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Show BANKERS DEVELOP NEW FINANCE AID President of American Banker Bank-er Association Describes Plan and Services of National Na-tional Credit Corporation Cor-poration NEW YORK. The National Credit Corporation, a billion dollar cooperative coopera-tive institution, is the method worked out by bankers to put Into practical effect the central point In President Hoovor's plan for renewing renew-ing the commercial and industrial activity of the nation as proposed in his statement to tho nation of October 7, Hurry J. Haas, president of the American Hankers Association Associa-tion stated in a recent Interview. The corporation 1b strictly cooperative coop-erative In character, he said, to unite the entire banking system and Increase the effectiveness of the financial service'! of banks to their communities In tht 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 be loaned when necessary neces-sary to banks which have assets In their portfolios that are thoroughly sound but are not eligible for loans at federal reserve hanks. To Benefit Everybody "There Is no citizen In the United States but will benefit In very practical prac-tical ways from the results of the operation of this forward-looking plan of cooperation, which may be regarded as one of the most constructive con-structive steps that have been taken toward revival of sound business 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 the country's leading banking authorities, but also will be carried out locally as well as nationally na-tionally by banking representatives who have given their time and thought to this undertaking as a real public service. "The Amerlca.1 Bankers Association Associa-tion convention was In session at the time the plan was proposed and unanimously endorsed it In principle. princi-ple. I have examined the detailed formulation of the working plans as developed by the Incessant labors of some of the Nation's leading bankers who have undertaken to put it into practical operation In single-minded devotion to the national na-tional welfare, and I am able to say without reservation that the National Credit Corporation as set up by them constitutes a practical, sound and efficient means for carrying carry-ing out President Hoover's proposal." |