Word: rfc
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Dates: during 1930-1939
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Philadelphia's municipal finances are in a bad way. All Philadelphia knows it; few Philadelphians seem to care. The city's gas plant is in hock to RFC. Its public libraries can afford to replace only 20,000 of 85,000 dog-eared books which are thumbed to tatters each year. More than a third of Philadelphia's annual revenues go to service old debts. Expensive subways, promoted during the heedless '203, are sealed and empty catacombs; Philadelphia lacked the money to run them or to pay for them...
...junta consisting of his old partner J. I. Mange; Hopson's three sisters (Norma Jones, Perle Hopson, Amy Starch) ; his brother-in-law, Commercial Research's famed Dr. Daniel Starch. A few weeks ago Mr. Mange went calling on Jesse Jones to see about arranging an RFC loan. Soon Associated got the idea thai Mr. Jones's price for making the loan was a finger in management. Last week, Associated acquired a new president, a veteran Washington lawyer named Roger Whiteford, who is given to lecturing on the trial of Christ; who is a buddy...
Associated evidently believed that after this its RFC loan had been arranged. To New York banks, on the alert for good loans; to other utilitarians, who would like various pieces of Associated; to non-RFC New Deal utility watch dogs, Associated seemed overoptimistic about what the loan could accomplish...
...that Associated can pay off an $8,589,-980 (8%) bond issue which is due March 15, 1940. Also overdue is $5,780,000 owed the U. S. Treasury by Associated as the balance of an $8,700,000 settlement of a $50,000,000 tax claim. Mange wants RFC to lend NY PA NJ enough to pay off the bonds, pay the taxes; he is also asking for another lump for construction, $26,500,000 in all. The catch is that SEC must approve NY PA NJ's passing any part of the loan upstream to its parent...
...better than cannon in dealing with the New Deal. Fortnight ago, he hired a new president for Standard, white-haired, McNuttish-looking Leo Thomas Crowley, since 1934 chairman of FDIC. He hired Mr. Crowley through Washington's No. i Big Money employment office, Jesse Jones's RFC, the same office which placed Mr. Crowley's FDIC predecessor, Jones Protege Walter Cummings (TIME, Nov. 27), who heads Chicago's huge Continental Illinois Bank...