Reconstruction Finance Corporation: Hearings Before the Committee on Banking and Currency, House of Representatives, Seventy-Second Congress, First Session, on the Bills H.R. 5060 and H.R. 5116 to Provide Emergency Financing Facilities for Banks and Other Financial Institutions, and for Other Purposes. December 18, 1931, and January 5, 6, and 7, 1932. Statement of Hon. Eugene Meyer ..., Part 1U.S. Government Printing Office, 1931 - 186 pages |
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Page 7
... borrowing institution is located , but such rate of interest shall in no case be greater than the average rate receivable by the borrowing institution on its loans and investments made during the six months prior to the date of the ...
... borrowing institution is located , but such rate of interest shall in no case be greater than the average rate receivable by the borrowing institution on its loans and investments made during the six months prior to the date of the ...
Page 14
... borrow . They are organizing inter- mediate credit banks , and they are doing good work in stimulating feeding operations ; but there is that fear which comes from an unliquidated condition , a fear on account of what is being read in ...
... borrow . They are organizing inter- mediate credit banks , and they are doing good work in stimulating feeding operations ; but there is that fear which comes from an unliquidated condition , a fear on account of what is being read in ...
Page 15
... borrowing by member banks existed in 1921 from the Federal reserve banks . But as this money , which was extended by the War Finance Corporation to the country banks , found its way into circulation it took over from these banks and ...
... borrowing by member banks existed in 1921 from the Federal reserve banks . But as this money , which was extended by the War Finance Corporation to the country banks , found its way into circulation it took over from these banks and ...
Page 18
... borrow is just the same as it was in the War Finance Corporation at the time of the agricultural relief act - five hundred million capital and the authority to borrow a billion and a half . The board of directors to consist of three ex ...
... borrow is just the same as it was in the War Finance Corporation at the time of the agricultural relief act - five hundred million capital and the authority to borrow a billion and a half . The board of directors to consist of three ex ...
Page 20
... borrow for not exceeding five years and they may sell short - term obligations on a discount basis . These securities would all be tax exempt from all kind of taxation , similar to the farm loan system bonds and intermediate credit ...
... borrow for not exceeding five years and they may sell short - term obligations on a discount basis . These securities would all be tax exempt from all kind of taxation , similar to the farm loan system bonds and intermediate credit ...
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Common terms and phrases
acceptances advances amendment American amount assets association authorized bankers bill board of directors bonds borrow BRAND BUSBY capital stock CASS cent CHAIRMAN collateral committee Congress consider course deal debentures DEMPSEY electric railroads eligible engaged in interstate Eugene Meyer export Federal reserve act Federal reserve banks Federal Reserve Board Federal reserve notes financial institutions foreign frozen funds gentlemen going GOLDER GOLDSBOROUGH Government Governor Meyer HANCOCK hearing interest Interstate Commerce Commission investment issued JEAN land banks legislation liquidation loans matter MCFADDEN millions MILLS mortgage National Credit Corporation operation organization poration President purpose question Reconstruction Finance Corporation rediscount relief require roads SABATH Secretary SEIBERLING sell Senate short lines short selling short-line railroads situation statement steam railroads STEVENSON STRONG suggest thing tion to-day Treasury understand United War Finance Corporation York
Popular passages
Page 3 - The Corporation, including its franchise, its capital, reserves, and surplus, and its income shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority...
Page 2 - The corporation shall be entitled to the free use of the United States mails in the same manner as the executive departments of the Government.
Page 10 - That no association shall at any time be indebted, or in any way liable, to an amount exceeding the amount of its capital stock at such time actually paid in and remaining undiminished by losses or otherwise, except on the following accounts, that is to say:
Page 92 - Secretary of the Treasury, the governor of the Federal Reserve Board, and the farm loan commissioner...
Page 5 - If any clause, sentence, paragraph or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered.
Page 34 - All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States.
Page 34 - The Secretary of the Treasury is authorized and directed to purchase any notes and other obligations to be issued hereunder and for such purpose he is authorized to use as a public debt transaction the proceeds from the sale of any securities issued, under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to include any purchases of such notes and obligations.
Page 9 - Any and all notes, debentures, bonds or other such obligations issued by the corporation shall be exempt both as to principal and Interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any territory, dependency or possession thereof, or by any state, county, municipality or local taxing authority.
Page 82 - Three members of the board of directors shall constitute a quorum for the transaction of business.
Page 1 - The management of the corporation shall be vested in a board of directors consisting of...