Evening star., 1932-01-25
H. C. Couch of Arkansas
and ]. H. Jones of Texas
Get Board Posts.
SPEEDY CONFIRMATION
BY SENATE EXPECTED
Action on Nominations and Passage
of $500, 100000 Appropriation
Remain for Operation.
BY the Associated Press.

BY the Associated Press.
Two Southerners were named today to
the board that will direct 50 900 900, 900
injection to quicken the pulse of buSi-
ness.
Harvey c. Couch of Arkansas and
Jesse H. Jones of Texas were appointed
by President Hoover as two of the three
Democratic directors of the Reconstruc-
ton Finance Corporation. A third
probably will be named in short time.
Quick confirmation Of the nominations
is expected Of the Senate, along with
that of Charles Gates Dawes, named to
be president of the corporation. The
nominations of the three were sent to
the Senate shortly before noon. They
call for two-year terms, beginning jan
uary %.
Only these formalities and the pas
sage by the Senate of the measure ap-
propriating $50O,OOO,OO0 are necessary
to get the corporation ready to function
financially.
Other Directors.
The other directors are Eugene Meyer,
governor of the Federal Reserve Board;
Paul Bestor, farm loan commissioner,
and Secretary Mellon. They are ex-
officio members of the board, and Sen
ate confirmation is not needed.
Couch, a prominent flnancier, resid-
ing in Pine Bluff, is well known in the
Capital through his connection with
various industrial and other activities.
Jones was especially active in con-
yusA1 l1n lac tsa No
tional Convention held in his home
city-Houston.
The recommendations of Democratic
congressional leaders had a large part
in guiding the selections Speaker
Garner is a Texan and Senator Robin
son, party floor leader, halls from
Arkansas.
White House officials said today,
shortly after the President named
Couch and Jones' that the Chief Execu-
tive now is interested primarily in
legislation designed to relieve depositors
in closed banks. At the same time, he
is very much intent on continued re-
duction in governmental expenditures
10 strengthen the Treasurys position.
Two bills for the relief Of depositorS
in closed banks already have advanced
in the congressional machine. One,
sponsored by Senator Glass Democrat,
of Virginia, calls for a revision of the
banking system and provides for a
hquidating corporation. Sen tor
Thomas Republican, of Idaho, has in
troduced bill, sponsored by the Presi-
dent, for the creation Of sl5O,000,00o
organization, with power to expand it
self up to $3.50 100000.
Quarters Prepared.
Workers are cleaning, painting and
patching up space in the old Commerce
Department Building for the Recon-
struction Corporation. This probably
will be completed this week, after which
furniture will be moved in.
Mr.. Dawes continues active toward
the actual making Of loans. Within
fortnight the money is expected to be
started on its way for the aid OF buSl-
ness and industry.
An optimistic view of the probable
effects of the new corporation was
brought to the White House today by
Secretary of Commerce Lamont, who
has Just returned from trip into the
West.
Although the people talked to diff
fered as to what they thought exact
results would be-" he said after his talk
with the President, every one agreed
the corporation would be beneficial"
as q drug store clerk in 1897, but rose
to a position where he controlled large
power and light interests in Arkansas,
Mississippi and Louisiana. He was
Federal fuel administrator Of Arkansas
during the war and now is a counselor
for the United States Chamber of Com
meTce
Mr.. Jones is identified with several
banking interests and is owner and
publisher of the Houston Chronicle. He
is the owner of five hotels in Houston,
and also the tallest Office building in
the South, built in the same city.
Aided Red Cross Work.
He is the owner also of big buildings
not cnly ia other Texas citlsS but also
in New York. During the war Jones
was designated by President Wilson TO
aid in Red Cross work and assumed
prominent role in these activities.
A hearing on the Glass bill was post
poned until tomorrow at the request
of Senator Glass, who said he wished
a more complete attendance to hear his
explanation of it.
The complex measure includes pro-
vision for a "liquidating corporation"
to be set up within the Federal Reserve
System to permit relief to unfortunate
depoSitors in insolvent banks.
An administration measure contem-
plating a similar corporation outside of
the Federal Reserve System is also in
the committee.