Show NEW FINANCE AID president ident of american bankers association deschi describes bea plan and services of national credit corporation NEW YORK the national credit corporation a billion dollar cooperative institution la Is the method worked out hy by bankers to put into practical effect the central point in president hoovers Ho overa plan for renewing the abo corn com mercial and industrial activity of the nation as proposed in his statement to the nation of october 7 harry J haas president of the Amer american loan bank era association stated in a recent interview the corporation Is strictly cooperative in character ho he said to unite the entire banking system and iacre increase se the effectiveness of the financial services of banks to their communities in the rural districts as well as the cities the plan will marshall marshal the banking resources of the country he explained by creating a national institution whose funds will be loaned when necessary to banks which have assets in their portfolios that are thoroughly sound but are not eligible for loans at federal reserve banks to benefit everybody there la Is no citizen in the united states but will benefit in very practical w ways ays from the results of the thea operation ion of this forward looking plan of cooperation which may be regarded as one of the most constructive steps that havo have been taken toward revival of sound business bust noss A activity mr air haas declared adding the national credit corporation represents an instrumentality mat should have far reaching effect in restoring the confidence of the public the plan not only has been formulated oy by tho the count rys leading banking au but also will be carried out locally as well as nationally by banking representatives who have given their time and thought to this undertaking ta kingas as a real public service the american bankers association i convention was in session at the time the plan was proposed and unanimously endorsed it in principle I 1 have examined the detailed formulation of the working plans as developed by the incessant labors of some of the nations loading leading bankers bankers who have undertaken to put it into practical operation in single minded devotion to the tha national welfare and I 1 am able to say ay without reservation that the national credit corporation as set get up by them constitutes a practical sound and efficient means tor for carrying out president hoovers proposal |