The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1931-10-08
Hoover Maps
Plan to Help
SickCountry
In Conference With Party
Leaders He Asks Prompt
Support of Congress
MASS ALL RESOURCES
Stock Markets Bound Upward
After Hearing News of
White House Farley

Washington, Oct. GA new pro-
gram for the massing of gigantic
private and public resources in sup
port of a business revival was pro-
posed tonight by President Hoover
to the leaders of congress.
Making his most sweeping ges-
ture for financial recovery since
the moratorium proposal, the Pres
ident sought congressional con-
currence in plan of sterilization
worked out after long conference
with the captains of American f.
nance.
Although details were kept con-
f1dential, it was disclosed that Mr..
Hoover's hopes pointed definitely
toward a freer movement of CAPT.
tai and credits with a consequent
significant upturn in public con-
fdence.
How the project was received by
the senators and representatives
likewise was undisclosed, but it
was apparent that the Democratic
leaders among them were inclined
to ask for time for careful consid-
Grafton. At meeting during the
day, these leaders had formed a
plan to confer among themselves
again tomorrow before giving final
assent.
Meantime, signs of encourage
ment sprang up on every side. In
New York, the security markets
cxxy oy.I
unequalled in many weeks, and
Washington was filled with high
anticipation.
Tomorrow another detail of the
same problem will be examined by
a gathering of bankers and real
estate men, members of a finance
committee of the Presidents con-
ference on home building.
One of the things in which Wall
street and many bankers every
where have been most interested is
the tieup Of real estate credit for
the small borrower. For this 1t Is
hoped solution may now be at
hand through a liberalization of
some Of the credit requirements
now operating to freeze the assets
of otherwise substantial institu-
tons.
Some Of the existing restrictions
on credits and security rediscount
trace back to the federal reserve
law itself. OF course only congress
can amend the law, but the admins
tration is prepared to help by con-
structing the statutes as favorably
as the congressional leaders will
permit.
But private capital, as well as
the reserve system, will be asked
to do its part in the recovery pro-
gram, it is by throwing into a uni
fed effort the entire force Of the
great financial institutions, backed
by the direct cooperation of the
federal reserve board, that the
President hopes to give the whole
national structure of banking and
industry a definite push toward bet
ter times.
The only official statement came
today from the President saying:
"The purpose of my conference
with members of congress tonight
is to advance a national unity in
the setting up of constructive
forces in place Of destructive
forces now working in the depres-
sion. I feel that it is not proper
in advance Of this conference to
make any announcement"
Those invited to the conference
were selected by Mr.. Hoover be-
cause of their positions Of leader
ship in the two party organizations
and their membership on the COM
mittees which handle fiscal legisla-
ton.
Senator Watson, of Indiana, the
Republican floor leader, and Sena-
tor Robinson, of Arkansas. who has
the same rank among the Demo-
Gratis, headed the senators.
The others included Glass, OF
Virginia, a former Democratic sec
rotary Of the treasury, and co-au-
thor Of the reserve act, and Walsh,
of Montana, Harrison. of Mississip-
pi, and Wagner, Of New York, all
Democrats, along with the Repub-
lican Borah, of Idaho, Bingham, Of