Washington, June 23.
President Roosevelt yesterday called a special press conference and outlined for the nation the Administration's new extra-budgetary $3,860,000,- 000 programme of self-liquidation loans designed to stimulate employment and business.
The President estimated that $870,- 000,000 of the new programme would be spent in the next fiscal year.
The programme calls for a wide variety of Federal loans for self-liquidating public works, toll roads, rail equipment, rural electrification, housing, farm tenant loans and advances to foreign governments to promote United States foreign trade The President suggested that the programme could be financed by various Federal agencies which would issue securities on which the Government would guarantee the principal and interest. However, these "would not be direct Treasury obligations, The President said the programme could be launched at little or no cost
Text read from the printed page and cleaned; old type leaves the occasional error.