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S my BRITAIN TO GERMANY RUMORED I f V T i t Reports of Loan Persist De spite Lack of Confirmation in Financial Circles AMBASSADOR URGES AID Hoover Confers With Treasury on Means of Relief D By fly Associated Tress ruse LONDON July 13 Reports 13 Reports were persistent in financial circles here today that a credit of ot pounds about had been arranged for Germany by a a. combi combination nation of ot banks including American and British The reports could not be confirmed NEW V YORK July 13 Reports in London that British and AmerIcan Amerlean American Amer Amer- ican lean bankers have extended a a. loan to Germany could not be confirmed in Wall Vall street The results of or the conference at the World bank at BasIc Basle were being awaited It is understood however that American bankers have been prepared prepared prepared pre pre- pared for several days das to participate in such a a. credit pending satisfactory satisfactory tory arrangements in Berlin and Paris It was said at th the Federal Reserve bank that the matter of extending a credit rests with the developments at Basel that th the problem was regarded regarded re re- re as primarily a European matter mat mat- ter and that the federal reserve was taking no initiative in it It W WASHINGTON July 13 lP- lP Speedy financial relief relle for Germany was declared essential in a report to he state department today from Ambassador Sackett at Berlin Meanwhile President Hoover back from his Rapidan camp had no engagements engagements en en- for the day and was wa devoting de tie voting his entire time to the German crisis Acting Secretary Mills of or the treasury an early caller rem remained closeted with the president for a a. lengthy conference The administration had announced that while American banks were ready to cooperate to help Germany in her struggle against large withdrawals with with- of short term foreign credits cred cred- its it was up to Europe's banking Institutions institutions in In- to take the lead Ambassador Sackett made no mention mention men men- tion of American assistance in his Continued on Pate Page Three Germany Invokes Bank Dictatorship As U. 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British Credit Aid Looms Reports of Loan Persist Despite Despite Despite De De- De- De spite Lack of Confirmation in Financial Circles I Continued rom From ro Pare t One e report to the state department But Buthe Buthe Buthe he did say help must be forthcoming ing lug quickly His report was dispatched dEs dis patched alter after a conference with German German Ger Ger- man officials In a statement last night followIng following follow follow- ing a meeting of federal reserve bank officials In New York Acting Secretary Sec See Mills said the American government gov gov- regarded the latest German problem as fundamentally European and one to be solved through the Initiative e and concerted action of those who are closest to the situa situa- tion 1 He added that over oyer had been made available for rehabilitation tion of German Industry and commerce commerce com com- 1 merce by virtue of the Hoover debt moratorium That he said Is the only direction direction tion In which our government go has either cither the opportunity or the authorIty authority authority author author- ity to Intervene Hoover Spurs Study Of Germanys Germany's Plight WASHINGTON ASHINGTON V July 13 W- W P President Hoover turned his undivided undivided vided attention toda today to the German financial situation Returning from his Rapidan camp where he spent the week-end week the chief executive found Important communications concerning Germanys Germany's Germanys Germany's Germanys Germany's Ger Ger- many's plight on his desk and immediately immediately im im- im mediately began a study of of them Additional Information came to him from the state department the treasury and press reports All AIl available sources were used b by the Wl White te House to keep in close contact with the situation although It was said that the chief executive ha had not communicated directly with Ambassador Sackett nor with any other official In ill Germany White House officials were puzzled over reports of telephonic communications com corn supposed to have come cometo cometo cometo to the president Friday and Satur Satur- day No such calls had been received received re reo it was said Information has 1 come through regular diplomatic channels However that Acting Secretary Sec See 1 I Mills of the treasury department department department depart depart- ment who participated in week end conferences in New York with vanous arious various van vari ous financial authorities had an engagement en en- with the president this morning shortly after the chief executives executive's executives executive's ex ex- return from the Rapidan U U. 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S Banks Ready I To Lend Assistance WASHINGTON July 13 P 1 American banking interests are P 1 understood understood un un- un by the Hoover administration tion to be ready to assist European central banks In relieving Germanys Germany's critical economic situation The administration however has I taken the view that any plan for 1 preventing the financial collapse of the German government should originate with principal European banks The attitude of the American government government gov gov- was made known last night by Acting S Secretary Castle of the state department upon his return from spending the week-end week with President Hoover In Virginia Shortly Short Short- ly before issuing a formal statement on this governments government's policy he lie conferred con erred with Ambassador Claudel of France but neither disclosed the nature nature na na- na ture turc of the discussion The heads of the principal European European Euro Euro- central banks s including the Bank of England and the Bank of France Castle said are meeting tomorrow Monday morning in Basel Switzerland with the bank of International settlements They will no doubt consider the German banking crisis Obviously any plan for Tor a banking banking bank bank- ing big solution of the situation must originate from the these e banks which are on the ground and It Is my understanding understanding under under- standing that our bankers are prepared prepared pre pre- pared to consider assistance in any effective plan of relief that they may evolve |
