The President said:
I have the report of the Reconstruction Finance Corporation which shows the following distribution of their activities:
| Number of Institutions | Loans Authorized | Average per Institution | |
|---|---|---|---|
| Banks and Trust Companies | 587 | $126,895,073 | 216,162 |
| Building and Loan Associations | 18 | 2,917,000 | 162,055 |
| Insurance Companies | 13 | 5,765,000 | 443,641 |
| Railroads | 13 | 46,975,557 | 3,613,504 |
| Joint Stock Land Banks | 2 | 775,000 | 287,500 |
| Mortgage Loan Companies | 3 | 1,362,000 | 454,000 |
| Livestock Credit Association | 1 | 292,084 | 292,084 |
| Secretary of Agriculture | 50,000,000 | ||
| Total | $234,981,714 |
The banks and trust companies, receiving the loans totalling $126,000,000, are located in 45 states. The great majority of these loans are to smaller communities. Less than $3,500,000 has been authorized in cities of over 1,000,000 population; more than $116,000,000 has been authorized in towns of under 600,000 population.