Word: rfc
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...Announcement by its chairman, Jesse Jones, that the RFC was ready to loan funds to utilities, underwriters and businessmen on their inventories (see p. 53). Meanwhile, what U. S. Business was inclined to consider the most helpful move of the week was not the Administration's effort to pour water into the well but a Congressional effort to give thirsty Capital a drink from its own spring-by modifying taxes (see below...
...Senator Burton K. Wheeler, whose Senate Committee on Interstate Commerce has the job of drafting railroad legislation. Senator Wheeler's first move was a conference with representatives of railroad operators and workers. Ignoring the suggestion of wage cuts, the conference took up the following proposals: further RFC loans to the roads, revision of rate-making procedure, regulation of water transport, elimination of Federal barge lines, passage of the Long & Short Haul Bill, Government payment of full rates for its traffic on land-grant roads. Reiterating his opposition to a subsidy and his belief that many roads should "go through...
...section of Franklin Roosevelt's new pump-priming program that Congress has passed on is a law allowing RFC to use $1,500,000,000 for loans of almost any sort. Last week, therefore, RFC Chairman Jesse Jones took to the air to invite businessmen to "come and get it." This they did with a rush: in Manhattan, for example, the Hotel New Yorker politely but firmly asked a bureau of the Smaller Business Association of New York to leave after 600 would-be borrowers had stormed it one morning in search of RFC loan application blanks. Nonetheless, Jesse...
...almost complete stagnation of U. S. money markets which has existed for the last six months. Financiers are agreed that needed expansion of industry cannot occur until this stagnation is ended. But underwriters generally are too scared to attempt the job. Last week Jesse Jones announced that RFC would shortly undertake to underwrite the underwriters with secured loans...
...RFC Chairman Jesse Jones announced that RFC had agreed to lend $14,000,000 to the Southern Pacific subject to ICC approval to meet equipment trust maturities and $778,000 to the Lehigh Valley largely for freight car repairs, that Baltimore & Ohio officials were "confident" they could "get through" 1938 without defaulting on any obligations...