The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1934-09-28
REORGANIZATION Of
NRA UNDERWAY With
R|CHDERG CHAIRMAN
Administration Launches Al.
tumn Attack on Recovery
With QuiCkened Tempo
MOVES TO EASE CREDIT
Wallace Answers Critics Of
Government in Business
in Magazine Article

washington, Sept. 28.-R-The
Roosevelt administration, in q swift
quickening of tempo, has started the
autumn attack on recovery problems
with several major moves.
Paramount among them Is the
presidents action in placing control
Of MIRA policy in the hands Of aides
generally regarded as among the
more liberal leaders in the govern
ment.
With the president back in the
White House after summer days, Sig
nificant events crowded thick and
fast. Among them were these:
!. Donald r. Richberg, whose diff
ference Of opinion with Hugh s.
Johnson attracted wide attention,
emerged as the top man In the indus
trial recovery drive. To q recognized
industrial emergency committee Of
six, which Richberg heads, President
Roosevelt Thursday night CAV. the
task Of laying down policies for q
revamped NRA.
2. One-man rule Of MIRA, from
which Administrator johnson has re-
signed, passed definitely out Of the
picture when Mr.. Roosevelt selected
q board consisting Of two industrial
lists, two labor experts and q college
professor to administer the Blue
Eagle unit under direction from the
White House.
Hits Gossip Mongers'
3. President Roosevelt struck at
gossip mongers" who would create
fear or encourage panic" In q radio
speech Thursday night, he cited q
wall Street" rumor, which he brand
ed as wholly untrue" that Secretar-
- Wallace, Perkins and Morgen-
thau, with Rexford G.. Tugwell, un-
dersecretary Of agriculture. were to
retire Immediately.
4. The federal reserve board-in
setting q sliding scale Of between Is
and IS per cent for stock market
margins ano establishing somewhat
flexible rules for handling accounts
was believed to be aiming at q MIDI
crate course that would not unsett!c
the market.
S. New moves to increase the flow
OF credit were under way. The RIG
decided to buy preferred stock and
capital notes Of trust companies spe-
cializing in mortgage loans. and to
encourage the creation Of new trust
companies that would put money out
In mortgages. The need for more
speed in handling applications for
industrial loans was outlined by Sec
rotary Morgenthau to chairmen Of
the industrial advisory committees Of
the IL federal reserve banks.
Wallace Answers Critics
8. To critics Of government in
business" Secretary Wallace made
answer. In the current Golfers
Weekly, he cited three possible
choices: Communism, Fascism, or q
government that is "a partner with
business, labor. agriculture and con-
sumers.",
Besides Richberg, the board that
will form MIRA policy will include
Secretary Ickes, Secretary Perkins.
Chester Davis and Relief Admins
traitor Harry l.. Hopkins. The chair
man Of the NRA administrative
board, to be chosen by that group
later, also will serve with the Rich
berg committee.
Besides drafting NRA policies, the
committee was directed to make rec
concentrations to the president on
problems Of relief, public works, labor
disputes and industrial recovery.
The administrative agency, to be
known as the national industrial re-
covery board, comprises:
Clay Williams, tobacco manufac-
turer Of Winston Salem, North Car
olina) chairman of Secretary
Roper's business advisory and PLAN
ming council and former member Of
the NRA industrial advisory board.
A. D. Whiteside, president Of Dun
and Bradstreet, publishers Of finan-
cial data, and q former division adj
ministrator for NRA.
Sidney Hillman, president Of the
powerful Amalgamated Clothing
Continued on Page Two)