Word: rfc
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Subsidies were underplayed in the press two months ago when the General Maximum Price Regulation was announced. They got only a passing reference in the first documents describing "the big freeze." And when Congress shortly thereafter refused subsidy funds to RFC, most people shrugged their shoulders and thought it was just another swipe at newly unpopular Jesse Jones...
Trouble is, past emergencies have just about exhausted all the funds that RFC has had available to deal with them. This week, therefore OPA will probably have to puncture its East Coast price ceiling on gasoline for the fourth time, since the oil industry cannot go on forever absorbing the higher cost of bringing oil east by train at 4? a gallon instead of by tanker at ½?. So far a deficit of $39,000,000 is the only thanks the industry has received for its unhesitating efforts to move oil east, without tankers, regardless of cost...
...sail came back to the Caribbean last week as the U.S., with RFC cash, set out to build a thousand new wooden schooners in the little shipyards of the West Indies, Venezuela, Colombia and Central America. First contract for six 300-to 500-ton schooners has been let to a shipyard in the Dominican Republic. The second will go to Cuba...
...frozen in the Government stockpile. Although OPA allows a dealer 1% a month service charge (average: $10), he collects only when he sells the car-if he can get it from the buyer. The best any about-to-go-broke dealer could hope for this week was that the RFC would bail him out and take all new cars off his hands...
...Government has helped somewhat. Since OPA's first oil ceiling, it has allowed gasoline price increases of 1.2? a gallon. This is still 1.6? short of estimated cost increases. Last week OPA got RFC to promise that it would soon subsidize oil freight costs to keep oil moving...