Word: rfc
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Establishment of the bases, under a Good Neighbor agreement, had the hearty endorsement of Ecuador's liberal, hemisphere-minded President Carlos Alberto Arroyo del Rio. The U.S. had been negotiating for them since 1940, last year granted a $500,000 RFC loan for the "commercial improvement" of Albermarle Island, largest of the Galápagos group. (Navy-minded Franklin Roosevelt cruised among the islands on the U.S.S. Houston...
...reasons: 1) the U.S. needs Spanish tungsten ore and cork (an RFC buying agency, blessed by both the State Department and the Board of Economic Warfare, is now doing business with Franco); 2) the U.S. is being hurt by Spanish Falangist propaganda in the Americas...
Most Detroiters could hardly believe it. The company lost $12,000,000 and most of its customers in the depression; it was $1,000,000 in hock to RFC; it was on the auction block only two and a half years ago. Yet last week this same outfit was sprucing itself to receive the Army-Navy Production Award, highest U.S. recognition for excellence in war-goods production. Its name: Continental Motors, manufacturer of engines for tanks, airplanes, trucks, industrial equipment. Its boss and spark plug: husky, harddriving, cigar-chomping Clarence ("Jack") Reese...
...famed "Red Seal" engines were used by 90% of some 600 independent automakers. But the glory was gone. Instead, the company blew its cash on fancy airplanes, a fleet of chauffeured limousines, a fling into the highly competitive, low-priced passenger-car business. In 1939 the big boot of RFC was evident when the old bosses faded out and Reese became president...
Jesse Jones dipped into his big bag of tricks last week, came up with a crackerjack solution to the steel-scrap shortage: a multimillion-dollar RFC agency called War Materials, Inc., whose only reason for living is to buy at least 5,000,000 tons of iron and steel scrap as fast as possible...