The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1932-06-30

approved loans amounting to s177,-
$4,000, according to the Commercial
Financial Chronicle.
The chief beneficiaries, all Of whom
have Slashed wages of the railroad
men Is per cent and over, are the
New York Central; Chicago, Rock
Island and Pacific; Chicago, Mil
waukee, st. Paul and Pacific; West
ern Pacific; Savannah and Atlanta
Railway; st. Paul, San Francisco
Railway; Missouri and North Arkan-
sas Railroad Chicago, Rock Island
and Pacific Railroad, and others.
Banks Listed.
Banks who have received huge
sums from the Reconstruction FL
nance Corporation, as well as large
amounts that came to them through
loans" originally advanced to the
railroads, include: Chase National
First National of Chicago, New York
Trust Co., Continental Illinois Bank
and Trust Co. of Chicago; Harris
Trust and Savings, Chicago; Mis-
sissippi Valley Trust Co. of st. Louis;
j. P. Morgan & Co.; Kuhn, Loeb g.
Co., Guaranty Trust Co., and others.
The cynical piracy of the Recon-
struction Finance Corporation is re-
vealed in its legal advisors" who
include two such impartial indi-
viduals as George Roberts and Nor
ton G. Bogue. Roberts is a partner
in Secretary Stimsons law firm
Winthrop, Stirnson, Putnam and
Roberts. Hef is vice-president
Bonbright g. Co. Morgan allies) and
director Of several Morgan controlled
utilities: the American & Foreign
Power Co. "a subsidiary of Electric
Bond & Share); Niagara Hudson
Power Corp, and others in the same
group.
erich Uncle"
How the Reconstruction Finance
Corporation is considered q rich
uncle" by scores of flimsy corpora
tons is seen in a characteristic let
ter circulated to its clients by New
York brokerage firm, PRIME, Sinons
g. Co., with offices at IT E. 45th st.
Offering bonds Of one of its in
vestment firms which will yield
from 81zFS to 20%," the letter says:
You probably know that the
Reconstruction Finance Corpora
ton has recently extended to the
Prudence Co. an initial loan of ST.
100000, and we have it on good
authority that an additional amount
which will bring the total to $780,
100000 has already been, or should
shortly be granted. %. such
splendid incomes in investments
of this type are now possible only
because Of the depressed times"
New Loans.
WASHINGTON, June 2e.-Follow-
ing the $8o,0o0,O0o raid on the Re-
construction Finance Corporation by
Dawes Central Republic and Trust
Co." Of Chicago, the Interstate Com
meroe Commission today approved of
a loan" of 100000 to the Chicago,
Milwaukee, st. Paul and Pacific
Railroad recommended by the COR
poration.
At the same time the ICC. was
asked by the st. Louis-San Francisco
Railway Company to approve loan
of S3,390,056 granted the company
by the Reconstruction Finance Cor
poration.
NEW york. . The New York
Central was today granted loan"
Of $4,000, 900, making total Of ST..
999, 800, received from the Recon
struction Finance Corporation.
Church Aids Bankers.
CHICAGO, June 90. - The churc
old reliable pillar Of capitalism, can
to the aid of the bankers this wee
Conspicuous among these was t
Rt. Rev. Msgr. c. S. Mcguire, chs
cellor Of the archdiocese of Chica
who urged desperate depositc
many of whom had lost lifes 81
ings, to be sane and REASONABLE