| Show 1 AUTO AUTO MAKERS AND PRESIDENT HOLD MEETING Agre Agreement ment Reached With Ideas on Time Buying WASHINGTON Jan 21 AP Leading automobile manufacturers manufacturers manu manu- announced after a White House conference today they were in hearty agreement agreement agreement agree agree- ment with President Roosevelt's Roose Roose- velt's principles regarding in instalment instalment instalment in- in selling of automobiles However Howe Alvan Macauley president president president pres pres- ident of the Automobile Manufacturers Manufacturers Manufacturers' Manufacturers Manufacturers' Manu Manu- association said instalment instalment instalment ment buying properly used had and would continue to help millions millions mullions mil mul- lions of families raise their standard standard standard stand stand- ard of living and also that it had helped and amI would continue to help increase employment Macauley spokesman for the group that included manufacturers and automobile finance company heads said all concurred in his statement He said the group told the president president president dent they were hopeful a seasonal increase in sales in the spring will bring an improvement in business Reports Progress Prior to the meeting with the automobile magnates Mr Roosevelt had told his press conference he believed his meetings with business businessmen men were progressing satisfactorily and clearing the atmosphere of mis mis- understanding The president disclosed to reporters report report- ers that he was seeking to evolve a aplan aplan aplan plan whereby private groups could get jet together and exchange information information tion ion among themselves The aim he le said was to do this without enactment enactment enactment en en- of new legislation Macauley said the automobile men meet among themselves to try tryo to o work out some conclusions about regularizing employment and discouraging discouraging discouraging dis dis- dis- dis high pressure selling Hits High Pressuring High pressuring customers or permitting their desires to take them into debt beyond their means said Macauley the president of the Packard Motor company is bad business all around President Roosevelt recently complained complained complained com com- that auto dealers were overselling overselling overselling over over- selling the market by telling customers customers customers cus cus- cus- cus that prices were going up and also by granting more liberal credit terms Macauley said no definite credit figures were mentioned at today's conference When asked if what a reporter called a 12 per cent interest rate was discussed he replied that it was not but added We are against it it Consults Memorandum We had a broad discussion of the factors affecting business and government said Macauley dictating dictating ing ng from a penciled memorandum prepared by the conferees beforehand beforehand before- before hand and we believe it was very helpful Besides Macauley those conferring at the White House today were Ed- Ed Continued on Page Pace Two I Column Three MOTOR MAKERS I F F. F D O. O R HI PARLEY Continued from Page Pae One sel Ford president of the Ford Motor Motor Motor Mo Mo- tor company William S. S Knudsen pr president of pf the General Motors corporation corporation corporation cor cor- and K T. T Keller president and B. B E. E Hutchinson vice president president president dent of the Chrysler corporation Also present were these finance company heads John J. J Schumann Jr president of the General Motors Acceptance corporation Henry Ittleson Ittleson It- It president of the Commercial Investment trust A. A E. E Duncan president of the Commercial Credit company and Ernest Kancler president president president dent of the Universal Credit com com- pany The business men with whom he has talked thus far Mr Roosevelt told old his press conference were learning among other things to see matters from a national point of view and were not concerning themselves themselves them them- selves only with their own separate problems Distinct progress was being made he said Cites British S System stem Asked to comment on resentment by some labor leaders over his suggestion suggestion suggestion sug sug- that unions make public their financing the chief executive suggested it would be worth while for everybody to study the British trade union system When informed that unions in Great Britain forbade political contributions contributions contributions con con- the president said he did not know about that Explaining further his comments to o the business advisory council Wednesday night the president said he 10 did not have in mind creating any special body to advise with the government on policy It had been reported that he contemplated contemplated contemplated con con- forming a a. permanent advisory advisory advisory ad ad- body with members of all types of Interests interests agriculture agriculture consumer consumer consumer con con- sumer and the like as well as busi busi- ness Hopes for Cooperation He said he was trying to work workout workout workout out without legislation a plan whereby private groups would come together and exchange information among themselves For example he said it was helpful helpful helpful help help- ful when John L. L Lewis chairman of the committee for industrial organization organization or or- sat at the same table with Thomas W W. Lamont Lament J J. J P. P Morgan Morgan Morgan Mor Mor- gan partner and Owen D. D Young of the General Electric company to consider plans for attacking the re re- re cession The conferences he said were serving to clear up many false Impressions impressions im Im- Im which he attributed mostly mostly mostly most most- ly to politics Discussing the attitude toward holding companies which he had bad expressed expressed expressed ex ex- ex- ex pressed at his press conference last week Mr Roosevelt said it was obvious obvious obvious ob ob- ob- ob he did not have in mind such companies as the Pennsylvania railroad railroad railroad rail rail- road in advocating elimination of all holding companies Explains Position He explained the Pennsylvania was an operating unit and not a holding company even though it operated in many states He said some writers had bad interpreted interpreted interpreted inter inter- his remarks about bank holding holding holding hold hold- ing companies to mean elimination of branch banch banking when such was not the case |
