Evening star., 1934-09-17
PROGRAM MAPPED
BY |NDUSTR|AL|STS
Criticism of New Deal Reaf-
firmed-ReviSionS to
Be Sought.
By the Associated Press.

BY the Associated Press.
The position that many things are
wrong with the administrators pro-
gram and that a number Of changes
must be made for recovery to proceed
has been reaffirmed by 100 leading in
dustrialiSts.
However. in their Hot Springs, Va,
meeting last week. they left it to the
Durable Goods Committee to draft a
new statement of policy and outline a
future program.
Reafhrmed were criticism Of the Sc
curities and stock market regulatory
laws and the assertion that further
reductions In maximum hours with
compensating increases in hourly rates
OF pay will not materially contribute
to the reduction of unemployment"
Headed by George Houston. presi-
dent of the Baldwin Locomotive
Works, the new committee is to issue
a policy statement soon. That state
ment, some industrialists said, will in
clude many Of the assertions made by
the Durable Goods Industries Com
mittee last May.
wages heAd 100 High.
Furthermore, it was predicted that
the new statement, unlike the old,
will include an expression of belief
that in many cases wages are too
high.
There also were predictions that the
new policy would declare for revisions
in the recovery act to permit monopo-
listic control Of some industries under
Government supervision-a modified
cartel plan. Modification of antitrust
laws for other industries also would
be envisioned in this proposal, with
much greater provisions for self-gov-
ernment than at present under N. R. A.
Last march the Durable Goods In
dustries Committee was elected at a
general code authority meeting in
Washington. Its May declarations,
reaffirmed at Hot Springs last week,
included fundamental conditions for
recovery" summarized as follows:
To Prevent Strife.
A free flow of private capital into
private business; a sound real estate
mortgage market; industrial relations
on a basis which would assure CO.
operation instead of strife; a balanced
price parity between agricultural COM
modities and manufactured goods.
The industrialists also approved
these things, which their committee in
May said would bring "re-establish-
ment Of confidence:
Assurance to private enterprise that
the profit incentive will continue to
receive public approval as an energiz-
ing motive for economic recovery.
Public recognition that the only
legitimate purpose Of taxation is to
provide the necessary revenue for Gov
eminent and not to effect a punitive
redistribution of wealth, which para
lyzes business initiative for any other
purpose.
Removal through the permanent
balancing of the budget of the threat
Of uncontrolled imitation.
Removal of any remaining threat of
a sudden and arbitrary change in
monetary policies;
Assurances that companies which
have adjusted their business methods
and policies to the temporary emerg-
ency program of the N. r. A. will be
free from uncertainties Of unreasori-
able or arbitrary administration.
Stock Act Hit.
Concerning the stock market and
securities acts, the committees prev
ious expression to this effect also was
approved:
Reform measures necessary to curb
abuses in corporate financing can and
should be SO drawn as to accomplish
their purpose without deterring honest
citizens from undertaking the f1nanc-
ing of useful enterprises"
Before going to the Hot Springs
meeting, Houston several weeks ago
talked with President William Green
Of the American Federation of Labor,
complaining, Green said, of "oppres-
sive legislation"
The labor chief related that he told
Houston industry ought to adjust
itself to the changes Of the new
order" which would bring no injury
to industry because it would pass on
to the consumer the added charges
just as it passed workmen's compen-
sation law charges on to the con-
sumner"