Letter to the Central Executive Committee of the Federal Reserve District Banking and Industrial Committees on Agricultural Loans.

[Released September 15, 1932. Dated September 13, 1932]

Gentlemen:

As you are aware the Reconstruction Finance Corporation is earnestly engaged in the erection of a series of credit institutions for the purpose of serving livestock and feeder loans and for other agricultural purposes. The Corporation has found many difficulties in securing personnel and in overcoming legal questions which arise under the Act, and although they are working unremittingly for the earliest possible erection of these institutions, it does not appear that they will all be functioning for two or three weeks. In the meantime, the season for shipment of livestock for feeder purposes, etc. is upon us.

I am wondering if it would be possible for you to interest the Federal Reserve Banking and Industrial Committees in the areas of the country where this credit is required, that they should secure maximum activity of all the banks to take care of these demands, at least pending completion of the Reconstruction Corporations' organization. I know of nothing that would more quickly promote agricultural interest than a regular flow of livestock into feed lots.

Yours faithfully,

HERBERT HOOVER

[To the Executive Committee, Federal Reserve Banking and Industrial Committees, Washington, D.C.]