The Waterbury Democrat., 1937-11-30

the President were an interC
 Roosevelt played an absolutely dead hand. Not only had he no thought of making concessions on his power policies but when con- sessions were suggested, he bristled resentfully.
 His opening cards were the 'prudent investmento rate-mak- ing theory, which he enunciated several weeks ago. But beyond starting the play, he didn't turn a chip.
 Floyd L. Carlslle, suave head of the Morgan controlled Con- solidated Edison Company of New York, was just as canny. He stayed in the game on the opening bet, assuring the presi- dent he saw eye to eye with him on his rate views. But after that he played his cards just as close to his chest as Roosevelt.
 Result was that not a word was said about IVA, the holding company act, the Norris little TWAS" bill,, or any of the other New Deal power bugaboos. Roose. welt smiled and chatted ingratiat- ingly and Carlisle matched him coo for coo.
 No bets and no calls were made. Afterwards, the utility tycoon told ilewsInen that his company planned to spend $l00,- 000,000 in the next two years for improvements and expansion = carefully refraining from ex. plaining that most of these expenditures would have been made anyway in the normal course of business.
 Gambler
 The president had better luck with Wendell L. Willkie, head of the Commonwealth and Southern Corporation.
 An emotional little man and a direct competitor of IVA. Willkie rose to the Presidents come-on opener by tossing in a stack of chips in the form of lnemoran- dunn proposing a number of in1- portant changes in Administra- ton policy.
 Chief of these changes were: (l) modification of the "death sentence" provision of the hold- ing company act; (2) the gov- ernment to pay a "fair price" when 1t buys out private utility.
 In exchange for these conces- sions Willkie offered: (1) to ac- cept prudent investmenw as a rate base; (2) to throw out all the, valuation "write. ups" dis closed several years ago by the Federal Trade Commission in its famous power Investigation. |,
 sB1t that investigation did not necessarily uncover all | write-ups," interposed Roosevelt. "Also, . long time has elapsed since then. There may be new write-ups."
 Willkie did rot answer this ob. jection. Instead, he turned the conversation to the fear" which New Deal policies has created ii the power industry. As long as this apprehension exists, Willkie declared, expansion and develop- inent will not be forthcoming.
 What do you mean, fcar?" shot Iback the President. How do you explain the fact that the Tennessee Electric Power Com- pany, one of your subsidiaries that operates in. the shadow of IVA, has increased it's sales 70 per cent since 1883, It's gross revenue 23 per cent and It's net revenue 8 per cent? That doesn't look like fear to me.
 "You are the people who are .talklng fear" Roosevelt contln. ued. "Your business isn't afraid. It is blooming like a rose in the spring."
 Wlllkie dropped the subject.
 Net Result: Carlisle promised nothing more than he had al- ready planned Willkie was will. ing to horse-trade. Roosevelt promised nothing definite to ei- ther, but there was an atmosphere of personal rapprochement about meetings which was most impor- tant of all. t Tenant Farmers
 
 While the Farm Security Ad. ministration begins to wrestie with the problem of farm tenancy, surveys show that many tenants are going down, rather than up, on the agricultural ladder" $
 Agriculture officials recently made a survey ofgfarm labor con- ditions in . winter wheat-growing section of Kansas. Twenty -bhree per cent of the farm laborers they interviewed once had been ten- ants, now had slid down the lad der. "
 As laborers they were earning an average of S26O cash a wear.