GOVERNMENT: Correction for the Boss

When he was called before a Senate Banking subcommittee last month to defend a $10.1 million loan authorization to Texmass Petroleum Co., RFC Chairman Harley Hise assured the committee that this was “the first loan RFC has ever made to the oil industry.” Last week RFC Director Harvey Gunderson corrected his boss. RFC has been in the oil business since 1940, Gunderson told the subcommittee. In that time it has made 82 loans amounting to $18.9 million for oil development. Some 13 oil loans were still outstanding and three more besides Texmass’ had been authorized.