OCR Text |
Show BANKERS DEVELOP HEW FINANCE AID President of American Bank-era Bank-era Association Describe Plan and Services of National Na-tional Credit Corporation Cor-poration NEW TORK. The National Credit Corporation, a billion dollar coopers tire Institution, Is the method worked out by bankers to put Into practical effect 1 central point in President Hoover's plan far renewing renew-ing the commercial and Industrial . activity of the nation as proposed la his statement to the nation or October 7, Harry J. Haas, president of the American Bankers Association Associa-tion stated in a recent interview. The corpor i Is atrlctly cooperative coop-erative in chcacter, he snld, to unit the entire banking system and increase the effectiveness of the financial service of hanks to their communities In the rural districts as well as the cities, The plan will marshal the banking resources of the country, he explained, by creating cre-ating a national Institution whose funds, will ba loaned when necessary neces-sary to banks which have assets in their portfolios that are thoroughly sound but are not eligible tor loans at federal reserve banks. Te Benefit Everybody "There is no cltUen In the United States but will benefit In very practical prac-tical ways from tha results of tha operation of thta forward-looking plaa of cooperation, which may be regarded aa one o( the moat constructive con-structive steps tbat have been taken toward revival of sound buslnesa activity," Mr. Haas declared, adding: add-ing: "The National Credit Corporation represents an Instrumentality that should have far-reaching effect In restoring the confidence of the public. pub-lic. The plan not only has been formulated by tha country's leading banking authorities, but also will be carried out locally as well as nationally na-tionally by banking representatlvea who have given their time and thought Hi this undertaking as a real public service. "The American Bankera Assocta-tloa Assocta-tloa convention was la session at the time the plan was proposed and unanimously endorsed ft In principle. princi-ple. 1 have examined the detailed formulattoa of the working plana aa developed by the Incessant labors of some of the Nation's leading bankera who have undertaken 'to put It Into practical operation In atngle-mtnded devotion to the national na-tional welfare, and 1 am able to aay without reservation that tha National Credit Corporation as sst up by them constitutes a practical, aound and efficient means for carry lot vtk President Hoover's proposal |