The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-08-26
DEPRESSION IS
FOE:;; FARLEY
MAPS BATTLE
Hoover Tells Industrial and
Finance Leaders Main
Crisis Is Whipped.
PROGRAM IS ANNOUNCED
Better Credit, Effort to Pro-
vide Jobs, Aid to Farms
Held Needs.
tRav fuckers story nm Economic Con-
ference. Page Sixl
BY LYLE c. WILSON
United Press Stan Correspondent

United Press stem Correspondent
WASHINGTON, Aug. 26.-Presi-
dent Herbert Hoover today assured
banking and industrial leaders from
all parts Of the country, gathered
in conference here, that the major
financial crisis of the depression
has been overcome
The President said confidence and
hope were reappearing.
He explained that the conference
OF banking and industrial commit
tees of the twelve federal reserve
districts had been summoned here
to plan the next moves in the anti
depression war.
Mr.. Hoover addressed more than
200 bankers and industrialists in the
auditorium Of the new commerce
department building He was the
first Of nine speakers.
Tells Of Immediate Needs
The President cited a program Of
immediate needs as follows.
l. Better distribution Of credit.
g. Coordination of effort to pro-
vide employment
g. Agricultural relief.
He called for equitable plans for
sharing available work
AS a matter of national policy"
Mr.. Hoover said. the shortening of
hours is necessary, not alone to
meet the need of the moment, but
it may be necessary to take up the
slack in the future from the vast
and sudden advance in labor saving
devices"
But Mr.. Hoover said direction of
systematic efforts to shorten hours
is mot properly the function of
government"
Credit Must Be Used
Mr.. Hoover told the assembled
bankers and induStrialists that
credit is available, but in many sec
tions is flowing inadequately in di-
rections which would stimulate con-
sumption of goods and employment
In this connection, Chairman Fort
of the home loan bank board in
formed the conference that he was
seeking nation wide suspension of
home mortgage foreclosures for a
period of sixty days
Fort said the treasury had or
dered national bank receivers to
suspend foreclosures for that pc
Rod and that the board had tele-
graphed all state authorities re-
questing similar suspension. He
promised the loan system would be
functioning before expiration of the
two months.
Commodity Prices Stronger
Treasury Secretary Mills said the
country for twenty-four months had
been in full retreat all along the
line"
More recently the economic curve
has shown tendency to fiatten,"
Mills said He continued to explain
that commodity prices had steadied,
then moderately advanced; shrink
age of bank deposits and credit had
been checked; the bond and stock
market has moved upward; the huge
outflow of gold has ceased.
Perhaps most significant of all.
Mills said, large short term foreign
balances which were a subject of
anxiety and constituted more or
less of threat to confidence in our
credit system have been reduced
from A high of S3.000.000.000 to less
than $600,000,000 which probably is
a sub-normal average.
"All Of these circumstances Justify
the conclusion that the time has
come to make a definite and con-
certed effort to use the present low
plateau. upon which we now stand. as
a base for the beginning of an up
ward movement that will make for
increased employment and the bet
terment of business.
Experts Are Speakers
1T appears from now on the gold
movement will be decidedly in our
favor"
He presented to the conferees the
proposal that they create a CEN
trail committee of banking and in
dustrial committees and proposed
creation of subcommittee in each
reserve district to carry out vari-
Gus phases of definite program.
Eugene Meyer. chairman of the
federal reserve board, told the con-
ferees that the reserve system had
carried on despite "defeatism" at
home and abroad.
Atlee Pomerene, chairman of the
Reconstruction Finance Corpora
ton, declared that if clothed with
the power of a MusSolini' he would
compel every merchant to buy one
third more this year than last, and
force each liquid bank to expand
credit. Thus, he said, the way
mould he oman IN sneedv recovery