Honolulu Record, August 2, 1951, vol. 4 no. 1, p. 3
Washington (FP)—William M, Boyle, Jr., Democratic national committee chairman, was linked to a $505,000 loan to a St. Louis print-Ing concern received from the Reconstruction Finance Corporation in 1949. The disclosure appeared in an exclusive St. Louis Post-Dispatch story.
The firm, the American Lithofold Corp., had been denied an RFC loan three times, but Was granted the first installment of the loan in 1949, shortly after it hired Boyle on a $500-a-month retainer.
Boyle issued a brief statement here saying he had represented the company only "in legal matters not connected with the company's application for an RFC loan."
American Lithofold is now being investigated by a federal grand jury in St. Louis in connection with $12,000 in fees it allegedly paid to James P. Finnegan, who recently resigned as collector of internal revenue in St. Louis. Finnegan and Boyle are close friends.
The Post-Dispatch story, charging that Boyle had received $8,000 in fees from American Lithofold, was read on the floor of the Senate by John J. Williams (R. Del.), who said: "These stories demonstrate how low the morals of this administration have deteriorated during the last five years."