Evening star., 1934-09-05
INDIVIDUAL RELIEF
SEENBY R|CHBERG
Executive Council Official
Makes Fourth Report
on Program.
BY the Associated Press.

By the Associated Press.
Donald r. Richberg, secretary of
President Roosevelt's Executive Coun-
Gil, presented an accounting of the
Governments enormous relief pro-
gram today with a prefix saying that
under the present administration"
the individual is getting aid.
It was Richberg's fourth report to
the President on the progress of the
New Deal and it drew a sharp con-
trast between the Rooseveltian ap-
proach and that of the previous ad-
ministration.
Prior to March, 1885," he wrote,
major efforts had been to provide
corporate relief"
The accounting covered activities
of Government agencies for relief
of individual financial pressures,"
such as the home loan system and
pressures," as typif1ed by the Recon-
struction Finance Corp.
Financial Strain Intolerable.
No aggregate figure was given, but
the spread Of activities was great.
The accumulated effects of long
depression" Richberg said, created
intolerable financial strains upon in
dividuals and corporations, threaten
ing individuals with loss Of homes
and loss or impairment Of livelihood
through inability to obtain credit and
meet fixed or recurrent obligations.
THE financial distress of individ-
uals and the vast reduction in volume
Of business and national income i'm
paired the credit and threatened the
Solvency or corporate enterprises and
financial institutions.
"The major efforts to meet these
needs prior to March, 1888, were di-
rected to the relief of corporate Cor
institutionaD difficulties, largely
through the creation and operations
of the Recon ruction Finance Corp.
Under the present administration
measures to relieve financial pressures
have been extended to a variety of
measures for the relief Of individual
distress"
Two Units Are Stressed.
In the individual category Richberg
devoted most space to the Home
Owners Loan and Deposit Insurance
Corps.
He said the home loan organiza-
ton reported "itS operations ended
panic in the real estate market and
brought about some stability, while
the social consequence of preventing
the eviction of several hundred thou
sand persons during a period of great
tension and unrest can hardly be
overeStimated"
The r. F. G. was credited with
ST 1905 100000 of authorizations since
its creation-$5 ,206, ,000, 900 under Mr..
Roosevelt-and $3.50 900 900 in cash
disbursements.
Richberg told the President that
advances under the new loans to
industry act" will probably not be
large"
Activities of other agencies were
given as follows:
Federal Home Loan Bank System
with its 1896 member institutions
has made 1t possible for them to be
lenient with delinquent borrowers
Loan Groups Growing Fast.
Federal Savings and Loan Associa-
11OWJ1l ID 4doI
Federal Savings and Loan Insur-
ance Anticipated that ex-
animation and insurance of the
Federal associations will be under
way by September IS. d" Depositors
and shareholders of eligible institu-
tions are estimated to number be-
tween seven and eight million"
Deposit Insurance Corp.-"About
so ,OoO, 900 accounts in 14,o84 of
the Nations banks were insured
= as of August 10 the in
surance liability of the corporation
being estimated as in excess of s12,-
900 ,000, ,000."
Richberg included in the "individ-
ual" list, without detailed comment,
the Farm Credit Administration,
Commodity Credit Corporation, Fed
eral Housing Administration and Ma
tional Mortgage Association.