Loans to railroads have my approval--Jesse Jones. Washington, D.C., July 14. Federal Loan Administrator Jesse Jones today told the Senate Banking and Currency Committee that he approved as 'highly desirable' loans to railroads to permit refinancing of their securities with lower interest rates. The loans should be made, Jones said, only if the railroads give bondholders preferred stock equivalent to the difference between the par value of the bonds and the price at which the securities were purchased