Show BANKERS DEVELOP NEW FINANCE AID President of American Bankers Bank ers Association Describe Describes Plan and Services of National Na Credit Corporation Corporation Corporation Cor Cor- NEW YORK The The National Credit Corporation a billion dollar cooperative cooperative tive institution is the method worked out by bankers to put into practical effect I central point in President Hoovers Hoover's plan for renewing renew renow ing the commercial and industrial activity of tho the nation as proposed p In his statement to the nation of October 7 Harry J. J Haas president of the American Bankers Association Association tion stated In a n recent interview The corpor i t is strictly cooperative coop In he lie said to unite the entire banking hanking system and increase the tho effectiveness of the tho financial services Ices of banks banks' to their communities in tho the rural districts as well as the cities The plan will wUl marshal tho the banking es resources of the country he explained by creating creating creating cre cre- cre- cre a national Institution whose fun funds Ts will bo be loaned when necessary necessary sary to which hanks have assets in n their portfolios that are thoroughly sound but are arc not eligible for loons loans at federal reserve resene banks To Benefit Everybody There is no citizen In the United States but will benefit in very nry practical practical practical ways from the results of the operation of this looking forward plan of cooperation which may be regarded as one ono of the tho mos most constructive con conS steps that have havo been taken toward revival re of ot sound business activity Mr Haas declared adding add ing Tho The National Credit Corporation represents an Instrumentality that should have haye reaching far effect in restoring the confidence of tho the pub pub- lic lie Tho The plan not only has been formulated formulate by bl t the countrY country's leading a banking authorities but also will willbe willbe I be carried out locally as well as nationally nationally na na- na I by banking representatives who have given their time and thought to this undertaking as a areal areal real publicS public public service Tho The American Bankers Association tion Lion convention was in session at atthe atthe atthe the time the plan was proposed and unanimously endorsed It in pIe I have examined the detailed formulation of the working plans as developed by the incessant labors of some Borne of the Nations Nation's leading bankers who have undertaken to put It Into practical operation in single minded devotion to the national national na na- na- na welfare and I am able ablo to say without reservation that the National Credit Corporation as set Bet setup setup up b by them constitutes a practical sound and efficient means for carrying carry carry- ing lag out President Hoovers Hoover's pro pro- |