Word: rfc
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...railroad industry give up its demand for a 15% wage cut if a bill for railroad relief was allowed to pass Congress, the session closed without anything being done for the railroads. Result: unless the Interstate Commerce Commission closes its eyes to the facts, and certifies to the RFC that the hard-pressed roads can repay loans made to them (the necessary requisite for RFC loans), it is highly likely that within a few months most U. S. railroads will be bankrupt...
...Commodity Credit will use $100,000,000 of its new capital to clear its debt to RFC, $60,000,000 to refund collateral trust notes it sold last year, will have $40,000,000 left for current needs...
...Approved a daily average of 30 RFC loans to business. Since lending was resumed in February, announced Jesse Jones, RFC has approved 444 loans totaling $40,000,000. Pending are 2,868 more applications...
...Found the Senate Bill providing for RFC emergency loans to railroads unpalatable in view of the roads' announced determination to cut wages 15%. Under attack by Senate liberals led by Robert M. La Follette ("a wage-cutting campaign which will not only affect employes of the railroads, but employes in every other industry"), the bill was sent back to committee...
...political club rather than a social defensive weapon. I feel confident that the U. S. will eventually take the same stand. . . ." Then it was time for an Administration spokesman to present its side of the argument. The job fell to genial Jesse Jones, whose practical handling of RFC has made him more palatable to Big Business than are most of his Government compeers. Banker Jones rose at an afternoon session just after President Edward E. Brown of Chicago's First National Bank had remarked that Government regulations hamper the free flow of credit. Said Jesse Jones: "There...