Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-17

| President Hoover's emergency pro-
gram, with its 100000, 900 banking
fund, has met with general approval,
though some comments are made with
reservations. 1t is pointed out that the
announcement of the plan has resulted
In increased confidence in the future
| on the part of the citizens of the coun-
try.
Advice to aid the President and to
give earnest thought and resources to
its fulf1llment" comes from the Spokane
Spokesman Review, with the further
challenge: Has any one better pro-
gram? We doubt it, Has any one a
program more likely to succeed more
acceptable to the financial and indus
trial leaders of the country? We doubt
it." The Fort Wayne Eews-Sentinel de-
clares Truly, this is a movement of
national assurance and of unity of &C
| ton in an American way to assist bust
ness, employment and agriculture. The
New York Herald Tribune remarks that
practically overnight the country's
credit resources have gained the bene-
fits of unified command; that while
the success of the plan obviously de-
ponds upon its sound and skillful ad-
ministration, 1t offers q solid basis for
action and cannot fail to steady nerves
and buttress confidence"
"It is primarily an investment in pub
lie confidence and there is every reason
to expect the returns will be satisfac-
tory" declares the Atlanta Journal,
with the belief that the fund pro-
vided. wisely administered, will supply
strength and elasticity to small banks
scattered throughout the United States
and should stimulate confidence to a
point where financial projects, delayed
by unusually cautious lending facilities,
can be forwarded in a new surge of
industrial and building activity" The
Scranton Times holds that 1.-The out
look is more hopeful and encouraging
than in many months" and other pa
pers which see increased confidence
already inspired are the Allentown
Morning Cali, the Lynchburg News, the
tonic Express and the Uniontown
Herald.
"At the moment" thinks the New
York Times, "the public mind will be
chiefly impressed by the fact of an
energetic and concerted movement to
control q situation which had been
getting out of hand" The Newark
Evening News offers the added COM
ment: aside from the ability to meet
the requirements of hard-pressed banks.
join the too large company of those
which have undeservedly gone to the
wall, it Is bound to have lasting and
beneficial effect upon the future de-
velopment of banking. It should per-
manently expand the scope and use
fulness Of the clearing house principle
on a regional and national basis. It
may pave the way for unified and
therefore vastly improved banking sys-
tenn"
president Hoover seems to have ac-
complished something new in Ameri-
can history" suggests the Cincinnati
Times-Star, recalling that Sin other
depressions only defensive measures
have come from the Executive" The
Fort Worth Star-Telegram holds that
the plan seems to possess all neces-
sary merit as O generator of confidence
and a sufficient aid to the problems of
many banks-particularly in the agri-
cultural districts" That paper adds
that sit may require something more to
complete q cure, but there is n gain
saving the arrival of the first stages
of convalescence."
* II y y
"In so far as banking facilities are
concerned, the way would seem to have
been opened for the country to adj
vance along the highroad to prosper
ity, If it has the confidence, courage
and enterprise to move forward" ad-
vises the Chattanooga Times.
Business reports indicate a crafty
ing Improvement" states the Chicago
Daily News, with the further estimate
of the effect: 1.-The freeing of hundreds
of millions Of dollars in credit, now as
sured through the bankers pool is
having desirable psychological effect,