Evening star., 1934-05-06
BY OWEN L. SCOTT.

planning to try out the rest cure on
this country after Congress adjourns.
He is hoping for period OF quiet,
during which the Nation can soothe
its nerves, get over its recent jumpi-
ness, and build rapidly toward a
normal, healthy existence.
For his part. he desires to spend
much of the time from the adjourn
ment of Congress until the middle OF
September, away from Washington.
At least five weeks of that period will
be occupied, If present plans material
ize, with a trip to Hawaii by way OF
the Panama Canal.
When both the President and the
Congress are away from the Capital,
the feeling is that the public may get
its mind off red scares and revolutions
and turn its thoughts to private busl-
ness.
Industrialists recently have been be-
seiging Washington with the plea tnat
they be let alone That was the burden
of much of the comment at this week S
convention of the Chamber Of Com
merce of the United States. 1t has
been the appeal of the two committees
of business men appointed after the
March gathering of N. R. A. code
authorities.
Industry asks that the law govern
ing the sale of securities be modlfleo
to ease the way for private invest
ment, and that the prospective law
for regulating stock exchanges pe
made flexible. Then 1t wants to be
turned loose. to try its hand at the
task of creating jobs for many OF
the 100000 remaining unemployed
There are signs here that the plea
of the business leaders is going to oe
accented. at least for trial.
A promise has been made that Con-
press will be given q chance to ease
one or two parts of the securities ACT
tn which industrialists have mace
narticular objection Also, the STOCK
exchange regulation bill has been
tempered.
Gen. johnson no longer threatens
To use the N. R. A. to "crack down on
business men. Rather. business mas
been promised chance to run us
own affairs under the recovery cooes'
with a minimum of Federal inter-
| ference. .;so,+
Neither Gen. johnson nor Presldent
Roosevelt is pressing for the cut In
hours of work and the raise IN wages
that they requested during the Marcil
N. r. A. conference. There Is no
present threat to order blanket cut
| in the work week.
The President Is taking oe-
termined stand against further tinker
| ing with the dollar at this time. ANY
silver legislation that comes from tie
present Congress promises to ne MID
MIR. Roosevelt has admitted that tne
gold-buying program of last FAN ana
Winter did not produce the results
expected.
Not only that, but the country S
50 900 900 900 stabilization fund now
has been set up and will operate
To prevent wide fluctuations in foreign
| exchange rates. Furthermore. very
little legislation of nature distress
| ing to business men Is expected 10
pass Congress in its closing Gays.
Stock market legislation is and has
been expected. The final form OF tne
! bill by Senator Wagner of New YORK,
| for creation of a new and permanent
National Labor Board, is decidedly less
drastic than in its original form
| although far from pleasing to en-
ployers. The licensing power OF
| N. r. A. almost surely will lapse IN
June. Unemployment insurance may
fall by the wayside, but in any event
| that program would not go into effect
for MANY months. The tariff leglsla-
tion is to be administered sparingly
and with care not to upset industry
In fact, the rules of the business
! game, as now written, can be counted
| on to prevail pretty much in thelr
present form until another Congress
| comes along. Those rules are dlf1er-
ent than they were in years past, but
| they include many changes that busl'
ness men sought. Antitrust laws nc
longer rise to plague the large IN
| dustries operating under codes, while
business men generally now have q
| weapon in N. r. A. with which to
battle against cut-throat competitors
So, with new rules adopted and ap-
| piled by Federal agencies with the
smoothness that comes to experience
| President Roosevelt would quietly pull
| away from the main scene for a few
| months. During that time many OF
the measures he sponsored as means
of aiding business would be getting
| in their work.
l Il Z
The new scheme for the use OF
Government credit to aid in a pro-
gram of house building and repair
could start to function. That would
be of benefit in particular to the in
dustries that remain the most de-
pressed and which now harbor the
largest proportion Of the unemployed
! Then the plans for direct lending
by Federal Reserve Banks to business
organizations that ind other channels