The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-01-15
HOOVER CREDIT
BILL TO PASS
HOUSE TONIGHT
Measure Is Expected to Be
Given President for Sig
nature Next Week.
FARMERS TO GET LOANS
Cities Lose in Fight to
Receive Portion of
Relief Funds.
BY THOMAS L. STOKES
United Press stan Correspondent

WASHINGTON, Jan. 15.-Passage
of the $4,000 100000 reconstruction
corporation bill, which President
Hoover is sponsoring to restore
prosperity, is scheduled in the house
by tonight.
The measure, which the senate
has passed, should reach the White
House for the chief executives sig
nature early next week.
Republican Floor Leader Smell of
the house reported the rapid pro-
gress Of the bill to President Hoo
yer today and predicted 1t would be
approved in final form by congress
within few days.
Other callers at the White House
included Senator Reed (Rep.. Va
and Undersecretary of the Treas
ury Mills.
The house bill as it stands con-
tains provision that President
Hoover does not Decentralization
for diversion of $200,000,000 Of the
$4,000, 100000 to intermediate credit
banks and agricultural and livestock
associations for loans to farmers.
An administration attempt was
expected today before final vote to
strike out this amendment, which
slipped over quite by surprise.
Ban Loans to Cities
New York and Chicago, the lat
ter pictured as in a piteous f1nan-
cial plight, sought in vain to get
provision which would permit the
corporation to extend loans to city
governments.
This was the fate of many
amendments which were offered,
one after another, Thursday, in the
effort of various interests to broad
en- the provisions of the measure.
Farmers alone were successful in
changing the bill in radical way.
The objection raised to the Jones
amendment is that both houses
already have passed a bill which
increases the capitalization of fed
eral land banks, the house by $780,
100000; the senate by $125, 100000.
This bill was ready today to go
through the final conference stage
to be made ready for dispatch to
the White House. It Is designed
solely to aid farmers.
Fight Meyer Appointment
The house got into one of the
frequent squabbles that occur in
both branches whenever the name
of Eugene Meyer Jr., governor of |
the federal reserve board, is brought |
up. Representative La Guardia Rep,
N. Y) attempted to exclude Meyer
from being a director of the COR
poration, and lost by only a narrow
margin, 1913 to 131. He accused
Meyer of being too friendly with big
New York bankers and also re-
peated charges made against Meyer
previously regarding his conduct of
the war finance corporation.
The reconstruction bill may be
delayed longer than originally ex-
peoted, because the house insisted |
on considering its own bill instead |
of that passed by the senate. This
will require the bill to go back to
the senate instead of straight to |
Personnel Is Reported
AS the bill progressed, reports |
strengthened that Henry M. Rob- |
inson (Rep) Los Angeles, Bernard
Baruch (Dem.) N. Y, Edward N. |
Hurley Oem) Chicago, and Angus |
Mclean Oem.) N. c., would be di- |
rectors of the corporation. Secretary
of the Treasury Mellon, Governor
Meyer of the federal reserve board |
and Paul Bestor, chairman of the |
farm loan board, will be ex-officio |
members. i
Once the directorate is eStab- |
lished, amounts of loans and inter-
est rates will be decided. It is I'M
derstood interest rates will be low
and that loans to responsible inSti-
buttons may be of considerable size.
Loans for railroads will form an
important part of the corporations
business, since millions of dollars of
insurance company funds, trusts,
and estates are tied up in rail
shares.