(P-37)

RECONSTRUCTION FINANCE CORPORATION

JULY 23, 1932.

The following is a copy of an identical telegram sent to the Governors of all the States and Territories:
"The Reconstruction Finance Corporation is receiving applications for advances under the Emergency Relief and Construction Act of 1932 for funds for relief purposes and for advances to aid in financing self-liquidating projects. The law has just been enacted and naturally the necessary procedure for making advances under it has not yet been established. The Board desires to consider applications as expeditiously as possible but the Act must be construed and administered in an orderly manner and with due regard for all sections of the country. Naturally it will take a little time to formulate policies, make surveys and establish procedure for making such advances. This will be done as promptly as possible and appropriate announcement made of the procedure to be followed. The Board feels sure that you will understand the problem that confronts it and earnestly solicits your cooperation. This identical telegram is being sent to the Governors of all the States and Territories.

"GEORGE R. COOKSEY,
SECRETARY."