President Hoover took a hand at straightening out what was threatening to become a serious snarl within Reconstruction Finance Corp. over railroad loans. The trouble started when banks showed a tendency to call their short-term credits to the carriers and leave the full burden of relief up to the R. F. C. Estimates of the relief needed by railroads ran as high as a billion dollars for 1932 alone. Reports were current that President Dawes was willing to have R. F. C. assume this full financial load with no stickling over collateral, whereas Board Chairman Meyer felt that...
To continue reading:
or
Log-In
