Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-24
LOCAL BANKS Join
VAST CREDIT MOVE
Organize Unit, Subscribe 49,
! 939, and Elect Their
! Loan Committee.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Organization of the District of Co
hnbia unit of the National Credit
Corporation was completed late yester-
day at a special joint meeting of the
Washington Clearing House Association
and the District Bankers Association,
held at the Willard Hotel. Marked en-
thusiasm and vigorous applause tol-
lowed the report by Robert v. Fleming.
designated by John M. Miller, jr.. as
organizer of the Washington area, when
he announced that local banks had sub
scribed 100 per cent to the national
fund, the aggregate amount being
S3939,262.
The District of Columbia unit is to
be known as National Credit Associa-
ton No. 3 of the Fifth Federal Reserve
District" The organization was per-
fected by the election Of the following
bankers to serve as the Loan Commit
tee, which body will function as man
ayers of the local association:
H H. Mckee, president National
Capital Bank of Washington; Robert v.
Fleming. president Riggs National
Bank: Corcoran Thorn. president Amer
lean Security g. Trust Co.; George w.
White, president National Metropolitan
Security Savings g. Commercial Bank;
William D. Hoover, president National
Savings & Trust Co.; John Poole, pres
ident Federal American National Bank
& Trust Co.: Lanier P. McLachlen,
president McLachlen Banking Corpo-
ration. and Frank J. Stryker, president
Columbia National Bank.
Mckee Committee Chairman.
Following adjournment Of the special
meeting. the members OF the Loan COM
mittee organized by the election OF H.
H. Mckee, chairman: Victor B. Deyber,
president of the Second National Bank,
secretary; George o. VaSS, vice presi-
dent and cashier. Riggs National Bank,
treasurer. and Frank J. Hogan. who Is
counsel for the bankers association, as
general counsel for the committee:
Selection of Mr.. Mckee as chairman
of the committee meets with the hearty
approval of the local banking fraternity.
He is chairman of the Clearing House
Association. and in practically all other
large cities the chairman OF this BODY
has been made chairman OF the Hoover
Plan Loan Committee. He is also an
experienced and able banker, who
stands at the top in banking circles
here and also in the American Bankers
Association. Mr. Deyber was made
secretary because he is also secretary
of the Washington Clearing House AS
ISOLATION.
The Loan Committee will function
similar to board of directors. AS the
governing body Of the association, IL
will have plenary powers with respect
to the granting OF leans to any oa .I7Iss
which may request such funds. Inc
approval of the local Loan Committee is
necessary before the national corpora
ton will make any loans in the COM
nlittees territory.
Fleming Appreciates Banks Aid.
Mr. Fleming stated that he desired to
tender his sincere thanks for the splen-
did co-operation and support which he
has received from H. H. Mckee, the
chairman of the Washington Clearing
House Association, and E. j. McQuaoe,
the president of the District OF Column
bia Bankers Association. in the work OF
organizing the local association and TO
the banks of the District of Columbia,
which have so heartily responded to the
plan outlined by President Hoover.
Word was at once telegraphed to John
NJ. Miller ir, at Richmond. the fifth
districts director in the National Credit
Corporation, that the local banks had
subscribed S3,939,262 in their 100 per
cent support of the movement,
Banks not already reported which
have subscribed to the fund are the
Northeast Savings Bank, Industrial
Savings Bank International Exchange
Bank and the Washington Savings
Bank. this list completing the 80 local
financial institutions.
Large Subscriptions by States.
Director Miller reported from Rich
nond today that Maryland will go above
the 100000 in subscriptions.
Virginia banks have already sub
scribed nearly S6000000 and it is eX-
pected that they will go considerably
above that sum. with 100 per cent
PARTICIPATION. Mr. Miller reported
North Carolina bankers have informed
the director that they expect to sub
scribe between S600OO00 and $7.000,-
600. while the report from South Caro-
lima is that it will exceed its original
estimate by so per cent. bringing its
total to more than Sl,500,000. West
Virginia will not complete its organi-
cation until this afternoon.
Mr.. Miller predicted that the fifth
district would cooperate practically 100
per cent and would lead the United
States in support of the National Credit
Corporation. The subscriptions already
aggregate S22,000,000, he said, and he
expressed the opinion that they would
exceed 100000 within week.
Subdivisions in the fifth district will
be in full operation in a few days, max
ing loans where they are needed, Mr.
Miller said. The offices for the district
Will be established in the Federal Re-
serve Bank of Richmond
A. b. A. Head Lauds Bank Pool
In discussing the advantages of the
huge banking pool, Harry j. Haas. presi-
dent of the American Bankers Associa-
ton said yesterday:
1T is especially important that all of
the banks participate actively and
whole-heartedly in this plan so that
the entire banking system of the
country will be united in this very
constructive effort to increase the
the individual banks to their respective
communities. The corporations plan
CT organization and procedure has been
so devised that the additional credit
facilities which it will proyite will meet
the constructive requirements of the
rural districts as we'll as those of the
cities The plan will marshal the bank
ing resources of the country by creating
a national institution of billion dollars
to be loaned when necessary to banks
which have assets in their portfolios
that are. thoroughly sound. but are not
eligible for loans at Federal Reserve
banks.
The American Bankers Association
convention was in session at the time
the plan was proposed and unanimously
Endorsed it in principle. l have eX-
anined the detailed formulation of the
working plans as developed by the in
Cessant labors of some of the Nations
leading bankers, who have undertaken
to put it into practical operation in
single minded devotion to the national
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