Word: rfc
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...held down (at $15,000) was as trustee of the bankrupt Chicago, Milwaukee, St. Paul & Pacific Railway. He was also a co-receiver for Chicago Railways Co. and director of half-a-dozen big U. S. corporations, among them the Maryland Casualty Co., then in debt to the RFC to the tune of $17,500,000. The late great Republican Senator James Couzens moved to investigate the ethics of Mr. Cummings' $90,000-plus annual salary intake from RFC babies while he was Treasurer of the Democratic party. But the Democrats collected a good war chest...
Meanwhile Continental Illinois did better than it had agreed in buying back the RFC preferred: in 1936, $5,000,000; in 1937, $10,000,000; in 1938, $10,000,000 more. Continental Illinois common shares, which sold at $60 in 1934, are now selling around $87. An interesting sidelight: Preferred Representative Cummings, who in 1937 owned only 104 shares of his own common, reported a year later that he held 3,019 shares and today reports holdings of 5,019 shares, owns more Continental common than any other director...
Last week Mr. Cummings cut the umbilical cord between his bank and RFC, announced that Continental Illinois would buy back the last $25,000,000 of its preferred in one batch...
...Jesse Jones, who likes to get RFC's money back, this was presumably good news. On the other hand, Banker Jones also likes to keep a grip on key properties like Continental Illinois-it has a useful fiscal finger in many pies, especially railroads and bankruptcies, which have given it large profits, the RFC much useful information...
...surplus is $20,000,000). This amounts not to the traditional 10% but to only 4.1% of deposits. However, Continental Illinois has nearly as much cash and governments ($1,111,078,283) as deposits ($1,212,371,248) and was as solvent as could be. Onetime RFC Employe Cummings was in a position to tell Boss Jones to go whistle...