Paris, Oct. 8.
Charles Farnier, deputy governor of the Bank of France, and M. Robert Labour Gayet, a director of the bank, left for New York today to confer with the directors of the Federal Reserve Bank on the international financial situation.
—Reuter dent Hoover would rely on assurances given at the conference to proceed with his plans, Senator Borah led the opposition suggestions to extend the! moratorium inter-governmental debts—Reuter, New York, Oct, There has been a very favourable reaction in Wall Stzeet to the Proposals of President Hoover alme Ing' at easing financial credits. Members of the New York Clear: ing' House have "agreed to contribute "$160,000,000 towards the capitalization of the proposed $80,000,000 credit corporation. The Teading bankers hope to have the plan ready by the end of the pre= ent week.
The American Bankers Associa-
Atlantic City have voted their holding, thee "convention at royal of the credit proposal.
ter the first rapture over the Hover proposals, heavy' profit-taking set in on the stock market, driving back most issues from one "five "points from yesterday's advance. Bonds however still are Strong, utilities, railways "and in-Gustrials" advancing "on a wide reverven of member banks, The Member banks hold-part of the
Secretary' of the Treasury wes the Fovcrve. banks "as goverment de-Fonlares, Through thewe channels come most of the resources of the banks; and by means of these deposits, against which a 35 per
serve banking poyer of the country gent tire muss be eld he ig safeguarded and concentrated, in-stond of being, scattered, Any member bank may indorse and rediscount with its reserve bank "notes, drafts, and bills of exchange ieeved on drawn for agricul fra" Sndutrial or" commercial purposes," of good quality and with maturity at the time of discount! of not more than ninety days", and also a ited amount of longer Paper drawn. of iaaued for" ner Euilural purposes, or based on ive stock." No paper shall be eligible that is drawn for carrying on proulation in securities, President Hoover, in statement tasued after the close of the cone ference, declared that he proposes to alscusa' with, St. Lavaly the'Prench Premfes the question of sch further arrangements, as were imperative during the period of depression in Seapect of futer-Governmental debt snyes—"Out problem in this con nexion is one of such adjustment Guring the pesod of depression "as vl dmutaneosly aid our, and the world's recovery."
Both Republican and Democratic tex with President Hoover camareemen, ait at he cone strongly "objected*to the idea of any
dent and M. Laval. guch dlasussion Between the Presi-President Hoover in hie statement says the pubes of the new national Sneeetion would, eto, sets not new unt by the Rogeive Bank AY hip ye: guest, the 'Ienting banks in New York' were "aesmingfendership its formation! "Furthermore, creation of Finance
imfiae tothe Wat' Pingnes' Cote Ses aration, with Sunde sufleent for Tegiimate call to support ered Iestion of the redicount provisie of the Federal reserve la and, so
World is pening throug retin, the. conics the ence riy oral Tu a statement after his confer-
Shatemun' of the Federal Reserve Sonsdrand a delegation of Sena fore and Semen, President Hoover issued statement on his Barks were assuming leadership in ropouals to the effect that leading the organization ofthe 500,000,- 00 Greait Corporation an hat necesnry the Cention of Bance Corporation would be recom simile toe Wer Finance Betiagietmate. call "to. support rations with funds tuficlent. for any, Washington, Oct. 8.
Leading bankers of the United States to-day" informed President Hoover that within 48 hours a Rediscount Institution to loosen credit find halt and overcome the long prevailing economic depression, wil incorporated. in the United States, The Institution will have working capital of at, least!
Neanwhile, it is learned that the Treasury of the United. States is considering the establishment revolving fand which will take over jon. The Treasury, from the proposed revolving fund, would ad. vance funds to the banks in ease of the necessity of relieving depositors.
The press of the country is virtually unanimous. in its expression fof opinion that President, Hoover's lan for unity of economic. action will do much to help financial, industrial and commercial conditions {in the United States and consequent throughout the world. Repablijean members of the Senate and of the House of Representatives approve the Hoover Plan. Most of the Democrats in Conseress, however, fare assuming an attitude of wwatehfal waiting.
Senator Robert M. LaFollette, insurgent Republican st Wisconsin, believes that Presicent Hoover's
Text read from the printed page and cleaned; old type leaves the occasional error.