Statement on the Formation of the New York Banking and Industrial Committee.

THE PRESIDENT said:

"I am much gratified at the action taken in New York by which a joint committee has been appointed representing financial and industrial leaders of that city for the purpose, amongst other things, of securing that the expansion of credit facilities made available through the Federal Reserve banks and the Reconstruction Finance Corporation shall be translated into industry, employment, and agriculture. I am in hopes that similar action may be taken in other Federal Reserve districts. It would seem desirable that the Governors of the different Federal Reserve banks should proceed in a similar manner, and as soon as the chairman of such committees are known, I shall be glad to invite them to Washington in order that the whole program may be set up on a national basis."