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Show $90,000,000 DAWES LOAN IN DEFAULT Unpaid Balance Of Loan Is $62,157,596; No R. F. C. Loans Called (Copyright 1933, by United Press) WASHINGTON, Dec. 4 (U.R) A loan of $90,000,000 from the Reconstruction Finance Fin-ance corporation of the Central Cen-tral Republic Bank and Trust company of Chicago matured Dec. 23, 1932, and has not been renewed, records of the R. F. C. revealed today. The unpaid un-paid balance is $62,157,596.85. The United Press was informed that the loan could be considered in "tecnical default." But it was explained that by not renewing renew-ing the loan, the R. F. C. obtained more complete control over collateral col-lateral than it would enjoy if the maturity of the obligation had been extended. Officials Satisfied The R. F. C. was understood to have a $50,000,000 back profit so far on loans to banks, business and industry. Officials describe themselves as satisfied with the rate at which loans generally were being repaid. No loans have been called. Since the R. F. C. began to function Feb. 2, 1932, it has advanced $3,543,913,394.15, of which $986,844,212.01 has been repaid. Former vice president Charles G. Dawes was head of the Central Republic Bank and Trust Co. when the $90,000,000 loan, secured by 5,000 to 7,000 items of collateral, collater-al, was made in the latter part of June 1932. Dawes resigned as president of the R. F. C. about two weeks before the loan was advanced ad-vanced and returned to Chicago to resume his position as chairman of the board of the bank, which now is in liquidation. Circumstances of the loan and the fact that it was the largest single advance in the Hoover campaign cam-paign to conquer depression, prompted sharp congressional comment. Rep. La Guardia, Rep., N. Y., and now mayor-elect of New York City, charged that Dawes resigned from thi R. F. C. to avoid approving the loan. |