Evening star., 1933-12-10
BY OWEN L. SCOTT.

Outbursts of criticism that occurred
against President Roosevelt's money
policy, against his farm program and
subsidized as suddenly as they were
raised.
The reason was not hard to discover
Scouts sent out into the country re-
ported back that the public was not
being impressed by the outcry. The
prevailing popular opinion was reported
to reflect itself In q desire to give more
time to the President. Then the trav-
elers discovered almost no evidence that
people were being frightened by talk Of
imitation. They saw little chance Of
printing press money.
Quiet confidence is the prevailing
note among high ofacials here. They
think that the farm program. the public
works program, the national recovery
program and the money policy all are
beginning to take hold. There Is con-
fidence that these programs will give
the push needed to start the country
back on the road to sound prosperity
within y very few months.
Most sudden was the quieting of cries
Of distress that had been raised by farm
belt Governors. The change from bit
terness to satisfaction among politicians
and farmers in the Middle West has CO.
incided with the first loans on corn
and the first bounty checks for wheat
growers.
These are the first harbingers Of q
half billion dollars that are to pour
into the corn and wheat belts during
the next few months. Corn-hog farm
a., a.. e. rvn< eosn nnn nnn a.. So,,r<{~.
II they agree to control production.
Others are to get $3.50, 900 900 In boun-
ties If they agree to control production.
Another $l50,0o0, 900 or more Is ex-
pected to 60 out as loans to corn
growers at As cents bushel-the loan
to be paid back If prices get that high
and the Government to get the corn
otherwise. In addition the first 81 4,000,-
900 in about $40 900 900 In payments
on wheat bounties already has moved
into circulation.
That is enough money to cause any
section to sit up and take notice. Less
than half Of the total that now Is
destined to reach the Middle West was
poured into the South to cotton farmers
and brought . mild business boom for
that district.
Then for cities there is the $780,
VOV,uVV puUuC WOIkS 1uIlu tllht now
has been largely allotted. Actual work
the amount of this work Is expected
to increase rapidly during the months
ahead. The civil works program Is
counted on by President Roosevelt to
give work relief to 1000, 900 persons by
December is. Wages Of $400, ,000, 900
will be paid these workers between now
and February Is. That Is considered
more printing for the business pump.
The Government Is to buy $780,
000, 900 worth Of preferred stock In New
York banks alone, and through the
Reconstruction Finance Corporation It
has 81 l,000, 900 900 to put into bank
stocks. This investment supplies those
financial houses with new capital and
puts them IN . position to get back into
the banking business. One Of the most
prominent New York bankers this week
praised the attitude and the policy Of
But 1t q toward N. r. A. that the
most noticeable change in sentiment
has occurred.
Only . little while ago some business
leaders were saying that the National
Recovery Administration threatened q
bureaucratic domination Of industry.
They were asking for the creation Of .
super-chamber Of commerce that would
restore to industry control over its own
affairs without Government interfer-
ence.
Now It turns out that one industry
after another Is coming forward to ex-
press satisfaction with its experience
under q code Of fair competition Is Inn
posed by Gen. johnson and his aides.
The textile industry not only has re-
ported itself to be operating at q profit
for the first time In 10 years, but It
now has been given authority under its
code to put the brakes on production
to forestall the cut-throat competition
that used to come In the past during
periods when consumption slowed up.
Gen. johnson has authorized the
textile code authority to order q cut In
production Of mills to rs per cent Of
the limit specified IN the code. This
Is one Of the f1rst attempts at definite
economic planning for m industry and
other business groups are eager to zee
how It works. The move represents q
deiiherate enort to balance production
with consumption In an industry that
formerly was plagued BY over-produc-
ton.
An even more striking situation exists
In the oil industry. There nearly every
important company Is reporting itself
on profit bash after years Of financial
famine. Not only are the companies
making money, but scores Of thousands
Of new jobs have been created at Z total
pay roll cost Of well over 800 600, 900
annually. The oil-prcducing States, IA
addition, are seeing their wells bring
dollar OIL to the ground, after Q period
when crude oil sold - low e. 10 cents
Q barrel.
Those results have been accomplished
| by more economic planning under the
eods. Production q crude % = nov