Big Loan for G.M.

Detroit was busy with rumors that General Motors had just snagged the world's biggest private bank credit--$500,000,000 to $1,000,000,000 at perhaps 2 1/2% interest. Partly guaranteed by the Government under newly enacted Regulation V of the Federal Reserve System, the new loan will bolster G.M.'s working capital ($518,000,000 on March 31) to a point where the company can produce at least $6,000,000,000 in war goods in 1943--four times its biggest peacetime year.

The loan double-checks G.M.'s horror of funded debt, presumably means that the company expects the end of the war will also mean the end of its need for added capital.

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