The Waterbury Democrat., 1932-11-05
Hoover Makes Last Big Speech In Salt
 Lake City Monday
Addressed Big ThrOng in St Louis Last Make Many Stops Before Reaching Home Tuesday Afternoon @s

''malign influence' of the demo- cratic house of representatives.
 The democratic campaign has been based, he said, on "colossal falsehood," misrepresentation" "false premises, vague promises and shifty positions"
 He pictured two specific exam pies of the fight mad eby his ad- ministration against world-Vide depression. One was an intimate glimpse of the behind-the-scenee I negotiations to save the Central Republic Bank & Trust company, of Chicago from failure. The other was the consultations lead- ing to declaration of the German moratorium. The dramatic story of circum- stances leading up to the grant ing of an $8O,0O0,00O loan by the Reconstruction Finance Corpora ton to the Central Republic Bank & Trust company, Chicago's Dawes" bank was told in detail by the president.
 T would like to have you pic- ture q group of gentlemen" said the president, "sitting in the board room of the Federal Reserve bank in one of our important cities, 1000 miles from Washington. Another similar groupis seated in the board room of another Federal Reserve bank in a city some 200 miles from Washington. A groupf advisors is seated with the president of the United States. It was Sunday aft ernoon and all had been sum- moned on-a few moments notice to meet a grave emergency. These three groups were continuously in communication by long distance telephone.
 During the preceding week there had been general run on the banks in one of these important cities. On Saturday the situation had become critical in the extreme,
 throughout Saturday evening and Sunday panic increased and began to spread like a contagion. Banks were under heavy pressure because of the frightened deposi- tors and inability of the banks in the midst of the crisis to make quick sale of their long term secur- ities without such tremendous sacrifice as to imperil all of the depositors."
 He declared it was found one of the banks had been seriously weak ened and would be unable to open Monday without assistance.
 The immediate problem" said MT Hoover, was to provide be- fore Monday morning a sufficient sum of money to quiet unreason- ing fears" He said the banks holdings were ample to pay out depositors in nor nal times. There were 122,OOO de- positorss most of them small home owners and working people. There were also 17,000 commercial de- positors including 755 country banks, indicating failure of the bank would spread the crisis throughout the city and country. | "The farmer in one state and the widow in another" said the president, "even though they did not know 1t, had a direct financial stake in the fate of this city bank. These 755 depositing banks had l6;500,000 depositors scattered over 15 states and these 755 banks had I21,000 depositing banks with more than 20. 100000 depositers.
 | Finally, at three hours after Sunday midnight, the task was completed. Banks of the two cities joined in lending assistance and the Reconstruction Corporation agreed to furnish sufficient sum to assure that this bank could open without fear.
 "That is the story of the Dawes bank ins Chicago"
 The president discussed the cam- paign attacks made on this loan.
 You know the use our political opponents have made of this in- cident," he said. They ignore the fact General Dawes resigned from the Reconstruction Corporation three weeks before on his first news that attacks were being made on the bank. He resigned to try and save that bank without calling on the Reconstruction Corporation. He knew and appreciated the use that would be made in this cam 'paign of such calumny. General