Evening star., 1932-01-11
WORK FINANCING
BILLS PUSHED IN
SENATE AND HOUSE
Upper Body Agrees to Vote
Today on $1,000, 900, 900
Reconstruction.
$50, 600, 900 FARM
LOAN FUND ADDED
Amendment by Senator Smith.
President Confers on
Changes.
By the Associated Press.

By the Associated Press.
Both branches Of Congress today CEN
tered attention on the $4,000 900 900
Reconstruction Finance Corporation
measure in an effort TO speed it onto
the statute books before the week end.
The Senate has agreed to vote on the
proposal before adjourning today, and
passage by a bipartisan majority is as
sured. The House expects to approve it
Thursday, and President Hoover prob
ably will lose no time in signing the
measure
A $50, 100000 fund for loans to farm
ers was added to the bill shortly after
the Senate opened debate today.
Amendment by Smith.
The amendment, offered by Senator
Smith, Democrat, of South Carolina,
was adopted without a record vote. It
was reduced from s100,o00,000 to $780,
100000 at the suggestion of Senator
Walcott, Republican, of Connecticut,
sponsor OF the bill.
Before Congress convened President
Hoover called in Ogden L. Mills, Under
secretary of the Treasury, and Senate
finance experts to attempt to obtain
revision of the Senate and House bills
to conform more closely to administra-
ton views
Meanwhile, another economic meas
ure, one to speed relief to insolvent
banks and their depositors through
$150, 100000 corporation. was taken up
by the Senate Banking Committee.
Senator Watson of Indiana, the Re-
publican leader, summoned three wit
nesses to testify Thursday before SUBJ
committee on his bill to establish sys-
tenn of home loan discount banks
Plea for New York City.
At the outset of debate on the Recon-
struction Corporation, Senator Wagner,
Democrat, New York, pleaded for adop-
tlon OF the amendment to permit the
City of New York, If it found is neces-
sary, to borrow from the corporation.
He said the credit Of the city was higher
than any other municipality in the
world.
IT believe that the very availability of
this assistance would make 1t unneces-
sary for the city to employ It," he said.
The New Yorker told how the city
had made~available S346, 600, 600 for re-
lief in 1882. but said home and workers
relief bureaus we're closing in the face
OF controversy between the city and
bankers over the financing of the bu-
reaus.
For more than an hour the President
and his economic advisers discussed
various phases of the reconstruction
program.
Ogden Mills, UnderSecretary of the
Treasury one of the conferees, said
there were certain Objectionable fea-
lures In the bills before Congress and
an effort would be made to revise them.
He declined to say what provisions in
the measures were contrary to Mr..
Hoover's ideas.
Glass and Meyer Present.
The other conferees were Senator
Glass, Democrat, of Virginia. Eugene
Meyer, governor of the Federal Reserve
Board, and Senator Walcott, Republi-
can, OF Connecticut, author of the Sem
ate bill
Glass conferred with the President
separately. He said he had ceen called
in to iron out wrinkles" in certain
legislation and expressed an opinion
that the matters could be Strengthened
out. He waited for Walcott and they
returned to the Capitol together.
Another economic measure, one to
speed relief to insolvent banks and their
depositors through $4,000 900
corporation to lend them money, was
taken up by the Senate Banking Com
mittee.
Senator Thomas, Republican. of
Idaho. who introduced the measure for
aid of insolvent banks last SATURDAY..
said he hoped to have it reported TO
the Senate this week and taken up for
action soon.
Immediate Aid Given.
"It will give immediate relief to thou
sands OF depositors throughout the
country who have much of their work.
ing capital tied up in closed banks"
said Senator Thomas.
Loans to closed banks, the assets of
which are sufficient to keep them
solvent, would be permitted under the
Reconstruction Finance Corporation
but the Thomas bill makes
special provision for aiding the in
solvent banks, State and national. A
similar bill has been introduced in the
House. The move has the approval Of
the Treasury
The Senate banking leaders indicated
3 general understanding from the
White House conference.