Evening star., 1934-04-18
Shapes Program to Include
Labor Board and Stock
Legislation.
CONFERENCE PLANNED
ON SILVER PROPOSALS
President Asks R. F. c. for Liberal
Policy to Aid Those Who Lost
Funds on Deposit.
By the Associated Press.

BY the Associated Press.
President Roosevelt today definitely
cast aside the Mcleod bill for pay
ment of depositors in closed banks
in shaping up the administration
program for an early conclusion of
Congress.
He is confident of a satisfactory
compromise on the tax revision bill
and there are hints that the publicity
of tax returns proposal approved by
the Senate may be modified to allow
for executive action.
Mr.. Roosevelt wants some form of
legislation to provide for labor medi-
alton in place of the present Wagner
Labor Board established by executive
order.
A bill containing the general prin-
ciples Of the measure proposed by
Senator Wagner, Democrat, of New
York, will be sought in White House
conference tomorrow. This measure
makes permanent the National Labor
Board, headed by Wagner, and out
laws employer dominated company
unions.
Wants Stock Bill.
The President is still standing for a
Stock Exchange control bill with
teeth" but the final form of this leg
lslation depends on more conclusive
action by the two branches of Con-
gress.
1t was reiterated today at the White
House that the President will send to
this session a message on war debts
but there was still every expectation
it would be more in the form of a
report than a request for legislation
The President is understood to re-
gard it as impossible to do justice In
any attempt to pay off depositors in
closed banks such as proposed in the
Mcleod bill
He has, however. directed the off,
GERS of the Reconstruction Finance
Corporation and the Treasury to seek
a more liberal policy in making loans
on assets in closed banks.
He feels this is the only sound and
just solution of the problem.
Inequalities Cited.
1t was pointed out at the White
House that in the case of two banks
which closed at the same time in the
same town, one might have been in a
position to pay off its depositors at
so cents on the dollar and close its
books, while the other, because of its
assets, has still made no payment
The latter bank, under terms of the
Mcleod bill. would pay off with Gov
ernment money at 100 cents dollar,
although it was in poorer shape than
the bank which paid off at 60 cents on
a dollar and whose depositors would
not benefit from the proposed legisla-
ton.
Another thing Mr. Roosevelt is con-
cerned about is how far back the
Government should go in making up
losses in closed banks.
Just because the Government tried
to keep banks open, the White House
feels there is no moral obligation on
its part to pay off depositors in those
institutions which closed.
The President will hold several con-
ferences seeking to bring an end to
congressional controversy over legis-
lation.
Silver Problem Up.
Silver is one moot question calling
for decision, and proponents of such
legislation will confer with the Presi-
dent tomorrow and hear how far he
will go on this proposition at this
session.
Mr.. Roosevelt yesterday indicated
his willingness to umpire controver-
sizes which are delaying action on leg
islation he believes is vital.
In conference at the White House
he heard Representative Mcleod, Re-
publican, of Michigan. urge the merits
of his bill. He conferred then with
Senator Wagner, who left the execu-
tive Offices confident that some moCi-
fications in his bill to make the Labor
Board permanent would bring passage
at this session.
Wagner will confer on changes to-
morrow with the President, Secretary
Perkins, Hugh S. Johnson, Industrial
administrator, and Donald Richberg,
general counsel of the N. r. A.
Senator King, Democrat, of Utah,
will lead the group of advocates for
rehabilitation of silver to the Presi-
dents desk tomorrow.
Representative Byrns of Tennessee,
House Democratic Leader, said the fate
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