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ABA ANTI-INFLATION PROGRAM The p r o g r a m announced b y t h e A m e r i c a n B a n k e r s Association emphasizes: " T h a t i n t h e months i m m e d i a t e l y a h e a d , commodity a n d i n v e n t o r y loans which are designed t o w i t h h o l d e s s e n t i a l goods f r o m t h e n o r m a l m a r k e t c h a n n e l s i n a n t i c i p a t i o n o f p r i c e r i s e s s h o t t l d n o t be made. " T h a t mortgage l o a n s f o r n o n - e s s e n t i a l b u i l d i n g o r f o r c o n s t r u c t i o n w h i c h c a n be p o s t p o n e d u n t i l b u i l d i n g s u p p l i e s and l a b o r a r e i n g r e a t e r abundance s h o u l d be d i s couraged. " T h a t banks s h o u l d g i v e p r i o r i t y t o l o a n s t o t h o s e b o r r o w e r s who c a n t u r n o u t t h e s u p p l i e s and s e r v i c e s needed a t home and a b r o a d now, i n o r d e r t h a t t h e m a c h i n e r y f o r t h e p r o d u c t i o n o f e s s e n t i a l goods may be k e p t f u n c t i o n i n g a t maximum l e v e l s . " T h a t t h e r e s h o u l d be a g r e a t l y i n t e n s i f i e d d r i v e t o s e l l T r e a s u r y S a v i n g s Bonds t o t h e p u b l i c and t o p r o m o t e o t h e r f o r m s o f s a v i n g s , s u c h as s a v i n g s a c c o u n t s i n b a n k s , as a means o f a b s o r b i n g some o f t h e s u r p l u s money i n t h e s p e n d i n g s t r e a m w h i c h w o u l d o t h e r w i s e c o n t i n u e t o compete f o r t h e goods and s e r v i c e s i n s h o r t s u p p l y . " SOURCE: ABA p r e s s r e l e a s e f o r J a n u a r y 5 , 1948.
@FedFRASER