Evening star., 1933-06-27
$26,O00,00O PROFIT
| IS SHOWN BY R. F. c.
Income Derived From Inter.
est on Loans of All Kinds
for is Months.
By the Associated Press.

| BY the Associated Press.
about $4,000, 900 between February 2,
, 1882. and May 81, 1888.
The reports of the corporation to
Conress show an operating surplus of
$17,802, 900 up TO December 81, 1888,
and surplus of $s,228,77S accumulated
between January /, 1888, and May 81,
a total of s26 6,03o, ,77s for the 16 months.
The income was derived from interest
on loans of all kinds.
But the corporation will not do so
we'll hereafter Congress attended to
that 1t directed the corporation to
give the emergency relief administrator
$500 000,0 900; the Federal farm admin
istrator S300,000000 and to supply
5000, ,000,000 to the Home Loan Cor
poration. The relief money will never
come back
Just Banking Now.
Meantime, the corporation has with
drawn from virtually all activities ex-
cept those of banking and supplying
money for other Federal offices.
The making of loans for self-liqui-
dating properties designed to create
employment was transferred at mid
night last night to the new public
gency relief activities of the corpora
ton ended a month ago.
AS result of newly enacted legisla-
ton, the corporation reverts virtually
to its original status as an agency for
lending money to banks, insurance COM
panies and other financial institutions
and railroads
The following statement was issued
by Jesse H. Jones, chairman of the
corporation board
Loans totaling S217 565, 1893 had been
granted by the Reconstruction Finance
Corporation when the self -liquidating
phases of the corporations work were
turned over to the Public Works Corpo-
ration at the close of business yester-
day. The loans ranged from $500 to
SCI 100000 and covered 81 States.
In transferring to the public works
administrator the record of all applica-
tions which the Reconstruction Finance
Corporation has either deferred or de-
clined, it is sending to the new author
ity projects the applications for which
total more than S500,000,000.
Deferred Some Loans.
More than S250,O0O 900 is included
in the loans which the corporation in
recent weeks has deferred for reference
to the public works administrator and
more than $500, 100000 in those which
the board, because Of the limitation i'm
posed upon it by law, had previously
been forced to decline. The number of
applications which were deferred for
consideration by the public works ad-
ministration totaled Sc and information
totaling $40 loans that have been de-
clined will also be available for consid-
Grafton by the new body.
"All of the deferred or declined ap
pIcations are to be transferred to the
public works administrator for consid-
Grafton and study The facilities and
the organization Of the corporation are
available to the new agency in the
public works program Of the President
"The emergency relief and construc-
ton act became a law on July l, 1882.
The first loan was authorized on Sep
tember 13, 1882, and the last today
"Self-liquidating requirements pre-
vented granting of many loans that
would have served good purpose.
Every effort was made in all instances
to bring the applicants within the scope
of the act This often required weeks
of work in which agents of the corpo-
ration devoted as much time as those
seeking the loans in perfecting the ap-
plication."