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The Bismarck Tribune
Bismarck, Mandan, Burleigh County, Morton County, North Dakota
What is this article about?
President Hoover receives progress report on $500M National Credit Corporation, which is gaining strong banking support and expected to be operational by week's end to aid banks and restore confidence.
Clipping
OCR Quality
Full Text
IS MADE TO HOOVER
Reynolds Says New Credit Corporation
Is Getting Good Support
Washington, Oct. 27.-()-President Hoover has been informed that his $500,000,000 national credit corporation plan is receiving almost universal support in the banking world and that at least the minimum subscription will be available before the end of this week.
The chief executive is said to have been informed that the credit extension plan already has begun restoring confidence, as well as lending specific aid in some quarters.
Hoover met Saturday night and Sunday morning, during the midst of the visit of Premier Laval of France, with George Reynolds, of Chicago, chairman of the board of the corporation, and Mortimer N. Buckner, of New York, its president.
They reported that the necessary associations are being organized rapidly.
With the completion of subscriptions by the end of the week, the chief executive feels the national credit corporation can launch out on an extensive scale to assist specific banks.
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Where did it happen?
Domestic News Details
Primary Location
Washington
Event Date
Oct. 27
Key Persons
Outcome
the national credit corporation plan is receiving almost universal support in the banking world, with minimum subscription available before the end of the week; it has begun restoring confidence and providing specific aid; necessary associations are being organized rapidly; with subscriptions completed, it can launch on an extensive scale to assist specific banks.
Event Details
President Hoover has been informed by George Reynolds, chairman of the board of the corporation, and Mortimer N. Buckner, its president, that the $500,000,000 national credit corporation plan is receiving almost universal support in the banking world and that at least the minimum subscription will be available before the end of this week. The credit extension plan already has begun restoring confidence, as well as lending specific aid in some quarters. Hoover met with them Saturday night and Sunday morning during the visit of Premier Laval of France. They reported that the necessary associations are being organized rapidly.