Word: rfc
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...Every Mistake in the Book." This change of scene is no greater than the change in the Post itself since 1933, when Eugene Meyer, longtime banker, Republican and holder of top Government jobs (RFC, War Finance Corp. and Federal Reserve Board) under every U.S. President from Wilson to Truman, bought the down-at-heel sheet from the late oil-rich playboy Ned McLean.* Meyer paid only $825,000 for a property valued five years earlier at more than...
When Kaiser-Frazer last week got a new $25 million RFC loan to help keep it solvent until it can sell its big backlog of cars, the terms were stiff. (K-F already owes RFC $43 million.) RFC ordered K-F to: 1) cut production from 800 to 600 cars a day; 2) raise no prices without RFC consent; 3) pay off the loan with 90% of the wholesale selling price of each car as it is taken out of storage...
Some businessmen questioned whether the loan should have been made at all. Said the Wall Street Journal: "Why should our government . . . maintain output of civilian goods at the very moment it is attempting a large-scale conversion of industrial production to warmaking equipment?" The answer seemed to be that RFC wanted to keep K-F going in the hope that it could get some arms contracts...
Only a month after paying off the last of a $123 million RFC loan on his Fontana steel mill, Industrialist Henry Kaiser was back hat in hand last week knocking on RFC's door. This time he wanted $38 million for his auto company, Kaiser-Frazer, which already owes RFC $43 million. K-F President Edgar Kaiser explained that the company needs the money to tide it over until it can sell its backlog of 18,000 cars. He said that the Government's credit restrictions had slowed up its sales so much that...
...build a turnpike from Oklahoma City to Tulsa, the Oklahoma Turnpike Authority asked RFC for a $30 million loan. RFC advised the Authority to see if it could borrow the money from private sources. Last week the Authority closed a deal with a group of New York bond houses for a $32 million loan at 3.6% interest, $128,000 a year less in interest than RFC's 4%. Cheerily, the Authority wired RFC Chairman W. E. Harber: "Do you need any money? We have plenty...