Show Hoover Signs Reserve Measure Adding Ten Billion to U. U S. S Credit in Gold Will Till Be BeI I Put to Work as Result Great Drop in Bank Failures Expected By United Press W WASHINGTON Feb 27 27 PresIdent President Hoover today signed the Glass Glass bill unlocking vast stores of federal re reserve reserve reserve re- re serve credit to help the nation toward better times It is expected the new law Jaw will make possible a potential expansion of in the country's credit facilities In addition more than o of added currency I could be issued should this be needed High I officials fic l of f the treasury believe it will will r. r reduce uce b bank failures to a negligible number I Congressional action on the measure measure meas meas- I ure ure was completed yesterday when house and senate unanimously agreed to a conference report fixing the measures measure's final form fonn The bill the White House in the reached evening evening eve ning and became law when the president dent signed It today About of gold now held by the federal reserve in excess of legal requirements may be put to work as reserves for tor the additional credit and currency Availability of ot this gold also will fortify the gold standard in this country according to sponsors of oC the act and protect the United States from gold withdrawals withdrawals withdrawals with with- by foreign nations The new law enables banks to borrow borrow bor bore row from the federal reserve on securities securities securities se se- se- se hitherto ineligible for tor rediscount redis redis- count The administration is confident confident dent that banks with these new resources resources re re- sources will be more ready to advance advance ad ad- vance funds to large and small industrIes industries industries indus indus- tries and businesses Several federal reserve banks bonks ore are understood to have completed arrangements arrangements ar ar- for operating under the new provisions so that member banks ma may benefit with out delay |