Reconstruction Finance Corporation: Hearings Before the Committee on Banking and Currency, House of Representatives, Seventy-Second Congress, First Session, on the Bills H.R. 5060 and H.R. 5116 to Provide Emergency Financing Facilities for Banks and Other Financial Institutions, and for Other Purposes. December 18, 1931, and January 5, 6, and 7, 1932. Statement of Hon. Eugene Meyer ..., Part 1 |
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Page 43
... HANCOCK . Has not the President already stated that ? Mr. MEYER . I had not heard : I do not know . Mr. MCFADDEN . I was asking about the use of these debentures as securities for public deposits by the Treasury . We all under- stand ...
... HANCOCK . Has not the President already stated that ? Mr. MEYER . I had not heard : I do not know . Mr. MCFADDEN . I was asking about the use of these debentures as securities for public deposits by the Treasury . We all under- stand ...
Page 47
... Hancock ? Mr. HANCOCK . No , sir . The CHAIRMAN . Mr. Stewart ? Mr. STEWART . I would like to ask what comes within the further limitation of this " Within the foregoing limitations of this section , the corporation may also make loans ...
... Hancock ? Mr. HANCOCK . No , sir . The CHAIRMAN . Mr. Stewart ? Mr. STEWART . I would like to ask what comes within the further limitation of this " Within the foregoing limitations of this section , the corporation may also make loans ...
Page 58
... HANCOCK . I would like to ask one question . I do not know whether it is important or not . The CHAIRMAN . Certainly . Mr. HANCOCK . In line 14 , on page 5 , I wish you would tell the members of the committee your interpretation of the ...
... HANCOCK . I would like to ask one question . I do not know whether it is important or not . The CHAIRMAN . Certainly . Mr. HANCOCK . In line 14 , on page 5 , I wish you would tell the members of the committee your interpretation of the ...
Page 59
... Hancock asked you if you would be authorized to make loans on that kind of security . Mr. MEYER . The security that must be offered is not restricted here in the act as drawn . Mr. HANCOCK . Suppose a New York bank with ten or fifteen ...
... Hancock asked you if you would be authorized to make loans on that kind of security . Mr. MEYER . The security that must be offered is not restricted here in the act as drawn . Mr. HANCOCK . Suppose a New York bank with ten or fifteen ...
Page 70
... Hancock ? Mr. HANCOCK . No , sir ; I have no questions to ask him . The CHAIRMAN . Mr. Stewart ? Mr. STEWART . No. 70 RECONSTRUCTION FINANCE CORPORATION.
... Hancock ? Mr. HANCOCK . No , sir ; I have no questions to ask him . The CHAIRMAN . Mr. Stewart ? Mr. STEWART . No. 70 RECONSTRUCTION FINANCE CORPORATION.
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Common terms and phrases
acceptances advances amendment American amount assets association authorized bankers bill board of directors bonds borrow BRAND BUSBY capital stock CASS cent CHAIRMAN collateral committee Congress consider course deal debentures DEMPSEY electric railroads eligible engaged in interstate Eugene Meyer export Federal reserve act Federal reserve banks Federal Reserve Board Federal reserve notes financial institutions foreign frozen funds gentlemen going GOLDER GOLDSBOROUGH Government Governor Meyer HANCOCK hearing interest Interstate Commerce Commission investment issued JEAN land banks legislation liquidation loans matter MCFADDEN millions MILLS mortgage National Credit Corporation operation organization poration President purpose question Reconstruction Finance Corporation rediscount relief require roads SABATH Secretary SEIBERLING sell Senate short lines short selling short-line railroads situation statement steam railroads STEVENSON STRONG suggest thing tion to-day Treasury understand United War Finance Corporation York
Popular passages
Page 3 - The Corporation, including its franchise, its capital, reserves, and surplus, and its income shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority...
Page 2 - The corporation shall be entitled to the free use of the United States mails in the same manner as the executive departments of the Government.
Page 10 - That no association shall at any time be indebted, or in any way liable, to an amount exceeding the amount of its capital stock at such time actually paid in and remaining undiminished by losses or otherwise, except on the following accounts, that is to say:
Page 92 - Secretary of the Treasury, the governor of the Federal Reserve Board, and the farm loan commissioner...
Page 5 - If any clause, sentence, paragraph or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered.
Page 34 - All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States.
Page 34 - The Secretary of the Treasury is authorized and directed to purchase any notes and other obligations to be issued hereunder and for such purpose he is authorized to use as a public debt transaction the proceeds from the sale of any securities issued, under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to include any purchases of such notes and obligations.
Page 9 - Any and all notes, debentures, bonds or other such obligations issued by the corporation shall be exempt both as to principal and Interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any territory, dependency or possession thereof, or by any state, county, municipality or local taxing authority.
Page 82 - Three members of the board of directors shall constitute a quorum for the transaction of business.
Page 1 - The management of the corporation shall be vested in a board of directors consisting of...