Huge Buying by Reconstruct Finance Corporation Washington, Jan. 5, The Reconstruction Finance Corporation has purchased: US.$248, 00,000" of preferred stock American banks not affiliated with the Federal Reserve, Mr, Harvey F. Couch, director of the R. F. C, announced to-day.
This amount does not include purchases of national bank, stocks mat comprises mostly the banks in the smaller communities in the country.
Some of the largest banks in the United States are also selling preferred stock to the RFC. The National City Bank of New York recently sold'U-8.$50,000,000 of its five per cent. cumulative preferred stock to the. R. and Manhattan Ca. issued and sold. to the R.F.C., a U.S. $3,000,000 capital note." The Chase National Bank also sold U.S.$50,000,000 of its five cent. preferred stock—United
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