Word: rfc
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...history. In 1936 the B. & 0. made $4,538,975. Last week, it declared not only that it faced a probable loss of $1,352,004 for 1937 but that it could not meet its payroll, maintain its present lines or meet maturing obligations without an immediate RFC loan...
...RFC in the past has lent the B. & O. a total of $82,110,000. Last week, $79,842,823 of this debt was still outstanding and the RFC held as collateral securities worth $89,279,610 at the present market. In petitioning for an additional $8,233,000 loan-on this same collateral-to be due in 1942, the B. & O. announced that it had been unable to borrow from any other source and that "with these funds the company will be in a position to maintain its property to the present standard of efficiency, avoid the reduction...
...Since RFC Chairman Jesse Jones recently said that his commission stood ready to make reasonable railroad loans, it seemed likely last week that the B. & O. would get its loan. Without the loan it seemed equally likely that the line would have to join the 37 other U. S. Class I rail-oad lines now in the courts...
Meanwhile, Jesse Jones, whose Reconstruction Finance Corp. has made immense railroad loans, had the ear of President Roosevelt. To the White House the President soon afterward called newshawks to unburden himself. First, he said, he had discussed the advisability of the RFC making further small railroad loans. Asked if the Government would do anything else for the lines, he declared that the major responsibility rested on the ICC, that rail-road economics is one of the most serious problems facing the nation, that he did not believe any member of the ICC yet had a good solution for the problem...
...crop, which knocked the price from 15? to 8? per lb., the New Deal broke out a well-worn storm sail in the form of loans to cotton growers (TIME, Aug. 23). Hastily arranged just before Congress adjourned, the cotton-loan program was financed by Jesse Jones's RFC through the Commodity Credit Corp...