Word: rfc
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...Jones's approval the eight railroads* last summer jointly applied to the Interstate Commerce Commission for permission to buy M. & St. L. ("The Peoria Gateway"), which has been in receivership for the past 13 years (TIME, Sept. 23). Purchase price was to be $7,200,000, lent by RFC. Last month while I. C. C. hearings were still being held on the plan, Minneapolis citizens got excited, began raising a war chest to fight the M. & St. L.'s dismemberment, asked Congress to go to bat for the integrity of the road. The Senate voted a subcommittee investigation...
...give it to some backwoods state." RFChairman Jones thereupon challenged anyone to think up a better reorganization scheme. Banker Roosevelt promptly took him up, proposing to 1) split the road into an owning and an operating company connected by a one-year lease; 2) borrow $5,000,000 from RFC; 3) borrow $1,000,000 from Boston's rich, crotchety Frederick Henry Prince. In return for its money RFC would get first mortgage bonds and Mr. Prince would get a first lien on income for his interest. Furthermore, Mr. Prince would get a bonus...
Ready for stockholders' approval last week was a plan by which Manhattan's Manufacturers Trust Co. will pay off $25,000,000 of notes now held by RFC. The bank will offer its present stockholders $25,000,000 worth of a new preferred stock in the ratio of three shares of new stock for each ten shares of old. A curious feature of this plan is that Jesse Holman Jones's RFC will carry any Manufacturers Trust stockholder who wants to subscribe to 100 shares or less on what amounts to a 10% margin. On listed stocks...
...Jones has nothing to lose by carrying this type of margin account in RFC. Even if he has to take over the stock he will stand all even. Instead of possessing Manufacturers Trust notes, he will hold Manufacturers Trust preferred stock, which the bank would have issued to RFC in the first place had not New York State banking law, since changed, required the use of notes...
...Jones has a particularly warm feeling for Manufacturers Trust because President Harvey Dow Gibson was the first big Manhattan banker to accept RFC money when Mr. Jones was staging his great campaign to build up the capital of the nation's banks...