Mr. Henry Morgenthau, Secretary of the Treasury, announces that the Treasury is considering the partial sterilization of any future floods of foreign. gold to America, The new policy may take the form of accum~ tularing foreign gold in a general fund or a stabilization fund.
Me. Morgenthau adds that last Mhursday's desteritization of some '$31,182,000,000 has emptied the Trea sury's old "inactive gold account which Is being abolished—Reuter.
Treasury Polley Chang Pump-priming Aid Washington, Apr. 20.
President Roosevelt, in & reversal of policy, which revived prospects an early' truce between the Govern= ment amd the private power industry, finexpectedly "today "included the fullles im his recovery relict pre-
'After 'a White House conference Mr, Jesse Jones, head of the Recon struction. Finance' Corporation, sala guilty concerns. were included among those' eligible' for "loans. from the RE. "funds. "He "said he" had Fecelved applications "from "several mall utilities asking for Toons, nO. Douglas, chairman of the Securities and Exchange Commission, oid the SEG. was - examining Prospective security issues, to large ftulies. Neither' revealed "the Jsmount to be loaned and whether the object of the loans would. be 10 frente a" market or so-called. Junior securities, "This depended, Me, Jones aid. on' the definition" of" junior securities. "The whole prograname is hosed on pulling' men 0 work" he Washington, Apr. 18.
The Treasury Departnent "today abandoned its "deflationary steriliza~ lon programme, opening the way for sweeping increases in available credit to support President Roose velt's spending and lending pro uramino designed to break the pres ent business recession.
Announcing the Treasury Department's reversal of policy, Mr. Henry Morgenthau, Secretary of Treasu said in the future gold would be poured into the nation's credit arteries in accordance with the coun action adopted by the Federal Reserve banks earlier this week, the Treasury Department change of policy is mainly psyehological and designed to make cash available cheaply if business needs funds for expansion or replacements following an expected revival in trade resulting from the ~Govern-mont's spending programme.
Text read from the printed page and cleaned; old type leaves the occasional error.