Word: rfc
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...same day that President Roosevelt announced his new policy of buying and minting domestic silver (see above), he received an interim report from the RFC on his gold buying program. Out of $75,000,000 allotted it since the start of the purchase plan Oct. 26, the RFC had spent $17,000,000 on domestic gold, $45,000,000 on foreign gold. Therefore to maintain its buying power in the gold market the RFC was allotting itself another $25,000,000. President Roosevelt felt that $100,000,000 was a cheap price to pay for eight weeks of his experiment...
...opponents are arch-opponents and he fights them to a finish. The St. Valentine's Day Massacre of Detroit's banks provided Senator Couzens with a set of arch-opponents among the citizens of his own city. Some of them accused him of keeping the RFC from going to the aid of their banks. He accused them of shutting off his revelations in their local investigation of the Detroit bank massacre. Senator Couzens is hard to shut off, especially when he is a member of a Senate Investigating Committee. Last week a troupe of Detroit bankers were lined...
...Deposit Insurance Corp., was to be made chairman of Continental Illinois National Bank & Trust Co. Since Chicago's biggest bank had not planned to choose Mr. Cummings, the inference was the Administration, contrary to repeated promises, intended to force officers of its own choosing upon banks in which RFC was a stockholder...
...astonished officers of Continental Illinois rushed excitedly into one another's offices, consulted by telephone with their directors. For two days every banker who had sold preferred stock to the RFC sat on the anxious bench. In Washington Mr. Cummings said he could not talk till he heard from Chicago. In Chicago ostensibly to attend a banquet, Jesse Jones professed to "know nothing about it." declared that his RFC would not interfere with banks whose present management was "satisfactory...
...which he is a director and member of the executive committee. But unlike many a Chicago tycoon who got drenched in the downpour of Depression odium, George Ranney has come through with his reputation unaspersed. Last week Mr. Ranney discreetly held his peace while Continental directors waited until the RFC's approval should make possible formal announcement of his selection. But LaSalle Street felt sure that shortly after New Year he would go into the chairman's spacious walnut-paneled office on Continental's second floor. Since last March when Chairman Stanley Field, indicted in connection with...