The President said:
(For Background Only)
I have a question as to the character of business which has been so far undertaken by the Reconstruction Finance Corporation. The loans so far undertaken to banks, trust companies, building and loan and other financial institutions, as provided in the Act, amount in round numbers to $61,800,000. This includes 255 different institutions, most of them country banks. The loans made to railroads amount to $47,000,000. A considerable part of this will be repaid by the Railway Credit Association as fast as its revenues come in. The money placed at the disposal of agriculture, through Secretary Hyde and the Intermediate Credit Banks, amounts to $75,000,000—a total of $183,800,000.