Last week the Senate Banking and Currency Committee put new Federal Loan Administrator Jesse H. Jones on the carpet, asked him about the success of Federal lending. To a query about the amount of losses on RFC loans to business, the retiring RFC Chairman admitted: "I am ashamed to tell you what I think it will be. It will be plenty."

That admission became the headache of tall Emil Schram, 45, who became Jesse Jones's successor as RFC Chairman. A successful Hoosier whose business was farming, timber, coal, he was made a member of RFC's board in 1936. From handling RFC...

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