Salt Lake Telegram | 1935-12-24 | Page 1 | Bankers Plan Campaign for Private Loans

BANKERS PLAN PUN CAMPAIGN FOR PRIVATE A IE LOANS A A. B. B Chief Outlines Program to Check U. U S. S Lending By United Press 7 WASHINGTON ASHINGTON Dec 24 24 Encouraged by assurances that there will be no more banking legislation soon the American Bankers' Bankers association today announced announced announced an an- plans for a nationwide nationwide nationwide nation nation- wide campaign to replace government government government gov gov- financing with private private private vate lending I Robert V. V Fleming A. A B. B A. A president president president dent said he had received assurances assurances assurances assur assur- ances from persons in high quarters quarters quarters that there would be no further further further fur fur- ther banking legislation for quite a while He Ho declined to reveal the source but said it was authorItative authoritative authoritative author I h haven't v nt been been given assurances assurances' that I can speak of Fleming said but persons in high quarters have informed me rue we wo need not bother about further banking legislation Inthe in inthe inthe the near future Fleming added that he could say sayas as a a. general proposition that there does not seem to be any disposition or any need for fat further banking legislation now The banking acts act of 1933 and 1935 cover the situation pretty well wen Fleming said Now vow Its It's simply a a. question of learning exactly what we can and cannot do under its terms Private Financing Plans for tor a nationwide campaign to loosen bank credits and start a flow of private financing will be made at a a. series o of four lour rc regional ional conferences early next year Fleming Fleming Flem Flem- ing said in an interview The American Bankers' Bankers association association association tion Fleming said currently is undertaking undertaking un un- a comprehensive survey of all aU government lending activities The purpose o of the survey he said is to enable the association to attempt attempt attempt at at- tempt to supplant each of ot tho the indIvidual individual indi indI- vidual government lending activIties activities activities ties with similar services performed by private bankers Fleming said he believed a sufficient suIt suIt- dent increase in bank loans could be achieved to supplant to a a. great degree current lending activities of of the federal government The association association asso ass 1 0 has been critical of tho the new deal banking legislation but was understood to have havo reached some sort of an understanding which will permit closer cooperation with the tho administration Eastern Conf Conference ence The of lf f the to four r regional con con- be h held January 23 and 24 2 In ln or eastern states Southern sates bankers will convene In Atlanta or or Memphis Memphis Memphis Mem Mem- in February western western west west- em ern ern bankers will gather either in Chicago or St St. Louis in March Far western bankers will meet in Portland Portland Port Port- land laid Ore in May Fleming said he ho hoped tho Idea would bo be carried to tho the extent that bankers attending the tho regional cop con con- ContInued on Pace Pare Three Column Seven Beven BANKERS PLAN PRIVATE LOANS Continued from Page One od would organize state am and even county associations to cooperate cooperate cooperate cooper cooper- ate in the associations association's campaign object of the tho credit credi campaign Fleming said will be to tomake tomake tomake make bank heads realize they should not turn down loans simply because the collateral offered is no not acceptable in the form offered offeree Rather he said the tho bank heads head should make an effort to put th the collateral and the loan application in shape so that they would b be bankable The time Is ripe to get the public to understand banking Fleming said If It there are any mysteries in banking practices which the customers customers customers cus cus- dont don't understand those mysteries mys rays teries should be gotten rid of o Orval a 1 I W. W Adams second vice vie president of at the American Bank Bankers Bankers' rs' rs association and executive vice presIdent pres pres- dent Ident of the Utah State National bank Tuesday declined to discuss discus the proposed plan of the A. A B. B A A. for a nationwide campaign to re replace replace re- re place financing with wit private lending as outlined by Robert Robert Robert Rob Rob- ert V. V Fleming association pres dent