The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-10-07

$3.50
extension of the German mo
Laval comes here later in the
Vigorous and plainspokel
opposition by both Republic
ans and Democrats was
aroused by this proposal. Mr.
Hoover did not indicate, how
ever, that he would abandon
this intention.
Mr.. Hoover's financial program
was designed to meet the threat
ened banking crisis, drive ava!
foolish alarms" and stop boarding
Plan Is Detailed
Details of the plan follow:
/. Formation of a bankers cor
poration with at least $500,000,000
to rediscount banking assets not
now eligible at federal reserve
banks. Many bankers have as
sented to this. The New York
Clearing House Association al
ready has pledged $150,000,000.
Secretary of Treasury Mellon said
the remainder would be raised
without difficulty.
2. Appointment of bankers
COMMITTEES by federal reserve
banks to make advances on assets
of closed banks, to release locked
deposits.
3. Action by congress &c broaden
the federal reserve act to give
greater liquidity to the assets OF
federal reserve banks.
4. If necessary, Mr.. Hoover will
recommend creation of a finance
corporation, like the war finance
corporation, with funds sufficient
for any legitimate credit demands.
S. Advance of additional gov
eminent capital to federal land
banks to provide greater credit
for farmers.
President Hoover will confer will
real estate men at 2 p. m. today tt
consider the pressing mortgage stu
alton.
Hoover Issues Statement
Tuesday nights conference began
Of q o'clock and ended just at mid
night. At 1910 a. m. today PreSl
dent Hoover issued a statemen
which had been agreed upon in tn
conference, outlining the foregoing
program.
"The times call for unity Of actor
on the part of our people" it sal,
in conclusion. 1--WE have met witt
great difficulties not of our owl
making. II requires determinatlol
to overcome these difficulties ano
above all, to restore and MAINTAIN
confidence.
"Our people owe it not only =
themselves and in their own IN
terest, but they can by such exampl
of stability and purpose give hop
and confidence in our own countr'
and to the rest of the world"
The questions of increased take
and an extra session of congress
were not discussed.
President Hoover's sudden actor
in Summoning more than thlrt.
Republican and Democratic mem
bers of both houses provided one O.
the most spectacular occasion
Washington has seen since the war
Stirs Wall Street
It's Importance was marked II
Wall Street Tuesday, when, ever
before his program was revealed
stocks took long upward squirt
Believing the existing emergenc.
second only to war, Mr.. Hoove
sought a virtual political truce il
seeking unified support for his pro
gram.
Though this support was grantee
In principle on the financial pro
gram. some Democrats presen
showed temper which indicated op
position to any sweeping armistice
Strong independence was mani
tested especially by Representativ
John N. Garner, small, genial, bu
quick tempered minority foo
leader and probable Speaker Il
event the Democrats organize tn
house.
His attitude foreshadowed rougl
political warfare in event tn
Democrats take control the house.
President Hoover's plan to extern,
the German moratorium ais
brought strong opposition from sew
eral, including Senator Watson
majority floor leader, without who's
support pro-adminiStration actiol
in congress would be difficult.
Mellon Is Snapped
The legislators came in at tn
main entrance, some in Dime
jackets, and some in business suits
each running barrage of cameri
flashlights under the stately from
portico which suggested a Holly
wood motion picture opening.
Secretary Mellon drove UP in hi