Salt Lake Telegram | 1933-10-16 | Page 9 | Chamber Plans Industry Loans

CHAMBER PLANS INDUSTRY LOANS Corporation to Aid Recovery Fashioned After L. L A. A Institution First step in the formation of ot a corporation that will help industry to r refinance itself that it may j join in tally In the recovery drive was taken Monday when the chamber of commerce commerce com corn merce board of governors approved a plan for chamber initiative in or organizing organizing or- or the corporation S Submitted ci by y GUs P P. Backman ri chamber secre secretary ry the plan calls for organization tion of of the Mountain States Mortgage Loan corporation For or every dollar of o capital stock the corporation corporation cor car would receive 5 from the R. R F. F C. C to be loaned to industry at 6 per cent The projected corporation would be patterned after one formed in Los Angeles under the sponsorship of the chamber of commerce of that city Mr Backman studied that organization organza organza- tion lion during a recent visit to the coast Mr Backman explained that the loan functions of the corporation would not interfere with bank loans A chamber committee has been appointed appointed appointed ap ap- ap- ap pointed to study the study the plan It includes Harold P. P Fabian chairman M. M A A. Keyser Imer Pett Sr W. W E E. and Mr Backman man