Evening star., 1932-10-07
$186,2O9,310 Advanced by
Corporation in August,
Report Shows.
1,151 NEW APPLICANTS
ASKED AID IN MONTH
House Clerk Contends Publication
Does Not Injure Banks Helped
by Government.
BY the Associated Press.

BY the Associated Press.
The Reconstruction Finance Corpora
tion report for August, made public to-
day by South Trimble. clerk of the
House of Representatives, showed loans
totaling s1s6,209,310 authorized during
that month.
The report was given out over the
objections of Atlee Pomerene. chairman
Of the Reconstruction Board It said
loans authorized to financial institu-
tions. including insurance companies
and railroads, totaled s122,277,641.
For the loans to such financial insti-
tutions. security considered adequate by
the corporation is required to be put up
S13,s31, ,669 for Relief.
Loans authorized to Governors of
States for relief purposes amounted to
si3.931 ,669, while sl5,000000 was au-
thorized for the Cotton Sterilization
Corporation and S35, 100000 to the
American Cotton Cooperative Associa-
ton. No part of the latter two author
izations had been disbursed up to Sep
tember 81, the report said.
i. Pomerene had contended in formal
protest that the publicity provision of
the Garner-Wagner relief act did not
give Trimble authority to make the
monthly report on loans public. Trim
bic released the July report in August.
holding he had no discretion under
the law 10 do otherwise
States to which relief loans were au-
thoriDed in August at per cent inter-
est follow:
Alabama. s225.000: Illinois. s6.0oO.-
900: Louisiana. Sl,096,084: Michigan
81 800 900: North Dakota, $50 .0OG: Ohio,
s768 900, and s842585 South Dakota,
s15o,o0o, and Wisconsin, $4,000 900.
$685. 900 Cancelled.
The report showed total of $3.50
400 authorized to banks and trust COM
panies during the last 10 days Of July
covered by the previous report was can
celled including $1,000 900 to the Bank
Of America National Trust & Savings
| Association of San Francisco.
Other authorized loans to financial
institutions cancelled between August
l and September 81. totalled sl.224.264,
it said. This included S240.000 can
celled by the State Life Insurance Co.
Of Indianapolis
Application for loans received during
August numbered l,15l. with repay
ments in the month totaling s35, ,24l, ,799.
Loans to bank and trust companies
included $50 290, $50 to aid in reorganiza-
ton or liquidation of closed banks.
In addition, the report said. the
corporation had outstanding on August
81, agreements to make loans totaling
S875000 upon the performance by ap-
plicants of specified conditions OF
loans authorized to railroads. S2,l70.50
is reimbursable from the Railroad Credit
Corporation, when funds are available.
The Reconstruction Corporation to-
day made available S335,7l5 for emer-
gency relief in Florida and S8l5,000 for
the same purpose in North Carolina
Both loans are to meet current emer-
gency relief needs in the States from
October l to November Is
The R. F. c. also made available
$4,000 for emergency relief in Ell Paso
County. Tex, and s213.89l for seven
counties and two cities of West Virginia.
The FL Paso loan, made through the
Governor of Texas is to take care Of
emergency relief needs from October
to November IS
Cites Legal Opinion.
Trimbles announcement Of his de-
cision to make the report public con-
tanned an opinion py his counsel. South
| Trimble, jr. which said that after
| careful examination of the legislative
| history of the emergency relief and con-
struction act of 1882, and of the pro-
| test and brief of the Reconstruction
| Finance Corporation. I am of the opin-
| ion that the act gives you no discretion
to withhold the monthly reports of the
Reconstruction Finance Corporation
from public inspection"
Other loans were distributed as
| follows:
To building and loan associations,
S12294,188; to insurance companies,
| 3,70S, 700; to mortgage loan Companies.
| $2,10l .720; to Federal Land Bank,
| 5000. 900; to joint stock land bank,
| S55, ,000 to agricultural credit corpora
! tions. 1894, ,02l; to live stock credit cor
| porations, $2667 1922; to railroads, $12,-
1883, including S5,696,449 to rail-
road receivers.
Trimble's Statement.
Trimble TO-DAY said the statement OF
his counsel contains all have to say
on the matter"
| 1t said that:
The publication of the Reconstruc-
tion Finance Corporation report FUR
| nisheS the depositors the additional
information that their bank possesses
adequate security to meet all govern
| mental requirements necessary to OBJ
tain a loan.
THAT this assurance to the deposit-
Continued on Page 2, Column g.
lGEN MACARTHUR RETURNS