Word: rfc
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...shiny new super-highway the Commonwealth of Pennsylvania paid not one cent. The Turnpike Commission, appointed by Democratic Governor George Earle, got $29,250,000 from PWA, and a $40,800,000 loan from RFC. Tough, driving, sixtyish Walter Adelbert Jones, commission chairman, set a construction deadline at July 1, 1940 (to get the PWA grant), sent "cats" and bulldozers racing over Appalachian slopes like Nazi tanks in the Ardennes, ordered concrete flushed over roadbeds that had been given scarcely the winter to settle. The road was completed in 21 months. There was no fanfare this week as the Pennsylvania...
...this should have presented no grave problem. The New Deal had two great agencies (USHA. FHA) whose business was mass housing. RFC, WPA could also be enlisted to finance and build emergency houses. Ensconced in the National Defense Advisory Commission was keen-eyed, balding Atlanta Builder Charles F. ("Chuck") Palmer, to coordinate all defense housing. His consultant was young (36), aggressive Washington Builder Gustave Ring, who had made a tidy fortune on apartment buildings which U. S. housing agencies partly financed.* Last week Mr. Palmer figured that the U. S. defense industries needed 42,000 new housing units, the Navy...
Rubber Reserve Co., created last month by RFC, has the job of buying a 100,000-to-150,000-ton defense stockpile of rubber before Christmas at 18? to 20? a lb. Last week Rubber Reserve Co. made its maiden venture into the tough and jumpy spot-rubber market. The price moved forward to 20? and R. R. C., squealing, withdrew...
...Situated at the Bosporus of war orders, Curtiss-Wright Co. earned $6,235,969, up 85%, and no more than it may need from now on to carry and pay off the $92,000,000 RFC is planning to lend it. Republic Aviation Corp. earned $842,161 compared with a $524,781 deficit for all of last year. Airlines continued their uptrend. United turned a 1939 first-half deficit of $202,962 into a $288,554 net profit; Eastern in creased net 102% to $733,926. But T. W. A., its pockets emptied buying Stratoliners, had a $390,680 deficit...
Chief import gains were in rubber and tin from the East Indies, nickel from Canada, wool from Argentina and South Africa. Since RFC has only recently begun its purchases of strategic materials, these gains were likely to grow. But, for the six months, total imports were up only 18%. Result was a U. S. merchandise export balance of $773,927,000-highest for any half-year period since...