Word: rfc
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...other big disappointment was a war-baby issue - Boeing Airplane Co., which has given balding, brusque & burly President Philip Johnson plenty of grief as a result of its costly development of four-motor planes, is $4,740,000 in hock to RFC. Of 360,979 shares offered stock holders at $16 a share (mainly to repay the loan), last week 88,248 were still un subscribed and went on public sale. The stock was quoted on the market at 15 and a fraction, but some individual syndicate members were offering wholesale blocks of it at 15, even 14, finding...
...Competition of public lending agencies (RFC, HOLC, etc.) with private institutions has worked against private risk of capital...
...brief struggle within the Inner Circle for control of the aircraft program, Tommy the Cork had backed Federal Lender Jones against Secretary Morgen thau, who hates The Cork's guts. Messrs, Jones & Corcoran had sought control through vast RFC loans to the air industry; Mr. Morgenthau contended there were no bottlenecks within the industry, there was no bottle. He wanted a new aviation industry, set up on a mammoth scale, and the President agreed with...
...dividend policy to remain unchanged; 2) establishment of a $6,900,000 reserve for possible writedowns; 3) reappraisal of its property holdings; 4) changes in its bond and bookkeeping practices; 5) a $30,000,000 increase in its capital by next June. To finance the capital increase, RFC offered a helping hand, for A. P. has no feud with Jesse Jones...
...last week imperious, resourceful A. P. brushed even RFC aside. Instead, he undertook one of the largest privately underwritten bank financings in U. S. history: 600,000 shares of convertible Bank of America $2 preferred at $50 a share. Swiftly and smoothly underwritten, its provisions are characteristic of A. P. First call on the shares wall go to Bank of America's 145,000 present stockholders, biggest of whom is Transamerica, most of whom are small-money Westerners who admire old A. P. Among them they will absorb more than half the issue. To assure widespread distribution, nobody...