The Government's Week

Last week the U. S. Government did the following for and to U. S. Business:

P:Re-emphasized its antimonopoly drive, as Franklin Roosevelt sent to Congress his long-awaited message on trust-busting (see p. 13).

P:Continued to frame legislation to help the hard-pressed railroads (see col. 2).

P: Refused to help the hard-pressed telegraph companies, as FCC denied their petition for a 15% rate increase. Like the railroads the U. S. wire companies currently suffer from increased costs, decreased income. In 1937 Western Union made only $3,325,000 on gross of $100,400,000. Postal Telegraph, which is in 77B reorganization, lost about as much on its land line operations. Rate cuts for night letters did little good and so last December the companies asked a fat step-up in domestic rates. Last week FCC gave no reason for saying No.

P: Moved to coordinate and simplify activities of the three Federal agencies which supervise U. S. banking activities--the Federal Reserve System, Federal Deposit Insurance Corp. and Comptroller of the Currency. Franklin Roosevelt asked for such action in an inconspicuous part of his April 14th message to Congress. Last week Secretary of the Treasury Morgenthau, FDIC Chairman Leo Crowley, Acting Comptroller of the Currency Marshall Diggs and several Federal Reserve officers sat down to see if the simplification could not be accomplished without legislation. First problem tackled was bank examinations, now conducted differently by all three agencies. At week's end it was reported the conferees agreed to have not only a uniform examination blank but also uniform interpretations of such important matters as determination of the depreciation of securities.

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