In the early days of the New Deal Jesse Holman Jones had to storm the stubborn walls of U. S. banking to get anyone to take money from his RFC. Bankers who really needed Government money were scared to take it because of the onus attached to RFC loans. Those in a sounder position could not find use even for the money they already had. Upshot was that Mr. Jones finally persuaded big super-solvent institutions to sell him notes or preferred stock as a patriotic gesture, thereby setting an example for smaller banks to follow. One of the first to do...
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