Word: rfc
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Besides extending the President's powers, the Senate performed the almost impossible feat of further expanding those of Secretary of Commerce Jesse H. Jones. To the House the Senate sent a bill increasing RFC's note-issuing powers by $1,500,000,000 and authorizing RFC: 1) to create corporations to produce, sell, acquire, carry or otherwise deal in strategic and critical materials; 2) to purchase and lease land, plants, machinery, etc., for such production; 3) to produce or purchase railroad equipment...
...Jones friend and a Jones man, Schram was fast becoming also a Jones rival. At first, like other Jones men, he remained anonymous. He never held his own press conference, never sent out his own press releases. Even after the President gave him the RFC chairmanship (which Jesse wanted to keep in his own collection of titles), Jones was still his boss. Schram's thwarted feeling probably mounted during the Bolivian tin negotiations, which Jesse handled in such a way that Bolivian tin is still not being commercially smelted...
...last. Early this year (TIME, March 17), he tried to make Schram $35,000-a-year president of Chicago's Federal Reserve Bank, failed when local patriots revolted. At a press conference a few days later a reporter needled Jones about the Chicago fiasco. Waving at Schram, whose RFC salary is $10,000, Jones cracked: "He's a farmer; when somebody dangled that big money in front of him, he jumped...
...promised that the Exchange's creaky operating machinery would be overhauled to make important committees responsible only to him, not to the board of governors. So when Schram packs his autographed picture of Roosevelt, his grotesque wood carvings (he hails from a woodcarving family), and leaves his RFC office* on or before July i, he will take over a real...
...Among names talked of for his successor as RFC chairman Cottonman Will Clayton, under Secretary of Commerce Wayne Chatfield Taylor, Jesse Jones himself...