Word: rfc
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When the Government started its suit, Alcoa had in fact no competition in the U.S. But defense needs and RFC loans have since put one competitor, Reynolds Metals, into the aluminum business, with three more-Olin Corp., Bohn Aluminum, Union Carbide & Carbon-on the point of joining the fray if Jesse Jones's Defense Plant Corp. ever gets around to signing the papers. Nevertheless the Government will appeal Judge Caffey's decision to the Supreme Court...
...year history, International Mercantile Marine Co. has carried more passengers than any other U.S. line, operated crack ocean greyhounds like the Leviathan, Washington, Manhattan, America. But last week, with a $11,469,000 bond issue due Oct. 1, I.M.M. did not have nearly enough cash to meet it. Suddenly RFC jumped in, lent I.M.M. enough to pay off the entire issue...
...steel industry, with RFC funds, can and will expand its present capacity by 15,000,000 tons (17%). So says an OPM report on the President's desk this week. It also says that this expansion-about equal to the total capacity of the British steel industry-will "begin feeding steel into the defense program in about nine months" (it will be two years before it can be completed...
...colossus. Meantime he had acquired large interests in the Louisiana & Arkansas Railway and the Kansas City Southern, consolidated the lines. With his close friend Joe Robinson, late Majority Leader of the Senate, he had Arkansas politics by the short hair. President Hoover made him a director of RFC in 1932, and Roosevelt kept him on till he resigned...
...including Globe Indemnity and Royal Indemnity) estimated to be worth $180,000,000, plus an estimated $115,000,000 of unlisted securities in 46 privately owned U.S. corporations-including Delta & Pine Land Co., Dunlop Tire & Rubber, Clark Thread, Josiah Wedgewood & Sons (china), Yardley of London (cosmetics) Also assigned to RFC were the earnings of 41 U.S. branches of British insurance companies. Since total earnings of these investments have averaged about $36,000,000 a year-enough to amortize the loan at 3% interest in 15 years-Jesse Jones figured he had made a good deal and announced that...