Word: rfc
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Actually the President has a fourth round of ammunition in the form of an authorization of $1.500,000,000 in new RFC loans-passed by Congress and signed by the President last week...
...help small enterprises float security issues, SEC eased registration requirements for issues of $100,000 or less, reduced the amount of information necessary in small registrations; 2) to aid businesses which are unable to get credit under existing banking rules, Franklin Roosevelt signed the Glass Bill permitting RFC to make $1,500,000,000 in loans of any size to anybody for any length of time...
Immediate Proposals: 1) RFC to make available $300,000,000 for new rail equipment purchases; 2) ICC to be relieved of its present necessity to certify that roads applying for RFC loans are not in need of reorganization; 3) wage cuts; 4) abolition of the reduced rates on Government traffic over the so-called land-grant lines; 5) amendment of section 77 of the Bankruptcy Act to speed railroad reorganizations, possibly by a special railroad court; 6) the Government to guarantee or underwrite bonds issued in voluntary railroad reorganizations to insure their payment and thus expedite reorganizations...
...Labor Executives Association. Labor's George Harrison suggested that the Government grant the railroads an outright subsidy sufficient to bring their revenues to the normal $800,000,000 a year. This might mean a Government outlay of as much as $465,000,000, would presumably be produced by RFC. John Jeremiah Pelley of the Association of American Railroads nodded in approval. So did his committee of presidents: Frederick Ely Williamson of the New York Central, Ernest Eden Norris of the Southern, Samuel Thomas Bledsoe of the Atchison, Topeka & Santa...
...further suggested that the money from RFC, if it be regarded as a loan, be regarded as an unsecured loan. Few U. S. railroads have anything left to borrow on. The subsidy would put men to work not only on the roads, but in the heavy industries from which the railroads normally buy so heavily...