Word: rfc
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...early days of 1933 when frozen assets had put most U. S. banks in hot water, the general counsel of RFC frequently used to spend 18 hours a day on the legal problems of bank relief. Even in those busy days, though, Stanley Forman Reed was under less strain than he was last week. Since he became U. S. Solicitor General last March, he has fought one great case on behalf of the New Deal-the Schechter (NIRA) Case-and lost...
...native Houston. One shows the city with all its Jones buildings. The other shows all the Jones buildings rubbed out. Houston without a Jones building is a sorry sight. Even sorrier would be a U. S. railroad map with all lines supported by Mr. Jones's RFC rubbed out. Total RFC advances to railroads have been $487,000,000, of which some $74,000,000 has been repaid. Last week after a 25-minute conference with Harold Stirling ("Mike") Vanderbilt, New York Central's finance committee chairman, Mr. Jones announced that he was about to receive the second...
...Jones was not particularly elated by New York Central's thumping repayment. Fact was, he was quite willing to sink more RFC money in New York Central provided the road's bankers accepted one of his proposals. In addition to its RFC debt New York Central owes its bankers $65,000,000, payable on demand. New York Central notes held by Mr. Jones's RFC are due on fixed dates, hence are technically inferior to the bank loans. Mr. Jones wanted equality. One way to obtain it, suggested Mr. Jones, was to fund the road...
Nothing was said about the bond issue in the memoranda which Mr. Jones released last week. But New York Central's remaining RFC debt of $11,900,000 was extended to 1941. RFC will receive the same interest as the banks (currently 4%), and while the bank loans are still on a demand basis, the RFC loans become payable if New York Central ever defaults. Furthermore, Mr. Vanderbilt tried to patch up his spat with the RFChairman by writing: "Please accept our sincere thanks for the co-operative spirit which you have evinced in reaching a final and permanent...
Immediate cause of New Haven's troubles was refusal of the Interstate Commerce Commission to approve a $5,000,000 RFC loan, which the road needed largely to pay taxes. Terming New Haven's estimates of next year's revenues "optimistic," the Commission was unable to certify, as it must do by law, that the road had reasonable expectations of meeting its fixed charges without financial reorganization. It was the first time that the I. C. C. had ever blocked an RFC loan to a major carrier...