Word: rfc
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Bills. There is nothing to prevent a Congressman from introducing a bill proposing that the U. S. annex the other side of the moon. It goes into the Record for the benefit of the homefolks, if they are moonstruck. Largely on this basis, Pennsylvania's Kelly proposed that RFC loan up to 50% of the property value of any business to its owners. California's Hoeppel wanted a $10,000,000,000 appropriation for "county loan agencies." More realistically, Minority Leader Bertrand Snell demanded restoration of the 15% pay cut in Federal salaries. And an echo of Hoover...
...Fiscal 1934 Fiscal 1935 (in millions) (in millions) PWA $1,677 $1,090 Conservation Work. . 342 65 Bank Deposit Guarantee 150 none RFC 3,970 } Unforeseen Expenses 1,166} 2000 All Others...
...spending made the budget "staggering." If he had chosen to view the Government's finances as tycoons viewed their companies' finances in 1929-even as President Hoover did, and he himself last summer-he might have composed the same facts into a far milder picture. Hitherto RFC outlays have never been treated as expenditures. The RFC secured cash by selling its debentures to the Treasury. The Treasury treated the transaction not as an expenditure but as an investment (which it nominally was). Thus the $2,045,000,000 passed out by the RFC in fiscal...
Last week the RFC had agreed to buy preferred stock (or capital notes) of 3,487 banks...
...Commonwealth Edison Co. of Chicago, who had been invited to chairman Chicago's Continental Illinois National (TIME, Dec. 25), last week wrote a letter to the bank's directors disclosing that: 1) the Federal Reserve Board had given approval for Mr. Ranney's election; 2) the RFC had been asked by letter for similar approval but had never answered. It was so evident last week that the RFC intended to put in Chairman Cummings of Deposit Insurance Corp. as Continental Illinois' chairman that Sewell Lee Avery of Montgomery Ward resigned from the bank's board...