Evening star., 1932-08-27

the marks of recovery. but that IL
should be already planning for more
active future.
Our financial men tell us the de-
preston Is over" Mr.. Robertson said,
adding that they cited the increased re-
sources Of the Federal Reserve System,
the return of gold to this country. the
decline in boarding and the available
ity of the new reservoirs Of credit.
They said the turn is made. They
are wise men and believe them" Mr..
Robertson declared. But when look
around my baihwick see no change.
We don't come near being in the black
figures"
Mr.. Young in discussing the need for
the committee on studying the problem
Of making available credit afirmatively
useful to business, of which he will be
chairman, emphasized the importance
of this problem of tapping these re-
servoirs Of credit and making the credit
useful
Home Mortgages Probed.
He related the experience Of the
Business and Industrial Committee of
the Federal Reserve Bank of New
York. Of which he is a member. and
said the first investigation had been
into the home mortgages system In the
State Of New York
"Wesfound a great many mortgages
foreclosed, especially upstate" he
said. There was no source Of new
money for the mortgagors. and dread
full cases of foreclosures we're going or"
He said the committee had dis
covered that the savings and loan as
sociations had maintained a central
bank at Albany, but under the condi-
tions obtaining the bank, though per-
fectly sound. was unable to function.
Mr. Young said the New York City
| banks had become interested and put
| at the disposal of the Albany bank
| 100000 to $10.000,o00, and the
| central bank in turn put this money
+! at the disposal of the savings and loan
associations, with the result that
/ equities in many cases we're saved. In
| consequence feeling of confidence re-
| placed fear, he added.
! President Miller of the Reconstruc-
tion Finance Corporation informed the
! conferees that he hoped to see the time
| when those borrowing for the corpora
ton would be altogether indifferent to
| the publicity now accorded to the
| names of borrowers under stipulation
| of the section of the home loan act
fostered by Speaker Garner.
Notes "Bashfulness."
Mr.. Miller said he noted "a certain
amount of bashfulness In the banking
world in regard to doing business with
the corporation since publicity was given
/ to loans.
II personally would like to see the
Reconstruction Finance Corporation so
| popular with the pubic that no one
would be ashamed Of seeing his name In
| the papers ss a borrower"
Mr.. Tesgle urged the application Of
! the spread-work program to the white
collar class, declaring that its distress
| is acute
Mr. Woolley denounced New York City
! Slums as disgrace" and declared that
| the housing of the masses constitutes
much Of the Nations obsolete and dis
credited equipment
The present low cost Of building
offers an opportunity such as the coun-
, try has never known" the American
Radiator official declared in urging
stimulation of home construction work
Mr.. Kingsbury urged liberty loan
pressure" TO get employers to spread
their work among more workers.
The conference was ended with the
unanimous adoption Of a resolution
offered by J. G. Lonsdale, st. Louis
banker. as follows:
Resolved, That the members Of this
| conference. assembled from all parts Of
the country, and invited TO attend with
out regard for political Affiliations. de-
sire to record their deep appreciation
of the invitation of the President. and
to express their gratitude to the Presi-
dent for the opportunity to meet to-
gether and discuss problems vital to
! business and industry, and to the Amer
lean people. And to join with the
numerous other agencies which he has
! instituted to help our national recovery
| from depression.
The splendid and inspiring addresses
delivered by the President and the other
speakers at this mornings session i'm
! press the members of this conference
with a deep sense Of their duty and
responsibility to cooperate with the
President and other Government agen-
cies in carrying out the proposals and
implementing the program suggested
at this conference.