Word: rfc
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...service for the New Deal began as general counsel for RFC, having been hired away from the Farm Board to serve Jesse Jones in 1932. When, working with RFC's staff of 75 lawyers as many as 18 hours a day during the bank holiday, he managed to keep abreast of the tremendous legal complexities involved in demands for RFC help from thousands of banks in 48 States, Attorney General Cummings was impressed. When New Dealer Cummings borrowed Lawyer Reed to conduct the Government's successful defense of a collateral gold clause case before the Supreme Court...
...joining his former guests on the bench, Stanley Reed gets his first profitable promotion since going to Washington. His first job with the Farm Board paid $25,000, his second with RFC $12,500, his third as Solicitor General $10,000, but his fourth on the Supreme Court will...
Harassed by the same swelling costs and shrinking revenues which face most U. S. roads, the Erie last month petitioned RFC for a loan of $6,006,000. Last week- though RFC was on record as willing to lend money on any "reasonable" railroad request and though it agreed to lend $8.000,000 to the Baltimore & Ohio after only a week's thought (TIME, Jan. 10)- it refused to aid the Erie. While some Erie bonds broke as much as 16 points and its common stock fell from $6.25 to $3.25, the Erie thereupon defaulted on $1,849.000 interest...
Chairman Jesse Jones explained RFC's hardheartedness as simply that "a matter of principle is involved." The ICC approved an RFC loan to the Erie on the I condition that C. & 0. guarantee it or put j up part collateral. C. & O. flatly refused, explaining that its first duty was to protect its own stockholders. Snapped Jesse Jones, after new C. & 0. President George D. Brooke refused to discuss the matter: "If C. & 0. is unwilling to nurture its own child. I do not see why the Government should. It seems a funny thing to me that a railroad...
...over Erie's situation last week was Senator Burton Wheeler whose investigation of railroads was proceeding busily (see p. 53). While Jesse Jones wants to save all major railroads, Senator Wheeler favors letting weak roads, however important, "go through the wringer." Irked at the ICC's allowing RFC to aid H. & O. and its willingness to aid Erie, Senator Wheeler last week demanded that the ICC be reorganized because in creating RFC Congress "never in-tended to pour public funds into the bottomless pit of badly financed railroads...