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"Fifty Billion Dollars" is the title of a book that came into public hands just a few weeks back, and has already become a best seller. Let me say in starting that it is one of the most thrilling, startling, can't-lay-it-down books that ever met my eye. It was written by Jesse H. Jones, of Houston, Texas, in collaboration with a fine professional writer named Edwafd Angly, and relates the history of the Reconstruction Finance Corporation from 1932 until 1945'

The readers of this piece will know that Mr. Jones is a banker, builder, and financier of world-wide fame, who served this nation as head of RFC during its trying years, and was also Secretary of Commerce under Roosevelt. He is well advertised as a man of great wealth, and outstanding business sagacity. fn a popular election to select the champion all-around, all-American wizard of finance, Mr. Jones would probably get more votes than all other possible candidates. And that takes in all the "big city" bankers.

But I want to tell you briefly about Jesse H. Jones, lumberman. For a lumberman he has been from the day he left his father's farm, and a lumberman he remains to this day. I have known him personally for about 45 years. In Ffouston there is a very big retail lumber yard which carries above the front doorway the sign "Jones Lumber Company." This is the last of the Jones lumber enterprises; but in spite of the tremendous size and character of his wordly a,ffairs, this lumber yard is one possessiou in which he continues to take personal pride, and is probably the last business thing he would be willing to sell.

In 1892 Jesse H. Jones, aged 18, three inches over six feet tall, and built like a heavyweight athlete, left his father's farm and went to work in a retail lumber yard in the little city of Hillsboro, Texas. His first job was a stout try-out: he unloaded a carload of mountain cedar posts. For the next several years he learned a lot about lumber the hard way, meaning the route that brings to the student calloused hands and lots of splinters. He next became a bookkeeper in a country lumber yard. Next he got a job in a city yard in Dallas, and became bookkeeper there.

Given a try-out as temporary manager he made a good profit where none was expected, and was offered the job of yard manager. Already he was showing the financial enterprise that has marked his life, for he offered to take the job for a share of the profits, something brand new in the business. They tried him out, and he made money for the owners, and some for himself . ln L9O2, just ten years after he started unloading cedar posts in the small yard, he went into the lumber business for himself. He founded The South Texas Lumber Company, bought a small yard in Houston, and started building. The Houston yard grew and he added more yards, and soon had a big and flourishing line-yard enterprise. Already his size was showing'

He learned to make money in the lumber business verl' rapidly. In 190,1 he founded the Jesse H. Jones Lumber Company, operating a yard in Houston. That's the business he still possesses. fn 1906 he bought a big sawmill, ran it a year, made money on it, and then sold it at a profit. He had a natural flair for financing, loved to borrow and invest money. Five years after he made his modest start in the retail lumber b.usiness, he was swinging millions of dollars in a multitude of directions. He was getting ready to be the biggest builder of business buildings the South had ever known. I shall make no effort to trace his growth in the financial world. I wouldn't know how to start'

One of the smaller Ffouston banks-this was along about 1908-urged the big, grey-eyed wizard, to let them put his name on their stationery as Vice President. He agreed. One day the President of the bank approached Mr. Jones. "Jesse," he said in solemn tones, "they are talking about you." "Is that so?" said Jones. "What are they saying?" "They are saying that you owe a million dbllars," and just mentioning such a debt made his voice tremble. "They aren't telling you the truth," replied Jones; "I owe THREE MILLIONS." The banker was close to collapse, thinking that his Vice President was in such a spot. Which story Mr. Jones has related with glee ever since.

As time went on and his building and financing operations grew, he sold all his lumber yards and interests except the Houston yard that still runs in his own name. In 1910 he built the Rice Hotel, an 18 story structure. He still owns it and other big Houston hotels. He built tall buildings all over downtown lfouston, and extended his building operations to various other cities in and out of Texas. A million or two or ten for a new building or building addition \^/as small change to Mr. Jones. He had

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Sales Office: Anderson, California progressed far from his cedar post days. He went into the banking business in a small way, and now he owns The National Bank of Commerce in Houston, one of the giant banks of the South. He ownes and publishes The Houston Chronicle, an afternoon paper that has grown, under his guidance, to giant size and importance. His tallest invest.ment is The Gulf Building in Houston, 36 stories above Main Street.

*rF*

It would probably reguire a full page of modest size type to even enumerate all of the business and financial concerns to which he has given his genius. When the chance came to get the 1928 Democratic National Convention for Houston, he wrote a personal check to guarantee the money needed. His financial fame was spreading, and in 1932 when President Herbert Ffoover created the Reconstruction Finance Conporation with which to fight depression, he sought out Mr. Jones for a place on the board. ..Big Jess" as his close Houston friends used to call him, came a-runnin'. After the firsi year he was made Chairman of the great and growing institution that was working miracles to save the economic stru*cture of the nation.

He held the job until 1945, being also in president Roosevelt's cabinet as Secretary of Commerce during the lasi. several years of his Washington existence. For the past year he has been writing a book on the history of RFC during those first thirteen years and the book hit the public eye with a real bang. It's hard to believe that a book on such a usually dry subject as finance and business could carry such appeal. I'll say to you that it's the doggondest book I ever read. Before you get well started in it you find yourself in the midst of a national drama filted with stark tragedy. It is so well written and drafted that the reader is gripped as by the Xrol realistic stage play.

To most of us, looking back at those tragic business years from 1932 to 1935, for instance, recollections have dimmed; and we never had a real perspective of the horror that was happening in those days;we were too close to it. But in this book we see it in amazing fashion. We see 150 million people, most of whom were in distress; tens of thousands of businesses that were locked in a fierce battle {or existence; thousands of insolvent banks, and trust companies, and insurance concerns, and building and loan companies, real estate interests, mortgage and surety companies, and plenty of railroads in the same shape. Our entire economy tottered on the brink of a precipice. Every farmer was in trouble, as were most other individuals. And this was the picture when Jesse H. Jones and his assistants began breathing life in the shape of financial help intelligently applied, into the veins and arteries of the nation. ***

Legislation increasing RFC powers was soon forthcoming, and the battle was superb. Mr. Jones tells it wonderfully in his book. He names names, dates, amounts, and all the important information. They saved more than four thousand banks that could not otherwise have made the grade. They saved thousands upon thousands of busi- nesses, and millions upon millions of farmers. They saved railroads galore. In this mighty drama Mr. Jones met with all the big shots of the nation, financially speaking, and he tells his stories without gloves about some who would help, and others who would not. Helpfulness was the word for RFC. A bank would come in and ask for a loan of half a million. After looking it over Mr. Jones would say: "You need four million; a hatf million won't help you; go home and raise two million and we will put in the other two." And they did, and the bank-and the little banks dependent in it-w*as;""_"U.

The individual stories told are marvelous. They loaned a colored barber $20; and they loaned over two hundred million dollars to pump water into the City of Los Angeles. Seventy million dollars built the San Francisco Bay bridge. Several big cities were saved when their whole banking set-up was shaking. You will read of many all night sessions when tottering financial structures had to be saved bY morning

To make it short, when a man finishes reading this book, he will immediately go back over scores of pages and chapters that intrigue him. He just can't help himself. When he finishes he will have in his mind an unforgettable picture of an era in American history attainable in no other way. And he will find himself with a financial education that no four year college course on such subjects could bring him. It isn't cheap. This Jones is no cheap man. You pay six bucks for it in your book store. lut it's the biggest six dollar education you ever saw. And, if the book makes a profit, the profit goes to some of the charities created by Mr. Jones and his *tti. * *

Now just a closing word about Jesse Jones,'the man himself. Forty years ago I heard a man say of him: "His mind works like a Corliss engine." It did. And even more so today when, at the age of 77, his thinking capacity is at its deak. He is not only a man of incomparable mental capacity, but he is the possessor of a reservoir of calm courage that has carried him over all the hurdles of a long and thrilling career. Excitement has naturally been the tonic of such a life as his, yet good humor has walked with him always and smoothed out many of the rough spots. Many delightfully humorous anecdotes dot his book. Taken all in all he is one of the very few "stand-out" men in the United States today.

Signs Up lor Two More Yecrrs

Paraphrasing the slogan of a certain good automobile"When better editorials are written, Jack Dionne will write them," I'm signing up for another two years, and am enclosing my check for $5.00 to cover the subscription. Would greatly appreciate your sending me one dozen (12) reprints of "The Magnificent 1\{acArthur."

Robert A. Johnson, Oakdale. Calif.

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Chqrlie Adoms-Lou Adolphsen-R.oy Allqn-Wes

Allin-louie Armslrong-Rolph Boker-Ed Bollqn- tyne-Wilbur Bqrr-Al Beqls-Mr. Beck-Rolph

Benson-Sylvio Benton-Jqck Betz-Frqnk Bishop

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Broithwoite-Chester Brqtsch-Jefi Brooks-Bob

BrownCorvel schuh - Jim

Burdge-Bud CorlsonDeWir Cospory-J. O. -Bob

Golemon-Rotond &ot ing-Christine

Crick-Andy Cur- rqn-Howord Deirel-

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Gtihey-George

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Mofrott-Bob Morse-A. E. Muller-Lelond Muller

-Woyne Mullin-J. G. Murphy-Vic Murphy-Dick

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Pqtlerson-Frqnk Perry-Loyol Pelerson-Horry

Tom Duncq

George Derbes- ldsonEmison son-Obie

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Joe Holl-R rington-Lee ris-Fred

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Shedrick - Mqrion Shipe - Wes Shrimp - Bryon

Smillie-Corl Smirh-Fred Smith-Glenn SmirhHorry Smith-Joe Smirh-Srork Sowers-Henry

Stohlheber-Pqut Stqke-Les Stefiensen-Al Srockton-Bob Sullivqn-Fred Suverkrup-Herb Suverkrup-Fred Thompson-Lyle Timm-Joe Tinguely

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Wqre-Howqrd Wore-Terry Wore-Lou Webster

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