Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1938-01-20

At the same time the President
let it be known that the administra-
ton had no intention of modifying
its power policy as applied to munich
pally owned projects. He said that
funds already appropriated would
continue to be used for loans and
grants for municipal projects with
the understanding that the munich
palities would first try to buy out ex-
listing privately owned facilities at
fair price.
Later the same day President
Roosevelt received an appeal from
a group representing industry, labor
and finance that he eunciate as soon
as practicable policy of govern
ment," and, in the interest of speedy
economic recovery, put an end to
apparently conflicting statements of
some administration spokesman on
questions affecting the national well
fare.
The President was told that the
nation seeks reinsurance from him
as to what the administration in
tends to do on such questions as
prices, taxation, the public utilities,
aid to the durable goods industry
and monetary policy; and that he
must soon "do something" to steady
the nerves of the business commun-
ity which have been disturbed by a
series of attacks.
This was most unusual confer
ence when the group who participated
is considered. It included Owen D.
Young, chairman of the board of the
General Electric Corporation; John
L. Lewis, chairman of the c. 1. O.;
Phillip Murray, vice president of the
United Mine Workers of America;
Thomas w. Lamont, senior partner
of j. P Morgan & Company; Charles
Taussig, president of American Mo-
lasses Company; and A. A. Berle, Jr.,
former city chamberlain of New York
and a former important New Deal
adviser in Washington.
Mr.. Lewis acted as spokesman for
the group at the conclusion of the
conference and explained: eve at
ident and discussed the seriousness
of the economic and industrial situa-
ton in the country. This group had
had some preliminary discussion and
was impressed with the desirability,
if at all possible, of working out with
the administration definite program
of action by business, government
and labor. The discussions will be
continued at the Presidents discre-
ton. The discussion took course
of wide range in an effort to deal
with the situation"
AS this is being written word comes
that the President has sent to the
Senate the nomination of Solicitor
General Stanley Reed to succeed JUS
tice Sutherland who has resigned
from the bench It is the opinion
of this writer that Mr.. Reed will be
confirmed by the Senate without SER
ious objection or delay
A report recommending the COM
plete revision and codification of the
Internal Revenue laws, with special
emphasis On changes in the present
method of taxing corporations and
investment profits, was presented Fri
day to the Ways and Means commit
tee of the House by its sub-commit-
tee on taxation. The subcommittee
said that eff its program were adopted
it would provide very substantial
stimulation to business" The report
recommends, among other things, the
retention but liberalization of the I'M
distributed profits tax; broadening
of the restrictions in the capital gains
tax and the inclusion of new title
(the third basket"), to apply to close
ly held corporations which it is gen.
orally understood means family
groups 1t would make their taxes
as heavy as they are now under the
present undistributed profits tax.
Few other important changes were
suggested and hearings on the report
began this morning before the full
committee. 1t is the opinion of your
correspondent that the new tax bill
will be ready for presentation to the
House during the week of January
"a, and that it will be substantially
as recommended by the sub-commit-
tee, and that it will be passed with
out very great delay and reach the
Senate early in February.