The Bismarck tribune., 1934-11-14
ACTION IS VIEWED
WITH Optimism BY
NATIONS BUSINESS
Administration Finds Private
Industry Able to Assume
HOLES Work
RFC ASKS NO MORE FUNDS
Treasury Action Seen a. lndi-
cation Of No More Dollar
DevaIuation
RFc ASKS NO MORE FUNDS

Washington, Nov. 14.-(ReA new
sil Of optimism that . business re-
vival soon would ease much Of the
governments recovery load surround.
ed certain New Dealers Wednesday
as the Roosevelt administration made
the first moves to scrap some emer-
gency agencies.
As signs Of the beginning Of .
march toward normal, many obeerv-
ers cited these developments:
l. Authoritative indications from
the White House that no more money
will be asked for the Home Owners
Loan corporation, which has closed
1t. doors to new applications for
loans. The HOLC, formed q q 33,-
100000. 900 agency to aid home own
ers in distress, said private business
soon would be able to re-asgume the
aSency,s task.
:. A statement BY Jesse Jones,
chairman Of the RIG, that his
agency intended to ask no more
funds from congress. The RIG was
formed back In the Hoover admins
tration to help private business and
banking weather the storm.
;. The action Of the treasury In
removing restrictions on the move
ment Of foreign exchange. It seemed
to some onlookers % Q sign that no
further devaluation Of the dollar q
intended In the immediate future. r
It were, they argued. the government
would not he making It easter for cap
1tal to flee from the dollar.
Hint Given Bankers
The Hole and RFC DEVELOPMENTS
follow President Roosevelt's pledge
to the American Bankers association
that the government would halt It's
lending and spending Is soon as prt-
vate initiative took over the task.
The outcome Of the bankers con-
vention, where the president made .
speech, was widely interpreted - .
peace pact between the administra-
ton and the bankers. Some observ.
ers see In the recent Developments q
trend toward the right, . sign that
the president Is approaching closer
to the business viewpoint in the
struggle toward recovery.
On the other hand, some point to
the administrators intensified drive
against policies Of private electric
power concerns, some Of which In
volve high financial and business
leadership.
The White House, on Tuesday.
handed out . report Of the New
York state power authority declaring
rates to small consumers In New
York state should be cut almost In
half and that the total power bill to
tho northeast should be chopped BY
4lo4 100000 annually with the aid Of
the st. Lawrence power "yardstick.' =
There also lave been hints that con.
gress may be asked to put utility
holding companies under. strict resu-
1ation.
President 70 Warm Speings
The presidents policy Of using pub.
lie power projects - 'yardsticks" 70
force private concerns into line will
be dramatized BY . trip the presi-
dent viii start Thursday. In route
to his winter home at Warm Springs,
Ca, he viii 60 through the Tennessee
valley. scene Of vast experiment In
public power development. Organ
lied coal dealers are expressing hos
tility to the IVA hydro-electric pro-
ject, calling It . threat to coal and 70
private business.
Both those who say the Roosevelt
administration Is swinging to the
right and those who assert It is going
left insist they have good grounds for
their belief. The only official view
Of the government itself u that It Is
going straight ahead.
Relief-with 1900 y000 or 90 people
still drawing aid-remains the para
mount problem. The EEEsA eGti-
mates 1t has enough money TO last TO
March, II the present rate Of spend
ing Is not increased.