Show I RESERVE RESERVE BANK TO BE BASIS 0 OF FINANCE WORK t I R Reconstruction econ Corporation Adopts Policy of Decentralization Decentralization De De- I centralization I I BOARD HOLDS MEETING Decides to Use All Federal Federa Credit Facilities B Br Bi Associated Press Fres WASHINGTON Feb 5 The 5 The re reconstruction re- re construction finance corporation has ha I adopted a policy of or decentralizatiOn and nd md will endeavor to use all the pres- pres present ent nt credit facilities of the federal government ove t. t I IThe The backbone of the corporations corporation preliminary up set-up will be the fedral fedral federal fed fed- eral ral reserve system District federal reserve banks ant and heir their branches will be used as muchas much mud is as s possible as they already have organizations and know intimately inti Anti lately the various local situations In addition the old war finance cor- cor oration still has a skeleton organization ion tion which will be used wherever pos- pos ible sible OLDS fOLDS CONFERENCE The board of directors conferred toda ada day with M. M J. J Fleming deputy governor of the federal reserve dis- dis district net having headquarters at Cleveand Cleve- Cleve land md and giving particular attention to tc the he ic Ohio banking situation The board has no railroad loan applications ap- ap before it Announcement by y W. W W. W Atterbury president ol of o olic the he ic Pennsylvania railroad that he hel would apply for a construction loan but withal with with- was as as received with interest out al ut comment by members of the boa oard rd I The board has decided to consider railroad loans only after they have been een cn approved by the railway raHway credit corporation created by the roads recently re- re after the interstate commerce commission granted rate increases I In addition the law creating the finance nance corporation requires that all railroad applications be approved bythe by bye the e interstate commerce commission self elf before being considered by the theard board oard ard WORK ORK WITH DIFFICULTY Officers of the corporation worked with pith ith great difficulty today today- tod tod the amid clatter liter Latter of workmen laying new new fJ floors rs stalling installing telephones and moving furniture Workmen were laying a carpet carpel immediately im- im mediately over the offices of Charles G. G i. i Dawes the corporation president and ad id his conferences at times had to tc toC tobe be C stopped when workmen hammered in unison The corridors of the old department of f commerce building bull ding were crowded seekers With only about to jobs available the corporation has received re re- re- re ived more than applications |