Show I I I I t I Ak I ANY members of ot the Congress composed of ot the largest MANY are again worried about a return re re- reNew New York City banks turn of ot the so so called Called hard money As of today the cost of ot borrowing policy of ot the Eisenhower adminis money is at the highest rate since tr tion which was inaugurated early 1953 and at a time when not early in 1952 and then quickly only small business but large abandoned as the nations nation's economy corporations are seeking be began an to spiral downward dous amounts ranging into the The return to this hard money money billions for tor expansion of 01 facilities policy was heralded herald en by these factors factors factors fac fac- fac- fac and inventory And interest rates tors are still going up The United The unannounced boost in inThe interest interest interest in in- inStates States Treasury the highest credit terest rates from 3 to 5 on risk in the world was paying only disaster loans to farmers the about 8 0 interest on 90 day 90 day loans Federal Boards Board's recent in 1954 Today it is paying over boost in rediscount rates to toI 1 1 f for r the same loan And at atthe atthe private banks and the attempt the same time some government o of ot the Treasury Department to bonds are as low as 89 or 11 carry carry out th the provisions of the points under ar ripe for tor purchase Hoover Com Commission report on Government Government Government Government Gov Gov- by the money interests who hold lending agencies them for far par or over and sell The Hoover report if il carried out would undermine or eliminate With interest rates on commercial commer commer- the lending and insuring activities cial loans so high banks are turning turning turn turn- of federal agencies placing such ing more to consumer credit loans lending in the hands of private Today consumer credit debt stands banks at higher interest rates It at atVell well Vell over 30 billions on installment install installment would cripple the Rural Electrification Electrification l. l ment sales A recent survey of ot cation Administration place all banks shows this class of loans price support loans of the Commodity Commodity Com now accounts s fo for about 22 of modify Credit Corporation in the their total loans something they hands of ot private banks and interest interest in in- wouldn't touch a 3 few tew years ago terest rates on all these including And the survey showed 36 cents the Federal Housing Administration out of ot every dollar of gross income tion the Home and Housing Administration Administration Administration Ad earned from bank loans comes ministration and the Veterans today from installment credit Administration would be governed loans In the meantime the Congress Con by recommendations of New NewYork NewYork NewYork NewYork gress grass is wrestling with about 75 5 York bankers As a matter of ot loopholes In 11 the tax code which fact according to Representative was rewritten in 1954 some of Wright Patman of Texas the them costing the federal Treasury Hoover Commission report carries billions of ot dollars And by strange out the same re recommendations ommen coincidence all these tax loopholes made about two years ago by the were in favor of ot th 1 big income New York Clearing House Asso Asso- 1 earners I I The return to this hard money money policy was heralded herald en by these factors factors factors fac fac- fac- fac tors The unannounced boost in inThe interest interest interest in in- terest rates from 3 to 5 on disaster loans to farmers the Federal Boards Board's recent boost in rediscount rates to toI private banks and the attempt o of ot the Treasury Department to carry carry out th the provisions of the Hoover Com Commission report on Government Government Government Government Gov Gov- lending agencies The Hoover report if il carried out would undermine or eliminate the lending and insuring activities of federal agencies placing such lending in the hands of private banks at higher interest rates It would cripple the Rural Electrification Electrification l. l cation Administration place all price support loans of the Commodity Commodity Com modify Credit Corporation in the hands of ot private banks and interest interest in in- terest rates on all these including the Federal Housing Administration tion the Home and Housing Administration Administration Administration Ad ministration and the Veterans Administration would be governed by recommendations of New NewYork NewYork NewYork NewYork York bankers As a matter of ot fact according to Representative Wright Patman of Texas the Hoover Commission report carries out the same re recommendations ommen made about two years ago by the New York Clearing House Asso Asso- |