Evening star., 1933-02-12
R. f. {. TO HAVE
3NEW DIRECTORS
Retirement of Miller March 4
Adds Vacancy, Giving G. O.
P. Two Options.
BY the Associated Press.

BY the Associated Press.
Three new faces, two of them Re
publicans, will be seen at the directors
table of the Reconstruction Finance
Corporation after March 4.
This was assured yesterday when
Charles w. Miller, Republican, presi-
dent Of the corporation, let it be
known in an interview that he planned
to leave Washington March for his
home In Utica. N. Y. His health is
such, he said. that he could not con-
tinue the arduous work even II re-
appointed and confirmed.
His successor will be selected by
President-elect Roosevelt along with
another Republican to make up the
three Of that party required by law on
the board. since Secretary Mills goes
out on March and his place will be
takenN by the Roosevelt Secretary Of
the Treasury. The Treasury Secretary
Is automatically a board member, al
though he can delegate his duties to
the Undersecretary.
Two Commissions to End.
The commissions of Miller and
Chairman Atlee Pomerene, Cleveland,
Ohio, Democrat. expire March unless
the Senate decides to confirm Hoover
appointments prior to that time. This
Is improbable.
The new President will either appoint
Republican successor to Pomerene or
ask one of the other Democratic men,
bers to resign to permit filling the place
with Republican.
That fourth new face may be added
by Summer would not prove surpris-
ing to informed persons Gardner
Cowles. Republican, Des Moines, Iowa
publisher, may not remain with the
board throughout his term, which
would not expire until August, 1894
The Washington Summer climate
does not agree with Mr.. Cowles and he
has told several persons that he would
not spend another Summer in Wash
irgton.
The appointments of Cowles and
Jesse H. Jones of Texas, Harvey Couch
of Arkansas and Wilson Mccarthy OF
Utah, the latter three Democrats, have
been confirmed by the Senate. They
were appointed for three years.
Limitations Are Fixed.
The law specifies that not more than
tour of the directors shall be from
the same political party. President
Hoover chose to make the majority
Democrats. 1t Is regarded here as
likely that Mr.. Roosevelt will not dis
turb this lineup.
With the certain changes in the
board lineup being discussed the cor
poration yesterday had before it the
puzzle Of interest rates on self-liquidat-
ing loans. This was brought up last
Thursday when a group of New York
men, headed by former Gov. Alfred E
Smith and Senator Wagner appeared
before the board and asked pei
cent interest rate on loans for projects
in that State
Lengthy conferences on the question
brought no decision, board member!
said. 1t was indicated, however, tha
the question Of interest rates allowed
other borrowers was causing some dif.
f1culty also the fact that some believed
a rate too low removed the incentive
for repayment
The board on December "a told self
liquidating borrowers how they coule
get their money for per cent Thi.
was conditioned on refinancing of thu
projects aided by the corporation within
two years. The corporation would re.
wise its rate so it would equal the ratt
paid for refinancing, provided thai
rate does not 60 below 4 per cent.