Word: rfc
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...boot, by regular revenues. Emergency loans and relief projects thus accounted for the entire deficit. When Mr. Morgenthau's clerks added them up and subtracted the small surplus, President Roosevelt was informed that his deficit was precisely $1,024,121,667 of which the chief items were: RFC...
...fiscal 1935 would be $3,400,000,000, ordinary running expenses not more than $2,600,000,000; leaving a surplus of $800,000,000 to help meet emergency expenditures. There was some hope that to this surplus could be added $700,000,000 in loan repayments to the RFC. But Jesse Jones was talking about the probable need of another $500,000,000 for U. S. railroads whose bonds mature during 1934 and which still found it impossible to sell new bonds to the public...
...members of the Federal Reserve System were automatically taken into the guarantee system. Of the 9,000 nonmember banks in the U. S. upwards of 7,750 applied for the guarantee. Jesse Jones estimated that all but 400 of these applicants would be accepted, thanks to the RFC's having advanced $700,000,000 to buy preferred bank stock...
...Manhattan's Chase National finally stepped up and offered to sell $50,000,000 of preferred stock to the RFC, planned a write-down of its previous common stock from $148,000,000 to $100,000,000. Thus Chase became one of five banks which together are taking $200,000,000 of the $700.000,000 advanced by the RFC for preferred stock...
...sale of electric stoves, refrigerators, water heaters, irons, toasters, sewing machines, waffle irons, etc. Appliance makers have agreed to furnish a standard low price line which will be handled by regular dealers and the private utilities. Dealers and utilities will discount instalment paper with the EH-&-FA. The RFC will then guarantee the paper up to $10,000,000 and EH-&-FA will rediscount it with local banks. At the White House it was labeled an experiment, but Government officials declared that "the next step will be to try to persuade private capital to accommodate purchasers so that the thing...