Show DEFINES BANKERS PART IN RECOVERY Head of American Bankers ankers As- As Association Association Assures the President President dent of Confidence and Desire to Cooperate Among Bankers WASHINGTON 1 D C President Roosevelt in his addres address before the conference here on March 5 an announced flounced that he had received the fol- fol following towing lowing telegram from Francis M Law President of the American Bankers As AssocIation On this your first anniversary please allow me in behalf of the country's hanks to express our full fulI confidence and our desire to cooperate in your courageous efforts to bring about recovery The banKing structure structure- structure structure-of at atthe the country to Is sound and liquid and banks have never been In stronger po- po position to function effectively Conditions Condi- Condi Conditions have Improved to the point where it Is no longer necessary for banks to tobe tobe be super There is a definite call now noVo for banks not to extend loose credits or to make improper loans but for a most sympathetic attitude toward legitimate credit needs and for a recognition of responsibility for their proper and vItal part In the program of re covert coven The Soundness of Banking In an address before a recent trust conference of the associations association's Trust Division in New York Mr Law said A depression cannot long survive a sound banking structure if the banking structure is responsive to legitimate needs and functions In a way that is Irile and alive The most cheering fact of the present situation is the knowl knowledge knowledge edge that banks are in strong positIOn Recovery even to the most mastic is no longer a myth or a rumor nor is it merely psychological Abundant Abundant dant evidence and proof lie on every tangible hand proof With a return ot of confidence the wheels have begun to go round and a great many well managed businesses may look for a profit durIng this calendar year with fair tair assurance at least For what has been achieved let us thank the President who has labored with courage and patience and vision Let us thank the Congress whose members during the emergency have put the public welfare above par par- partisanship partisanship Let us thank one hundred twenty five million of our own who have refused to be stampeded but rather who have kept alive the divIne spark of faith and hope Cause for Confidence We may reasonably expect that the recent action of the government in stabilizing sta- sta the dollar will have a marked tendency to encourage industrIal and other business commitments Business Businessmen Businessmen men need not be so exclusively engaged in n taking counsel of their fears now that uncertainty does not haunt them Much has haa been said about the loosIng laos loos ing of credit by banks During the acute period of the depression banks for the most part have bave not been lending nor nor- normally mally nor should they be blamed With public confidence shattered the banker was properly concerned In liquidity hiving in mind his primary obligation to pay ot off deposits The situation has improved to the point where super super- liquidity no longer seems necessary Conditions have bave materIally changed Banks will wUl desire for tor every reason to return to a more normal lending policy This means a sympathetic attitude and anda a recognition of responsibility for his proper part In the program of recovery by the banker as he passes upon and meets sound credit requirements of business as it swings into and con con- continues on the upward turn |