Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
HOOVER PROGRAM
INCLUDES REALTY
AND RAIL CREDITS
Revision of Anti Trust Laws
Sought to Curb Waste
in 0verproduction.
BY DAVID LAWRENCE.

A survey today indicates that within
the next so days the reconstruction pro-
gram of the Government may be ex-
pected to be fully established. 1t con-
templates an upbuilding of confidence
through a series Of definite steps look
ing not merely to the financing Of the
debts of the depression through credits.
but the stimulation Of basic industries
The Governments plans include the
following:
First. the National Credit Corporation
with its $500, 900 to 81 900 900 of cred
its already announced.
Second, a real estate mortgage pool
to aid in financing of home ownership
and the improvement Of the real estate
security situation through a system of
rediscounts.
Would Provide Rail Credit.
Third, program of financing for the
railroads SO as TO provide them with
credit for refunding and other purposes
during 1882. This and the real estate
pool may be combined in a single credit
corporation to be set up by Congress
and financed through the sale OF the
bonds of a Government corporation
! somewhat on the order of the Federal
Land Bank system.
Fourth, an agreement between the
l, Bank of France and the Federal Re-
serve System, forstered by President
Hoover and Premier Laval. to bring
about orderly redistribution of gold and
the maintenance of the gold standard.
Fifth, a proclaimed understanding
between France and the United States
which will assure the world. and par
ticularly Europe, that the United States
will consult with other powers in the
event of the Kellogg BRAND pact being
violated. and will agree not to aid the
aggreSsor nation.
Seeks Antitrust Law Revision.
Sixth, a revision Of the antitrust
laws so that industries growing out of
natural resources my be permitted to
curtall production to avoid waStetGl
overproduction. Leaders in Congress
are expected to sponsor this change as
an emergency measure.
Seventh, legislation to permit the
controller of the currency to use q re-
volving fund Of $3.50 1000, 900 in arrang-
ing to pay depositorS of closed banks
Immediately as much of their deposits
as may be justified by an examination
Of sound assets, thus reducing the hard
ships to business and individuals in
areas affected.
Eighth, coordination of State and
local agencies engaged in raising funds
to care for unemployed and others In
distress. This already is in operation
through the Presidents committee
headed by Walter S. Clifford, but is an
essential part of the whole program.
Truce in Congress Hoped For.
Much depends, of course, in the fore
going steps, on what Congress will DO,
but the intention is for the President TO
recommend to Congress IN December as
much of his reconstruction plan as re-
quires legislation Immediately and ask
both houses to act within two weeks
after the session has begun, so that ac-
ton may be promptly assured.
In normal times a virtual tie in the
House of Representatives might delay
organization, but with the pressure OF
public opinion against unnecessary oe-
lays in national emergency 1t Is likely
that the very fact that an emergency
relief program must be passed before
the holiday recess will bring about
truce between the political parties. at
least for organization purposes.
The Senate also is likely to have diff-
culties in organization unless the two
parties work together. During the last
few months the President has sum-
moned the Democratic and Republican
leaders to the White House so as to get
bipartisan support for the German debt
extension and his financial relief meas
ures. Similar steps may be taken before
the December session begins so that the
American neOnla NAV he assured bV
Christmas time that their Government
has done everything possible to expedite
a return to economic equilibrium.