Evening star., 1932-01-21
Final Legislative Action on
$4,000, 900, 900 Corporation
to Be Pushed at Once.
PRESIDENT is READY
TO APPROVE MEASURE
Expects to Announce Names of All
Seven Directors When He Puts
Plan Into Effect.
BY the Associated Press.

BY the Associated Press.
The final draft OF the Reconstruction
Finance Corporation measure was
signed today by Senate and House con-
ferees, and they planned to push it
speedily through both Houses to the
President.
Senator Walcott of Connecticut said
President Hoover was Every pleased"
with the reconstruction measure as it
emerged from conference.
AS the bill was completed after two
days of conferences, it became known
that Bernard M. Baruch, most promi-
nently mentioned Democratic possibil-
ity as a director of the $4,000, 100000
corporation, cannot be named under the
terms of the bill.
The measure provides that of the
seven directors no two shall come from
the same Federal Reserve district
Eugene Meyer, governor of the Federal
Reserve Board and chairman OF the
finance corporation board is men,
Baruch, as both come from the New
York district.
Dawes Request Refused.
A last-minute change in the measure
to permit the appointment Of Edward
N Hurley of Chicago, another Demo-
crat. was sought from the conferees
this morning by Charles G.. Dawes,
president of the corporation.
The request was refused. The con-
ferees took the position that although
the provision might bar good men it
would be best to have the dictatorship
of the corporation thoroughly represen-
tative geographically. Both Hurley
and Dawes are from Chicago.
The appointment of Angus Mclean,
former Governor of North Carolina, as
a Democratic director appears likely.
All three of the directors remaining
to be named will be Democrats under
the terms of the bill. 1t requires that
no more than four of the seven can
belong to the same political party.
Already on the board are four Re-
publicans-DaWes, and the following,
ex-oficio: The Secretary or Under
secretary of the Treasury, Governor
Meyer and the Federal Farm Loan
commissioner.
Completed Last Night.
LIE ulEdSuTE Was COiflpIttGO IdSL
night by the II conferees. No changes
were made today except in punctua-
ton.
Proponents of the legislation hope for
final passage of the measure tomorrow.
President Hoover is ready to act on it
quickly. Meanwhile, members of Con-
gress brought to the White House fresh
recommendations of men to fill the
posts still vacant.
The name of M. B. Wellborn of An
niston, Ala, former governor of the
Federal Reserve Bank of Atlanta, was
strongly urged by Senator Bankhead
Democrat, Alabama, Representative
Rainey Democrat, illinois,, the Demo-
cratic floor leader. and Representative
Steagau Democrat, Alabama).
Earlier Senator Harris Democrat,
Georgia), had urged Hurley for one of
the posts.
Steagall informed the President the
measure would be passed by the House
tomorrow, sent Immediately to the Sen
ate and placed upon the Presidents
desk before nightfall.
1t was assumed by those going to
the White House that the President
not only would sign the measure i'm
mediately, but would have ready by
that time the full directorate of the
corporation
It was also decided today by the Pub
lie Buildings Commission that the new
Reconstruction Corporation would have
its headquarters in the old Commerce
Department Building. Nineteenth street
and Pennsylvania avenue.
Loans Are Limited.
AS drafted by the conferees, the legis-
latiOn will allow the corDOratiOn To re-
place unliquid collateral with cash in
loans to the following classes of busi-
ness:
Federal and State banks, savings
banks, trust companies, building and
loan associations, mortgage loan COM
panies, insurance companies, credit
unions, Federal land banks, joint stock
land banks, Federal intermediate credit
banks, agricultural and live stock credit
corporations and interstate steam and
electric railways, exporters and farmers.
All loans are limited to $l00,000,000
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