17 OCTOBER 1931, Page 3

President Hoover's Plans • President Hoover last week held an

important con- ference: with the leaders of both parties in' the United States Congress to consider the financial crisis and to devise means for restoring public confidence which is so far lacking that many Americans are hoarding Federal notes. Prominent bankers undertook to subscribe a fund of £100,000,000 for the purpose of supplementing the operations of the Federal Reserve Banks and strengthen- ing the position of the lesser banks. • As no fewer than 2,200 American banks have suspended payment in the last eighteen months, some such assistance is clearly needed. It 'is thought that if the public could trust the banks fresh capital would flow into them and out, again for the benefit of American industry.

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