Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-01-15
Passage of 100000, 900
Bill Before NightfaII As
sured by Congress.
SMELL AND PRESIDENT
CONFER ON MEASURE
Hoover Has No Objections to Pro-
posal as 1t Stands-Must Go
to Conference Next.
BY the Associated Press.

BY the Associa ted Press.
Heartened by certainty that the
House will pass the Reconstruction
Corporation bill today, the forces that
are bent on the administration pro-
gram for helping business. are preparing
to get the gigantic credit agency func-
tiontng as soon as possible
At morning conference Representa-
tive Smell of New York told President
Hoover opponents of the measure APP
peared to have talked themselves out"
The President expressed no objections
to the legislation as it stands before
the House
The House took up the measure again
today under agreement to vote on it
before night. Its overwhelming ap-
prevail was confidently expected.
Must Go to Conference.
A short interlude is ahead before
the corporation actually organizes for
| business, as the Senate. which already
has approved 1t by tremendous ma
jority, passed the bill in somewhat diff
ferent form from that going through
the House. But smoothing over of
| these differences, redrafting of the bill
in manner satisfactory to both
branches of Congress and to the Presi-
dent, was expected to be no great mat
ter, despite numerous controversial
points involved.
Then there will be no time lost by
| the President in naming the directors,
! whose approval by the Senate also is
! expected to consume little time,
| The Treasury will turn over $780,
| 100000 of working capital and the
organization will be ready to expand
| its resources to two billions, making
! loans to railroads, financial institu-
| tons, life insurance companies and
| other vital businesses which now pos
sess too little cash through freezing
| of the values behind them.
Other Bills Under Way.
The second of the hoover reconstruc-
/ ton bills, loosening capital tied up in
| farm loans, already is undergoing the
! conference process to bring Senate and
House together. Other bills, one TO set
! up home-loan bank system, another
/ to make possible return of deposits held
| In closed banks, were started in Senate
and House Committee sessions, with
early consideration and passage in
sight. Numerous witnesses gave their
approval yesterday and others were
! being heard today.
| A House amendment yesterday set
aside $500 000, 900 of the Reconstruction
Corporation bills funds to be used for
farm loans This is among the differ
ences between the two houses which
will be settled in conference.
| Among the other amendments offered
| in the House, one to strike out the
provision for Gov Eugene Meyer
of the Federal Reserve Board to be a
i member of the corporations board of
directors caused the most emphatic
debate.
Amendment Is Defeated.
| 1t was defended 1871 to 123 after Mey-
er had been assailed by Representative
La Guardia Republican. of New York,
and Representative McFadden, Repub-
| lican, of Pennsylvania.
| McFadden, whose attacks on President
Hoover during consideration of the NOR
atorium were unusually bitter, charged
Meyer made money by the purchase
| and sale of bonds for the Government
through his brokerage Office in New
| York.
The Federal Reserve Board governor
was staunchly defended. Representative
| Strong, Republican. Kansas, who with
| McFadden took part in an investigation
of Meyer, said he found no evidence to
support the charges.