The Archive · 1934

Bankers Agree to Pres

"MONEY TRUST" TRUCE — Roosevelt's Plan

Washington, Oct, 4.

Further evidence that the "money trust" is making its peace with the Administration was afforded to-day bby statements made by Mr. Frav cis Law, President of the America:

Bankers' Association, following a lengthy conference with Presiden: Roosevelt.

"The President is not against the bankers and the bankers are not against him," Mr. Law said when he emerged from the White House "The bankers want recovery, and T sure that we are going to get it!"

Mr, Law's comments were regarded as especially significant, coming the heels of openly expressed Wall Street resentment over the Pres-dent's, recent radio speech to the nation, whfeh they interpreted as casting a reflection upon the willing. ess of American bankers {0 assist the: Government.

"The National Association of Manu. facturers is conducting a referendum amongst thousands of industrialists 10 determine the stand they will take when the new N.R.A. legislation is sent to Congress, a speech here to-day, Mr. Donald Richberg, the new head of the NIRA. @eclared' that "code price-fixing and production control are "lopsided guild socialism" and said "business must protest and demand fair com= Petition, not the elm

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