Word: rfc
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Four years ago the U. S. Government, on the grounds that Aluminum Co. of America is a monopoly, started an antitrust suit that has yet to be decided. Last year the Government took a more direct route to the same end. Its RFC loaned smart little Reynolds Metals Co. $15,800,000 to build its own aluminum ingot plant (in Alabama) to compete with Alcoa. Month ago RFC advanced another $4,200,000 to Reynolds, to help with a Bonneville plant. Last week Reynolds Metals put out its 1940 report, proof that Alcoa's competitor was growing fast...
From the bankers' standpoint, the first nine years of RFC were the easiest. Jesse Jones always said: "We only take what the banks leave over." When excoriating the New Deal, the bankers always made an exception of their friend and fellow businessman, Uncle Jesse. But last week this beautiful friendship was strained...
Then Jones studied the deal. Abruptly he announced that the coupon rate they proposed (3½%) was too high. The bankers argued to no avail. Three days before the March i deadline, an RFC underling called the Chase and said that RFC would take the whole issue. Average interest rate: just under 3.2%. To the bankers, that meant good-by to two years' work, underwriting profits up to $2,000,000. It also meant the death of an illusion about Jesse Jones...
...juiciest plums in town is the $35,000-a-year presidency of Federal Reserve Bank of Chicago, which fell vacant last month. Jesse already had the nucleus of a good organization built around Cummings (a Reserve Bank director) and First Vice President Howard Payne Preston, an RFC alumnus. For president he wanted his present RFC head, Emil Schram...
...President Clifford S. Young, himself the and-Jones candidate for the job, declared it no election. At this point, the news leaked out to a Chicago Tribune reporter, who rushed it into print. Angry telegrams began burning up the wires to FRB in Washington, begging them to call off RFC's dogs. There was so much talk that Jesse Jones denied any interest in the whole affair. That was the end of the Schram candidacy...