Word: rfc
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Jones won the fight by simply moving faster. In June he got authority from Congress to make RFC loans to help foreign governments get maximum dollar exchange out of U.S. investments. Last week he used this power to lend Britain $425,000,000, which will be used for pocket money and to pay for armament orders placed before Lend-Lease went into effect...
Olds's announcement of this ambitious scheme was his own idea, not the Administration's. The meeting had agreed to keep it confidential. Furthermore, he announced that if private utilities did not care "to undertake the commitment," an unnamed RFC subsidiary would pay the bills. The meeting had not so decided, since both Ickes and the White House think Jesse Jones has too much patronage already. In undertaking to embellish the Administration program. Olds seemed to be undertaking something else: a race with his ex-sponsor Ickes for the job of U.S. energy tsar...
Last week a group of railroads (which remained carefully anonymous) talked over a plan for a $1,000,000,000 pool* to purchase new equipment with the help of RFC. This would ease the financial burden on railroads in receivership or short of cash, of which there are still many. For all roads it would avoid the necessity of selling any more equipment trust certificates in a market near the saturation point after whopping sales of $52,000,000 in June. It might even speed car production by bulking and standardizing orders and by multiplying pressure to make priorities effective...
...This was remarkably like a scheme worked out by Presidential Assistant Lauchlin Currie in the Lend-Spend Bill of 1939, which would have let the railroads turn in old equipment on new, thus get new cars without down payment and at low RFC interest rates. A.A.R. showed little enthusiasm and Congress, led by Senator Wheeler, defeated the plan...
These figures (from OPM statisticians) include all U.S. defense payments, including merchant marine and RFC loans. Considering the slow rate of increase in recent months, they are not very encouraging...