Evening star., 1938-01-14

of action" in dealing with the pres
ent economic situation.
~ the Associated Press.
President Roosevelt said today he
favored elimination of all holding
companies.
The President made the statement at
a press conference in expressing unal-
terable opposition to modification OF
the death sentence in the utility
holding company act which had been
proposed by Wendell L. Willkie, head
of the Commonwealth g. Southern
Corp. as one condition to an under
standing" with the administration
The President did not indicate how
he would terminate the holding COM
pany practice, but said remote control
of local community banking should
be ended, as we'll SIS similar practices
in the utility and other fields.
Confers With Leaders.
After his press conference, the PreSl-
dent turned his attention to the seven
leaders in industry, finance and labor
who had been called to the White
House for a conference on co-opera-
tive means Of attacking the business
slump.
They we're Owen D. Young, chair
man of the General Electric Co.;
Thomas w. Lamont, partner OF j. P.
Morgan: John L. Lewis. head of the
Committee for Industrial Organ!za-
ton: Philip Murray, vice president OF
the United Mine Workers; Charles w.
Taussig, Rexford G. Tugwell and A.
A Berle
The latter two formerly were con-
nected with the administration. Mr..
Taussig, who is chairman of the Ad-
visory Committee of the National
Youth Administration, also is president
of the American Molasses Co. DR..
Tugwell, former Undersecretary of
Agriculture and Resettlement Admin
istration head, is vice president of the
same firm. Mr.. Berle formerly was
connected with the Reconstruction
Finance Corp. and until recently was
city chamberlain of New York.
The meeting follows one earlier in
the week between the President and
captains of the motors. steel, railroads,
foods and building materials indus
tries.
Next Wednesday more than so
members Of Secretary Roper's Busi-
ness Advisory Council, composed of
men high in private industry, will
meet at the Commerce Department
and later call on the President.
Plans Further Talks.
Asked at his press conference about
the today's meeting, the President said
he planned further conferences on
business.
He also was asked whether he had
received any reports indicating a
change in the business situation, re-
plying that in some places it was pick
ing up, in others it was going down
and in still others it was standing
still.
The general trend, however, he add
ed, appeared to be great deal better
now than before Christmas. He said
In answer to one inquiry that he did
not know if the group calling on him
today had been working recently on
any specific plan.
During the holding company discus
sion Mr.. Roosevelt was asked If bank
ruptcy was the way out. He replied
in the negative and said there were
various other ways.
He also was asked if the taxing
power was to be utilized, answering
that he had not reached that yet.
Mr.. Roosevelt told large gathering
Of reporters that holding companie.
should be wiped out, even down tc
those Of the first degree. Why have
any at all? he asked his audience.
All Business Included.
The President replied with an EN-.
phatic affirmative when asked If HI
would extend his principle to all line!
Of business.
He then gave his illustration of th'
community bank which was controlled
in large financial center. He said tn
ICnn p0OCCvTr,Y n porn AcN