Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-08-26

ness become intimately acquainted with
and to use the facilities which have
been provided through the creation OF
these special agencies, as well as those
furnished by the more permanent or
CARNATIONS Of the Federal Government
Paul Bestor, commissioner of the
Farm Loan Board, said the board had
been assured by the Federal Land
Banks, that they have ample funds for
loaning purposes and that it is their
policy to accept all eligible and de-
sirable loans offered through solvent
National Farm Loan Associations.
He said the IL Federal Land Banks
had outstanding farm mortgage loans
OF $1,143, 100000, and called attention
that the Reconstruction Finance Coy
poration was ready to loan $30000,000
to the banks If needed.
Meyer Promises Aid.
Eugene Meyer, Governor of the Fed
eral Reserve Board, gave assurances
that the Federal Reserve system stood
ready to meet the needs Of American
commerce, industry and agriculture.
Meyer said the Federal Reserve sys-
tenn, through the -Steagall bill,
had been able to meet the situation
caused by contracted credit and that
this legislation had been a vital factor
in easing conditions in American bank
ing circles.
He recalled that the bill made Gov
eminent bonds eligible for rediScount
purposes and in that way the situation
brought about by the outflow of gold to
foreign countries and the boarding in
this country was met.
Assemble at White House.
The chairmen of the Banking and
Industrial Committees in the Federal
Reserve districts did not conclude their
meeting with Government officials until
shortly after o'clock last night A
statement for the group, explaining the
purpose of yesterdays session, was i'm
mediately issued by Secretary Mills.
Three hours later the executive lead
erS assembled at the White House and
gave reports on conditions in their
territory and exchanged views general
ly with the President.
Those at the two-hour meeting in
the Executive Mansion said the reports
generally carried a confident tone.
Some went SO far as to say the dis
cuSsion was the most optimistic of re-
cent months.
Walter Newton, one Of President
Hoover's secretaries, and Secretary
Mills later emphasized that the Pres
ident confined the session entirely to
an informal discussion, content to
await today's conference action.
At the meeting held in the Treasury
Building, Secretary Mills said, full
report was submitted by each of the
IL chairmen as to the work OF their
committees, the problems dealt with
and the general conditions existing in
their districts.
He said that, in addition to these re-
ports, statements were made by the
president and chairman of the Recon-
struction Finance Corporation, the gov
ernor of the Federal Reserve Board. the
governor of the Federal Reserve Bank of
New York, Daniel Willard, president of
the Baltimore & Ohio Railroad, and
others.
Informal Meetings Held.
For some weeks past" Mr.. Mills con-
tinued, informal meetings have been
held, attended by members of the bank
ing and industrial committees and Gov
eminent officials, at which the posi-
bility of setting up central commit
tee Of the banking and industrial COM
mittees was discussed, such commit
tee to act as central point OF contact
in those matters regarding cooperation
between various public and semi-public
agencies and the several banking and
industrial committees. and to be OF as
sistance to voluntary committees formed
for the purpose Of carrying out definite
undertakings.
Those attending these informal meet
ings had also considered some definite
proposals looking to the stimulation of
business activity and of employment. A
full report was submitted to the con-
| ference today covering the discussions
of and recommendations made by the
informal group.
"At the conclusion of the session 1t
was the sense of those present that they
would recommend to the conference
that Is to meet tomorrow the setting up
| of a central committee of the banking
and industrial committees to meet the
purposes above described and would
submit as well a definite program of
activities that might be undertaken
either through the banking and indus
trial committees proper or through sub
committees to be appointed with their
cooperation"
Broadcast Cancelled.
A Nationwide radio broadcast Of
| today'S proceedings was Cancelled late
yesterday at the instance of the Plan
ming Committee for the big conference,
which included Secretary Mills and
| Secretary of Commerce Chaplin.
The radio broadcasting companies
had intended to put the conference on
the air, particularly the Presidents
speech, as public service" program.
Mr. Hoover Is said to have agreed and
had expected up until the ruling of
the planning group, that his address
would be broadcast.
The decision was said to be in line
with an announcement made by Sec
rotary Mills that all effort would be
made to keep down "ballyhoo' of the
conference Then, too, the Planning
Board is said to have taken the view
that, inasmuch as the program calls
for seven administration speakers
their views might be considered In the
nature of political propaganda. Mr.
Young was the only private citizen on
today's program.
I'VE have a business job-a Job we
have been doing and intend to carry to
success" Secretary Mills said, land we
are not interested in ballyhoo."
Leaders in the American Legion's
national drive against the depression
we're in attendance at today's confer
ence to observe the proceedings.
Mark T. Mckee, executive director
| of thu 7 aoiopia National Ernp1ovnent