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 11
... situation which particularly involved the country banks at that time and the agricultural interests . I then advocated some temporary emergency work to be done by the Government to meet an extraordinary and emergency situation . I said ...
... situation which particularly involved the country banks at that time and the agricultural interests . I then advocated some temporary emergency work to be done by the Government to meet an extraordinary and emergency situation . I said ...
Page 12
... situation in case the investment market and the bankers did not there was no difficulty , and there was no call made for the funds of the corporation . Those figures , of course , are not in the record , because no money was loaned ...
... situation in case the investment market and the bankers did not there was no difficulty , and there was no call made for the funds of the corporation . Those figures , of course , are not in the record , because no money was loaned ...
Page 13
... situations that confronted the opera- tions was the livestock situation . There it was a problem of finding ways to get money loaned out on livestock to carry cattle and sheep , particularly independent of the banks , and while some ...
... situations that confronted the opera- tions was the livestock situation . There it was a problem of finding ways to get money loaned out on livestock to carry cattle and sheep , particularly independent of the banks , and while some ...
Page 14
... situation . There was nothing more frozen in the country than a cow loan in the breeding area of the United States in 1921. The sheep and the cattle were unmarketable in quan- tity . Prices were demoralized . When corn gets down , as it ...
... situation . There was nothing more frozen in the country than a cow loan in the breeding area of the United States in 1921. The sheep and the cattle were unmarketable in quan- tity . Prices were demoralized . When corn gets down , as it ...
Page 15
... situation . In a period of de- clining prices , people become reluctant to carry stocks . The carry- ing of stocks is a normal part of operations and when it is hampered by lack of confidence or lack of credit or derangements such as ...
... situation . In a period of de- clining prices , people become reluctant to carry stocks . The carry- ing of stocks is a normal part of operations and when it is hampered by lack of confidence or lack of credit or derangements such as ...
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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...