The Waterbury Democrat., 1932-08-19
One Bank Of Every
 Five In The Nation
 Has Borrowed Money
Reconstruction Finance Corporation Has Loaned $1, 19,OO0,OOO to 4,947 Institutions in This Country

which borrowed were in towns of less than 5000 population and 90 per cent in towns of less than 50,- 900.
 Pr&ising the financial bolstering activities of the corporations after what he termed the new depres- sion" of late 1881 caused by re- percussiQns from foreign economic troubles. Mills reflected confidence 1 in the business outlook. '
 "The time seems opportune." he said, flor the corporation to turn now to the job of stimulating em- ployment and industrial activity. It is entering new field of con- struotive assistance, Mills said, which should help in tidings us over the latter phases of the eco- homie Repression proper, and per- ! haps prove Immediately effective in bringing about a more prompt recovery"
 Men may not look to the imme- diate economic future with com- plete assurance, but to-day they are at least facing it unafraid." He compared the nation with a ship that has come through a hur- rieane.
 Neither crew nor passengers doubt that we shall come safely to port" he asserted.
 The "very existence" of the cor poration, he said, "and the cumu- flative effect of it's activities have tended more and more to diepel the atmosphere of fear and panic and to restore confidence in our financial and fidiciary institutions.
 ''The shrinkage in bank deposits and bank credits which had been proceeding at disastrous rate for monthsfhas been partially checked, and since the end of March the volume of bank deposits has been maintained.
 | '.In some federal reserve districts there has been an actual increase ti in deposits" Mills said, adding that the blind fear' finally lifted with the. return flow of gold to America.
 Payroll of Corp. l Washington, Aug. t19-(UP)- The payroll of the Reconstruction Finance Corporation runs well over $1.500,000 a year, a study of it's records revealed today. 1 Unhampered by civil service regulations, the corporation direc- tArs are able to pay as, much as they deem necessary for expert as- sistance.
 One hundred and eighteen off, cials receive more than $4,800 a yearl Ten are paid $12,000 a. year or more.
 I The ten are six aides to the di- rectors here, three members of the 1 New York agency staff and the Chicago branch manager. Their salaries exceed those of the direc- tors, who receive $10,0O0 a year. The Washington stan of more than 70 "key men" getting more than $400 monthly costs the cor poration roughly $500,000 8 year This is in addition to several hun dred stenographers. doormen and messengers.
 Salaries of the agency managers range from $45O a month at Port land, Ore. to $1,250 at New York The assistant manager and credit department chief in New York are listed at $12,O00 a year. The Chi cago agency head gets $1,041.67 a month.
 | Highest paid stan members in Washington are General Counsel lM. c. Rogue, special. counsel George Roberts and Lynn F. Tal- ley. assistant to the directors. al s15.000 year.
 E The corporation in granting new loans to Illinois and Ohio yester. day reafirmed it's policy of re- quiring states to do everything possible to care for their unem- ployed before seeking. federal aid
 Illinois had been lent $3,000,000 and sought s23,000.000 more to see It through to the end sof the year. The corporation granted SC, 100000 and suggested Governor TEmmerson call specias session oi the legislature to seek ways of raising further relief in Montgom. cry county. s19O.600 for Summil county and s177,600 for Trumbull county. But the corporation [ directors warned ''that in. the event of further applications for relief funds for these counties. the F. F. c. will hesitate to consider such applications until every effort has been made to obtain the needed funds from local and state sources including private contributions"
 Reconsideration loans to banks and other financial instltutions will be disclosed to the public on Mon- day for the first time. South Trlmbie. clerk of the ho1se of epresentativod, m n tinced he would open Co inspection at thni time the corporations report on loans made during the latter part ] ef July. s .,s .ts.,