White Bluffs spokesman. [volume] (White Bluffs, Wash.) 1907-1938, 1932-08-18
r. F. C. Helps All,
Says Summers

poration Act was the outstanding legi-
Station enacted during the early days
of the last session of Congress" said
Congressman John w. Summers in a
recent interview. "The corporations ac-
tivities from February to the end of
June show that it has served directly
or indirectly every citizen of the United
States During this period, the corpora
ton made loans aggregating a billion
dollars to more than four thousand in
stitutions The shock and paralysis to
business that resulted from a closed
bank was averted in thirty-six hundred
towns and cities. The depositors and
stockholders were often saved their
life-ti savings. The corporation has
assisted in liquidating more than three
hundred banks that had already closed.
Four hundred eighteen building and
loan associations were aided and
through this action several million
homes may have been saved. Loans
have been made to joint stock land
| banks and livestock corporations.
MANY railroads have been kept from
| the hands of receivers by loans secured
Thus farming and the United States
have their usual transportation facil
tiles and a million railway employees
have been kept steadily employed. The
laboring man, the producer and bust
ness in general is assisted.
"The corporation has stood ready at
all times to assist Federal Land banks
and Federal intermediate Credit banks
| which serve six million farmers
When the corporation makes loans
to life insurance companies it is not
for the purpose of protecting the life
insurance company as such, but to pro-
tect half of the population of the coun
try who carry hundred twenty million
life insurance policies When fire insur-
ance companies are kept on sound
basis then the fire insurance policy on
practically every home in this country
is made safer.
From these few illustrations" said
Representative Summers, "it is readily
seen that the Reconstruction Finance
Corporation, recommended by the Pres
ident and authorized by Congress, is
not for the purpose of serving big bust
ness as the demogogue claims, but that
it serves a hundred twenty-five million
of our people in all walks of life.
Nothing is given to any one These
loans bear interest and are only made
on the very best of securities. About
a hundred million dollars have already
been repaid.
"The loans authorized by the Corp
grafton have been widely distributed
throughout the country.
"Of the 5000 banks and trust COM
panies to which loans were authorized,
10 per cent were located in towns of
less than 5000 population; 80 per cent
in those of less than $4,000 and 95
per cent in those of less than 100000
population. Of all institutions to which
loans were authorized, numbering A.
1853 Excluding railroads. 10 per cent
in those of less than 10000; and 80
per cent in those of less than 200 600
population.
when a business break down is
averted in any community then the
whole community is benefited
"The Reconstruction Finance Corp
grafton is not permanent institution,
but as stop gap to tide us through
our part of this worldwide depression,
which even now seems to be receding,
it is proving it's great worth and
abundantly justifying the President
and the Congress in it's enactment"