Show BANKERS DEVELOP NEW FINANCE AID president of american bankers banker association describes plan I 1 end and services of national credit corporation NEW YORK the national credit corporation a billion dollar cooperative institution is the me method ahod worked out by bankers to put into practical effect the central point in president hoovers plan tor for renewing tb the commercial and industrial activity of the nation as proposed in his state statement mene to tho the nation ot of october 7 harry J ilah president ot of the american bankers es association stated in a recent interview the corporation Is strictly cooperative in character he said to unite the entire banking system and increase the effectiveness of the financial sert ser t 1 vices of janks to their communities in rural districts as well as the cities the plan will marshal marsha the banking resources of the country he explained by creating a national institution whose funds will be loaned when necessary to banks which have hake assets la in their portfolios that are thoroughly sound but are not eligible for loans at federal reserve banks banki to benefit everybody there Is no citizen in the united states but will benefit in very fery practical ways irom the res results ilits ot of the operation of this forward looking plan of cooperation which inay may be regarded as aa one of the most constructive steps that have been taken toward revival of sound business activity mr haas declared adding the national credit corporation represents an instrumentality that should have far reaching effect in restoring the confidence ot of the public the plan not only has been formulated by the coun count irys rys ending banking authorities ties but also will be carried out locally as well as nationally by banking representatives who have given their time and thought to this undertaking as a real public service the american bankers association convention was in a session at the time the plan was as 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 leading bankers who have undertaken to put it into practical operation in single minded devotion to td the national welfare and I 1 am able to say without reservation that the notional credit corporation as set up by them constitutes a practical sound and efficient means for carrying out president hoovers proposal |