Business: Gadget Corp.

Last Spring President Roosevelt waved his magic wand over the Tennessee Valley and decreed that more electricity should be made than could be used. Last week the wand waved again and the President decreed that all the residents of the Tennessee Valley should have electrical gadgets to burn up the excess current. By executive order, he created the Electric Home & Farm Authority to provide cheap credit in the realm of the TVA for the sale of electric stoves, refrigerators, water heaters, irons, toasters, sewing machines, waffle irons, etc. Appliance makers have agreed to furnish a standard low price line which will be handled by regular dealers and the private utilities. Dealers and utilities will discount instalment paper with the EH-&-FA. The RFC will then guarantee the paper up to $10,000,000 and EH-&-FA will rediscount it with local banks. At the White House it was labeled an experiment, but Government officials declared that "the next step will be to try to persuade private capital to accommodate purchasers so that the thing can be made nation-wide in scope."