Word: rfc
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...Played both sides against the middle of the utilities issue. In the spirit of the newly proclaimed honeymoon (TIME, Nov. 7), RFC Chairman Jesse Jones said that he would have $250,000,000 available for "national defense" utility expansion loans. More in the old spirit of New Deal v. private utilities were four incidents of the week: 1) PWA agreed to lend an additional $3,279,000 for a municipal distributing system in Chattanooga (Commonwealth & Southern territory); 2) for $1,600,000, TVA and 22 cities bought West Tennessee Power & Light Co.'s distributing facilities; 3) in Collier...
...Central has leased the property, which now forms part of the Central's main-line track between Toledo and Jackson (Mich.). And while the Central has ceased to pay dividends, Erie & Kalamazoo has paid a dividend on its common stock as regularly as most railroads now apply for RFC loans...
Last week. Admiral Land was pleased to remove these barnacles from Dollar Lines' hulk and to announce that RFC would provide $2,500,000 for new working capital, that the Commission would provide $2.000,000 to repair twelve of the line's ships, $3,000,000 more by way of annual subsidy to meet foreign competition. New Dollar Lines president is Joseph R. Sheehan, who resigns as the Commission's executive director. Xew Dollar Lines chairman (at a maximum salary of $25,000) is Senator William Gibbs McAdoo-who introduced the first shipping bill in Congress...
...onetime (1932-34) RFC director who organized Arkansas's first telephone sys tem, strapping, 61-year-old Harvey Couch is Arkansas's wealthiest private citizen, and the Southwest's No. 1 private utilitarian (Arkansas, Louisiana and Mississippi Power and Light Companies). In 1926 he bought Louisiana and Arkansas Ry. for $10,000,000, In February 1937, for a rumored $2,250,000 he picked up working control of K.C.S. from Paine, Webber & Co., which got control after a bitter fight with Leonor Loree. Since then Wall Street has been expecting a merger and last week Harvey Couch...
...devastated East picked itself up, dried itself off, began burying its dead, Harry Hopkins flew to join the six New England Governors in Boston. To $500,000 from the Red Cross he added the promise of "unlimited funds" and 100,000 workers from WPA. Disaster Loan Corp. (subsidiary of RFC) offered rehabilitation loans. After five days, some communities were still isolated, train service had not been restored on the full New York-to-Boston run, the known dead had passed 600, the estimated damage half a billion dollars...