Evening star., 1934-11-22

A large section of the Nations press
halls with satisfaction the announce
ment by the Home Owners Loan Corp.
that applications will not be received
in the future, but that dependence will
be placed upon private sources Of
funds, with which the Nation is de-
clared to be plentifully supplied.
This action is accepted as evidence OF
improved conditions.
Had the necessity for H. o. L. c.
persisted" says the Newark Evening
News, there is no question that it
would have been perpetuated. In &C
tual accomplishment it will have
saved over a million homes to their
nominal owners. That invites opinion
more sentimental that practical, but
the wholesome effect on the real es-
tate market alone, including land
values and buildings. by keeping these
properties off the distress market, can
be translated into the billions Of
dollars"
I'm declining to take any more Of
the burden of investor and home
owner" according to the Indianapolis
News, "the administration has said
that it believes they can go along
on what they have, sign Of faith
in an immediate general improvement
of business" The News also COM
ments: 1T shows belief that i'm
proved general conditions have
brought about an easier loan policy
among lending agencies, and less pres
sure on stockholders in these agencies
for the return of their investment.
The new mortgage plan for financing
home building calls for lower interest
rates. toward which the administra-
ton seems to be working in all parts
of the country. This will bring a
considerable relief to the owners OF
mortgaged homes"
President Roosevelt's policy, re-
peateoly affirmed, is that the Govern
ment shall step out of direct business
as soon as private business can carry
the burden ITSELF" states the New
Haven Journal-Courier, while the
Roanoke World-News, emphasizing
the unemployment task Of the new
housing corporation, voices the opin-
ion: I'm scrapping one agency and
at the same time building up another
the Government is definitely turning
from relief to employment, from saw
ing the homes of those who have built
in the past to providing modern hous-
ing for those now living in inadequate,
uncomfortable and often insanitary
quarters"
"Relaxation of the emergency re-
gime" is seen by the New York Times
which enumerates the steps taken
since last Summer with the list:
81. Amendment of those sections OF
the securities act of 1888 which most
severely handicapped the free flow OF
private funds into private industry.
90. Reliance by the new Housing
Administration primarily on private
funds for the rehabilitation of the
construction industries.
"3. Recommendation that the So
called permanent plan of bank de-
posit insurance, with its greater risks
for conservatively managed institu.
tions, be discarded.
a. Continued use by the Treasury
Of entirely orthodox and conservative
methods in refunding the nationa
debt.
IS. Removal by the Treasury OF al
restrictions on transactions in foreign
exchange, transfers of credit and ex-
port of currency other than gold GER
tiflcates.
"6. Greater recognition Of the part
traditionally played in business re-
covery by the revival Of foreign trade
"a shift of sentiment indicated BY
the efforts now being made to nego-
tiate reciprocal tariff agreements with
Is nations.