INTERNATIONAL CO-OPERATION.
Moreover, President Hoover's plan must not be regarded as the sole explanation of the rise in prices. It has manifestly been followed by further action on the part of the Federal Reserve Bank in purchases of securities, the action evidently being designed to make money still more plentiful in the United States Money Market, presumably with the idea that money will be forced by the, low rates into investment securities and possibly into investments abroad. Further evidence of the good will of America and other countries towards Germany's financial difficulties, has been seen in an arrangement of short term credits through the Bank for International Settlements. According to market reports, these credits amounted to 120,000,000 subscribed in equal portions by the Bank for International Scttlements, the Federal Reserve Bank, the Bank of England and the Bank of France. The credits were obviously designed to meet the difficult position in Berlin at the end of the half-year, the Return of the Reichsbank a week earlier showing that there was a danger of the gold cover for the Notes falling below the legal requirements.
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