Word: rfc
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This startling fact was underscored last week when OPM materials chief William Batt told air-conditioning makers they could get top-rung priorities on all blast-furnace installations. In fact, steel companies will be urged to air-condition, can have RFC money to pay for the jobs. Reason: air-conditioned furnaces produce more iron (TIME, April...
Southern Railway last week paid off its last bank loan, thus joined the aristocracy of U.S. railroads whose members owe neither the banks, nor RFC...
Southern got its membership the hard way. Mired during the depression, it borrowed $31,405,000 from RFC. Things got better and in 1936-40 Southern earned a cool $18,457,000. But its management plugged its ears against the squawks of dividendless shareholders (the last Southern dividend was in 1931), used these profits to pay debts. RFC was paid in full in May 1941, three years ahead of time...
This week Southern shareholders were glad management had ignored them. Their road is now free of all bank or RFC interference. And since first ten months' profits jumped 310% to $14,631,000, it is also better able to resume dividends than ever before...
...world economic balance sheet on which all future allocations will be based, SPAB is compiling U.S. Army, Navy and military Lend-Lease requirements; OPA the U.S. domestic requirements; EDB, the requirements of the rest of the world. If, as subordinates suggest, EDB gets control of Lend-Lease and RFC foreign lending powers (especially of the Export-Import Bank), it will be the distribution center for all U.S.-controlled materials throughout the world...