Word: rfc
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...budget position to take between the Douglas and LaFollette extremes, President Roosevelt would make his most important decision for the next step of the New Deal. ¶The President let it be known that he had no intention of stabilizing the dollar soon or of abandoning his gold buying. RFC Chairman Jesse H. Jones let it be known that the Federal Government had bought $35,000,000 worth of gold abroad since Oct. 26, would purchase $25,000,000 more in the near future. And while the National Grange (farmers) plumped for greenbackery, the Brookings Institution, famed economic researcher...
Every weekday morning at 9:30 Mr. Morgenthau, his Special Assistant Earle Bailie and Jesse Jones confer directly or by telephone to decide the RFC's gold buying price. Every morning at 9:45 that price written in ink upon a mimeographed sheet is handed to newshawks at the Treasury and wired simultaneously to the New York Federal Reserve Bank. Because of its effect on foreign exchange anyone who knew the price in advance would have the opportunity of making large profits. Last week the Treasury was sure that someone did know the price in advance. On one occasion...
Last week Messrs. Morgenthau, Bailie and Jones varied their daily routine, tried in vain to discover where the leak might be. Whether or not their dismay at the undiscovered leak was responsible, they kept the RFC gold price at $34.01 for nine successive business days, longer than the price has stayed unchanged at any time since it was first announced. On the theory that the price could not be discovered by wire tapping no Secret Service men were called upon. Earle Bailie was given the job of playing amateur detective...
...National City was the only big bank last week to surrender completely. If the stockholders approve it will let the RFC buy $50,000,000 of its preferred stock. Mr. Jones radiated assurance that the government would not make itself a nuisance at stockholders' meetings. But the fact remained that the U. S. will become National City's biggest stockholder-and if ever two preferred stock dividends should be omitted, the Government will have complete control...
Eight other New York banks were able to resist the RFC's passion to become a stockholder because they were state institutions. They compromised by selling the RFC "capital notes." Thus supersolvent Guaranty Trust, already vexed by having more money than it can profitably use, planned to let the Government lend...