Word: rfc
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President Frederick Trubee Davison of Manhattan's American Museum of Natural History financed the planetarium building by persuading RFC to take $650,000 in Planetarium Authority bonds in return for a loan, to be paid off by millions of 25? admissions. But the RFC would not advance funds for a foreign-bought instrument. That problem was solved, to Mr. Davison's surprise and delight, when he was handed a check for $150,000 by Bachelor-Banker Hayden, who had been religiously stirred by a planetarium performance in Chicago (TIME...
...York Central R. R. has a problem. It owes $63,000.000 to a group of ten big banks headed by J. P. Morgan & Co. and George Fisher Baker's First National. It owes another $27.000.000 to RFC. Even on Central's billion-dollar balance sheet $90,000,000 of bank and RFC loans is an ominous item. The money was borrowed in the depths of Depression when Central was draining its cash into its huge development program on Manhattan's West Side...
...Central bond, conversion feature or no. Moreover, by selling the bonds as Mr. Jones suggested, they hinted that he was tricking them into "an underwriting . . . forbidden by [New Deal] law." And, listing all the other objections they could think of, together with a counterproposal (put both bank and RFC loans on a six-month-notice basis), Messrs. Reynolds & Whitney wrote Mr. Vanderbilt, who forwarded the letter to Mr. Jones with a covering note. Mr. Vanderbilt began cajolingly: "Dear Jesse...
...Very truly yours. . . ." Despite his sternness, "Dear Jesse" extended for two months $15,600.000 of "Dear Mr. Vanderbilt's" RFC note falling due last week. But he also had an afterthought: "Dear Mr. Vanderbilt...
...stock-control of the holding companies through which the Van Sweringens rule virtually all their vast possessions. On the block will go about 50% of the common stock of Allegheny Corp., representing all but one of the Van Sweringen railroads, Wheeling & Lake Erie, whose stock is pledged with RFC. The man who owns that block of Alleghany stock can hire & fire the executives of Chesapeake & Ohio (3,100 mi.), Pere Marquette (2,200 mi.), Erie (2,700 mi.). Nickel Plate (1,690 mi.) and have a voice in the reorganization of Missouri Pacific (12,000 mi.) and Chicago & Eastern Illinois...