The Government's Week

BUSINESS & FINANCE

"In a desire to get the Government out of the lending business, the President on Oct. 18, 1937 instructed the Reconstruction Finance Corporation to take no more new applications. . . . Due to the sharp decline in business and employment, the President has now requested that we resume lending to deserving borrowers. . . ."

Thus last week wrote RFC Chairman Jesse Jones to inform the nation's banks that RFC's 32 offices (with about $1,500,000,000 in the kitty) are once more open for business. The riotous Little Businessmen's Conference in Washington last month called loudest for increased credit facilities. Last week Jesse Jones revealed that the day after Franklin Roosevelt untied RFC's purse strings, it received loan applications from 200 small businessmen. RFC now welcomes such applications no matter how small.

P: While the Tennessee Valley Authority was involved in an internecine squabble between its three directors, the U. S. utility industry was heartened by TVA's offer to buy private power companies in its area (see p. 13).

P: Testifying before the Senate Committee to Investigate Unemployment and Relief, Franklin Roosevelt's close friend and adviser, Financier Bernard Baruch, fired "the heaviest gun yet brought up" against the Administration by blaming Governmental policies for the current upsurge in unemployment (see p. 13).

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