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Show UTILITY PEACE OFFERS pED WASHINGTON. Dee 1 UP Wendell L. Willkie, ersident of tha Commonwealth and Southern corporation, asked President Rooaevelt at their receri conference confer-ence to help "restore lrvestment confidence" in private utlities, it waa disclosed today. Tin text of WHIklc's mamuran-' dum of hi "utility peace'.conver-1 aation with the president aas aup-l plied by an authoritative person. . It suggested concessions from both th industry and the administration, administra-tion, which have been at oeda for five years. "A large construction program with a considerable increase la employment," em-ployment," Willkie told the president, presi-dent, would be made possible if agreement were reached. , Pointa Agreed On As Mr. Rooaevelt told reporters at the time, his White House caller agreed to two major points favored by th administration: elimination of "property write-ups" listed by th federal power commission, and a change in valuation practice for ratemaking purposes to the"pru dent investment" theory, rather than that of reproduction cost Willkie proposed that power from such federal agencies as the Tennessee Valley Authority be sold to municipalities for a price "arrived "ar-rived at under the cost accounting methods prescribed for prirate utilities by the federal power commission." com-mission." To Protect Utilities A municipality wishing to buy Its current from the T V A would have to purchase the existing private pri-vate distribution system at a figure to be set by a "fair tribunal," the memorandum continued. The purchase would have to be made without federal assistance, "to avoid stimulating the disintegration disinte-gration of existing utility systems as caused by the present federal policy." Willkie suggested retention of regulations laid down in the public utility act of 1935, but advocated modification of the so-called "death sentence" clause so as "to eliminate elim-inate all Intermediate holding companies com-panies within three years, but otherwise to confirm existing holding hold-ing companies in their present ownership of property." |