¢reation of the tro thousand mi-'The Senate tovday approved the
Won dallas Hedeval Finance Cor-oration through which President Hoover intends to provide Govern. ment credit for industrial relief throughout the country Owing to the trade depression it! is now often difficu® to obtain funds through the ordinary credit channels, however solid. may be
poration is designed to relieve this security offered, The Finance Cor Fituation "and advances will be made to agricultural credit agenies and other financial institutions 30 that credit facilities may extended, Money Will also be mate fayallable' for any" established industries: and railways which are in 4 sound position, but need cash tide them over period of string "The Federal Finance Corporati with the enormous funds at its dis: posal, will be able to provide "that Lemporary financial assistance without "which in these times many enterprises Would be forced into liquidation Jan, 15, The House of Representatives has yassed the Finance Corporation Re-Construction bill and itis expected that the Corporation will begin to function within a week—Reuter.
New York, Jan. 15.
Lending bankers are much encouraged by the passage of the Reconstruction bill and "declare. that fears expressed in Europe that the result of it will be uncontrolled in-Aation and the abandonment of the xold standard by the United States quite unfounded, the United States at present holds bout $4,500,000,000 worth of gold and bankers point out that the ob-Ject_of the bill is to aryest. the disastrous deflation born of une Teasoning fears as to the economic situation, the extent of which is in dicated by Mr. Harrison, Governor the Feileval Reserve bank.
Harrixon states that the shina' of an ered i the tsk years amounts to §6,500,000,000 and "he added. that the Federal Reserve Bank has enough gold to provide for the expansion of Federal eve credit by about $3,500,000, 000, Other bankers observe that it probable that only a part of ti resources of the Reconstruction Cot poration's finances will be needed.—
Text read from the printed page and cleaned; old type leaves the occasional error.