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...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!