Word: rfc
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...When RFC began buying up preferred stock and capital notes to irrigate the nation's parched financial fields, it demanded 5% interest. Later the interest rate was reduced to 4%. Last week, to encourage more private financing, Chairman Jesse Holman Jones dropped RFC's interest charge another ½%. Applying to all preferred stock and capital notes now owned by the Corporation and to any more it may be able to acquire up to Dec. 31, RFC's 3½% rate will be effective from Jan. 1, 1935 to April 1, 1939. After that the rate goes back to 4% until...
...Because Knickerbocker Village is also Manhattan's first experiment in government-financed, low-cost housing, RFC's Chairman Jesse H. Jones, East-Sider Alfred E. Smith, many a minor wig gathered in its banner-decked playground to mark the day. Said Al Smith: "I was tempted to swap the Empire State Building." Chairman Jones thumped the tub of slum clearance. Informed that the first of the two units was already 95% rented, while the second unit (to be opened Dec. 1) was 50% rented, he waved an expansive hand at the holiday bunting, declared: "I know of no ... safer investment...
...RFC Chairman Jesse Jones finally admitted that banks were doing their part in lending to business. Secretary of the Treasury Morgenthau sent a platoon of professors into the Chicago Federal Reserve district to find out who was holding up credit expansion. But not until last week did it occur to anyone in Washington to look for the Administration's pet banking villain right inside the Treasury. At a Washington conference of national bank examiners President Francis Marion Law of the American Bankers Association politely suggested that perhaps the periodic examinations were so strict that bankers feared to do anything...
...said, was quite right in throwing them out because a commercial bank's proper function is not to lend money for long or indefinite periods but to keep its funds turning over with short, self-liquidating loans. The Treasury, however, pushed plans to co-ordinate the activities of RFC examiners, Federal Reserve examiners, national bank examiners and most important of all, Federal Deposit Insurance Corp. examiners, so that a more liberal policy on slow paper might be quickly formulated...
Typical of the frauds alleged was an item listed among New York Title's assets at the end of 1932-$30,000,000 of mortgages "available for sale." Fact was said the prosecution, $12,000,000 of these mortgages were pledged for an RFC loan, and others "in amount unknown to the grand jurors" were in default as to taxes, hence not available for sale...