Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-15
HOOVER HOME LOAN
PLAN is WELCOMED
Congress Leaders and Bank
ers Praise Proposal to Aid
Nations Building.
(continued From First Page.l

CONTINUED From First Page.)
turns ID ahead as Congress works Out
the new banking programs In detailed
form. There are numerous signs Of
differences of opinion on the details.
The President will leave these details
up to Congress for decision, contentine
himself with asking the legislation.
He put forward for the first business
of Congress formal ratification OF the
one-year moratorium on war debts AND
reparationS-already In effect. The next
payments of war debts are due to be
made by the foreign nations to the
United States on December Is. APP
prevail Of the moratorium before that
date is desired by the administration
- There undoubtedly will be some de-
bate on the moratorium, but an over
whelming majority Of Congress has as
sured Mr.. Hoover of support and no
doubt Is entertained that it will be ap-
Reduction Of governmental expendi-
10 was another of the foundation
stones In the Presidents message, and
on this he placed perhaps the greatest
emphasis.
with a deficit last year of one bill
lion dollars and another OF perhaps
greater proportions in sight this year, he
extended tax revision was to be avoided.
The President spent the entire day
In his study working on the message,
except for a short period about noon,
when he returned to his ONCE to confer
with Eugene Meyer, governor OF the
Federal. Reserve Board, and Budget d.
rector Roop.
were not revealed, It was believed they
A~-s~ - ExwA Ia0
and financial sections Of his message.
The President last night made public
q number of kilograms from bankers.
real estate men and others throughout
the country commencing his real estate
mortgage plan.
Herbert u. Nelson, secretary of the
National Association of Real Estate
Boards, said it was "the most con-
structive undertaking of recent times
and will command Nationwide sup
port"
n. S. Kissell of Springfield. Ohio,
wired. 1T will bring hope and courage
to millions"
Excerpts from some of the other mes
eages follow:
Gavin L. Payne a. Co.. Indianapolis:
"The great vital first step to put the
country back on even keel is to restore
now of mortgage money. Believe the
National Real Estate Board Mortgage
Bank plan admirable"
Claude A. Campbell, vice president
of the Ohio Savings Bank and Trust
Co., Toledo: 1T is my best Judgment
that such central mortgage bank would
bring substantial relief to banking in
gtitutions throughout the country"
Leo T. Crowley, Madison. Wis:
'sThink 1t very essential to the revival
Of the home building industry and to
q general economic recovery to make
residential real estate mortgages more
hquid"
David v. Sutton, New York: cit will
do more to end depression and bring
back normal conditions than anything
eise."
Corliss z. Sullivan, chairman Central
United National Bank. Cleveland: This
will be of great benefit to the entire
banking situation"
Eward G. Hacker, director, National
Association Of Real Estate Boards, Lam
sing, Mich: Your action on central
mortgage bank Received with intense
interest and enthusiasm here"
L. 7. Stevenson, president
National Association of Real Estate
Boards: 81 believe such a plan will in
mediately stimulate building of homes
and aid in q great measure to solve un-
employment"
Other messages, some OF them ap-
parentiy written before announcement
OF the plan and urging the President
20 take such action. came from Harvey