CATASTROPHE: Vermont Vitality

Following the suggestion of Secretary of Commerce Hoover that the best " sequel to a destructive flood is a flow of credit (TIME, Nov. 28), a committee of New England bankers chosen by the New England Council announced the formation of two corporations : 1) The New England Flood Credit Corporation, chartered in Delaware;! a holding company to find the market and sell $1,000,000 worth of guaranty stock in— 2) The Vermont Flood Credit Corporation, chartered in Vermont. Vermonters will be asked to take up $250,000 of the stock; outsiders $750,000. Vermont...

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