OCR Text |
Show FEDERAL RESERVE IMPDSEiHG Motor Truck Paper Is Now Recognized in America in response to urgent irriucflts for some definite ruling concernlng the discounting bv banks Of motor truck j paper, the government of certain Important Im-portant federal reserve districts hue1 announced a position which appears1 I to he most favorable to the motor! i truck industry The common SXCUBe among hankers for refusing credit on motor tiuck pa- per Is certain supposed i tilings of the federal reserve board. Statements made by some of the governors, however, how-ever, show conclusively that there Is no ruling In the federal reserve board I which rcslnilns any banker from extending ex-tending all reasonable credit to mo-jtor mo-jtor truck buers. SP&XT TIMK. Dnid Thomas general manager of the Motor Truck Manufacturers' as oolatlon with headquarters in Chi-i cago, hits spent considerable time- in I Washington with federal reserve of- fu iais in behalf of the leading motor truck manufacturers. Through other sources also ho has enrie.i1 . ored to' trace the causes of the credit problem, prob-lem, which ha a proved so trouble-1 IODIC for both nickers and dealers In nictor trucks. 1.1 kRLl ST M I 1 lie si vs. The position which the federal reserve board has taken is most satisfactory to the motor truck I Indusfy. It la not discriminating fori or against any Industry by name. Its I position Is so clearly stated that If the motor truck were fuliv appreciated appreci-ated by the public and the hankers there would be no motor truck credit difficulties" Mr. Thomas also Quotes from a letter let-ter written by Governor Harding of th federal reserve board In Washington, Wash-ington, 1. C. to Senator Owen. In part the letter reads 'The board Is Insisting that all banks use a discriminating Judgment M making loans, giving preference to these which arc necessary for the production and distribution of the basic ba-sic necessities of life, such as cloth-iliig, cloth-iliig, food and fuel." |