelt insisted the legislation legisla legisla- tion Lion will not destroy legitimate Continued on Pare Tw Two HOLDING UNIT CURB SOUGHT from P piu Pice ce One business s or wholesome and productive tive investment Not Destroy Value It will not destroy a penny of oC act actual a value of or those operating companies companies companies com com- which holding companies now control and which holding company compan company com com- pany pan securities represent in so far fara faras faras a as they have any value The disappearance at the end of five live years of those utility holding companies which cannot justify themselves as necessary for tor the functioning of or the operating utility companies of or th country is an objective objective objective ob ob- ob- ob which congressional leaders I have consulted deem es essential to toa a realistic and farsighted ars d treatment of or the evils of public utility holding companies It is time lime to make an effort to reverse reverse that process of or the thc concen concen- of or power w which has made most American citizens cithens ens once tra independent owners owners' of off oCr their own businesses helplessly de dc i pendent for their daily bread upon unon the favor o of very avery few who who by devices de devices devices de- de vices such as holding compa companies h les have taken for or themselves war unwar ranted economic powers |