Salt Lake Telegram | 1932-03-25 | Page 1 | Bankers' Credit Corporation Not Voluntary, N. Y. Financier States

Bankers' Bankers Credit Corporation NotI Not Voluntary N. N Y Financier States I en Br Associated Press WASHINGTON March 25 A 25 A statement state- state nent ment that formation of the National Credit corporation last October by bankers jankers was not voluntary but was undertaken on the assurance of dent lent Hoover that the Reconstruction Finance corporation would be formed to take over its work was made before be fore the senate banking committee today by Percy H. H Johnston president of the Chemical Bank and Trust rust pany New York t The statement was made during hearings on the Glass Gass banking bankin revision sion bill biJl when Senator Glass Gass Democrat Demo DemoS crat Virginia recalled the tion of leading banks to the National Credit corporation fund to aid smaller banks and used the word Voluntary Johnston who opposed the Glass bill replied that he would not Ado de scribe e the action as voluntary I Iwas was in that conference at Secretary Secretary Secre tary Mellons Mellon's home he added President Hoover told us he had talked to leaders in congress and that as soon as congress met It it ft would form the Reconstruction corporation to take us out of this position Then you didn't do it voluntarily asked Senator Glass We were asked to do it on that basis as a quick stop gap and we did it 11 IV Johnston replied f