Word: rfc
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Buried almost out of sight in a subsection of a proposed bill which RFC Chairman Jesse Jones sent to the Senate last week, was a whole new world of Government money lending. The rest of the bill was largely concerned with details of RFC loans to banks, railroads, insurance companies, mortgage companies and similar institutions. The notable subsection, however, would authorize RFC to lend directly to private industry & commerce...
...business could get RFC funds "for the purpose of furnishing working capital, reducing and refinancing existing indebtedness or making plant improvements or replacements." Such loans would be limited to companies employing ten or more men. The RFC is already the biggest public bank in the land; if the Jones subsection is enacted, the RFC may well become the only bank in the land...
Arthur Curtiss James, owner of more railroad stocks than any man in the U. S., controls only one major road-Western Pacific. While Western Pacific was pleading for a $1.000,000 loan from RFC last summer, it was revealed that Mr. James owned 352,000 of its 574.000 common shares. Western Pacific did not get that particular loan because it had already pledged all its available collateral, but it did manage to meet the interest on its first mortgage bonds due Sept. 1. Last week the due date came & went again but Western Pacific...
...anonymous bondholders. The first mortgage bonds are substantially its entire funded debt and one-half of them are owned by a few big insurance companies like Metropolitan Life ($6,852,000), Prudential ($3,000,000), New York Life ($1.300.000). Its junior creditors are not junior bondholders but the RFC ($3,000,000). Railroad Credit Corp. ($1,300,000) and Western Pacific RR Corp...
Central's President Williamson will take no chances with his $60,000,000 maturing debt. He will offer his stockholders the right to buy his fashionable bonds in the ratio of $1,200 worth of bonds for each 100 shares of stock. If his stockholders prove apathetic, the RFC has promised him a loan of $20,000,000.† A banking group headed by Central's old friends, J. P. Morgan & Co., has agreed to take up the rest if necessary. A long and involved deal, it will require an increase of authorized Central stock from...