Word: rfc
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...Dallas' Lone Star Steel Co. Lone Star got its start with a $25 million war-surplus blast furnace which it bought in 1947 for $7,500,000 (TIME, April 7, 1947). Last week Lone Star's President Eugene B. Germany called on Truman to discuss an RFC loan to add a $61 million rolling mill to his plant...
...weeks ago Waltham laid off its 2,300 workers. Last week, Waltham appealed to the RFC for a $9,000,000 loan. Pressed by Massachusetts Congressmen, RFC loaned $350,000, with a promise of $650,000 more if the banks agreed. This first transfusion was only enough to reopen Waltham for a few weeks-and with a skeleton force. But President Johnson hoped that there would be more forthcoming, and that he could get Waltham ticking again...
...Seal & Red Ink. In its heyday, Continental powered hundreds of models of independent automobiles with its famous "Red Seal" engines. But it was on the downgrade in 1931 when onetime Mechanic Jack Reese came in as purchasing agent; only a million-dollar RFC loan saved it from bankruptcy. In 1939, when Continental lost $215,165 on $7,000,000 in sales, RFC forced a reorganization and insisted that cost-conscious Jack Reese run the company...
...Some of RFC's other conditions had never been met. For one thing, Strandlund had never filed a financial statement with RFC. Although by the loan agreement he had to raise $3,500,000 through the sale of capital stock, he had actually raised only $850,000. Strandlund's own equity in Lustron (86,000 shares of stock nominally worth $860,000) had been bought by him for only $1,000. This stock, plus the equipment bought with the proceeds of the capital stock issue, had been Strandlund's only security for the first loan. Last week...
...Office of Industry Cooperation has approved an allocation of 58,000 tons of steel to builders of prefab housing, the bulk of it to Lustron. Once before, OIC turned down allocations for steel prefabs, because they require six times as much steel as conventional houses. It reconsidered when RFC and other government agencies intervened. Strandlund and his associates are now sure the steel will come through. As one Lustron executive put it: "Our relations with the Government have always been very healthful...