Word: rfc
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Having announced that PWA and RFC would make no further commitments, he was visited by Indiana's New Deal Senator, Sherman Minton. Mr. Minton left the White House, telling reporters ruefully: "I asked for a hell of a lot of PWA money and didn't get a dime...
...budget statement President Roosevelt announced that he had definitely clamped the lid on two of the New Deal's biggest honey pots, RFC and PWA. They will not be liquidated but their spending days are over. Each will carry out commitments now on the books but further loans or grants are to be barred...
...growers, arranged for four general co-operative marketing associations to buy peanuts for diversion into by-products and oil instead of sending them directly to market. Last week southwestern growers were asking $65 a ton. Virginia growers as much as $80. The co-operatives will buy the surplus with RFC and AAA funds, may resell to the Federal Surplus Commodities Corp. Co-operatives will, however, be free to turn their purchases back into normal trade channels if prices are not damaged...
...took mortgages on thousands of head of cattle. Presently this credit structure grew so top-heavy that it needed only the drought of 1930-31 to topple it. On Nov. 1, 1932 came a twelve-day State bank holiday and the twelve Wingfield banks never reopened. According to the RFC bank examiner it was "the most honest failure I have ever seen." Of some $4,000,000 loaned to ranchers, the banks got back only $200,000. Of their $15,800,000, Wingfield depositors got back about half. In 1935 "King George" went bankrupt. Assets: $10,500. Liabilities...
...Included were manufacturers of "steel vessels." Later Florida's Supreme Court ruled that tin can manufacturers were exempt because a tin can is a steel vessel tincoated. Last week County Attorney J. W. Cone of Tampa ruled the Tampa Shipbuilding & Engineering Co. not exempt from taxation because their RFC-financed, 10,000-ton drydock is not exclusively or chiefly used for the manufacture of "steel vessels...