Word: rfc
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...million was better than in any prewar year except 1929. Though 34 of its 59 pre war foreign offices were closed, and civil ian travel dropped out of sight, American Express was busy arranging trips for thou sands of globe-trotting officials connected with OWI, RFC, the Navy, and other Government agencies...
...Government last week moved to force more competition in the aluminum industry. Effective Oct. 31, the Reconstruction Finance Corp. will take back the seven plants built for it by the Aluminum Co. of America (construction cost: $250 million). Alcoa had been operating the plants for RFC under leases which would have expired in 1947 and 1948. RFC was willing to let Alcoa continue under one condition: that the company agree to relinquish the plants at any time on 60 days' notice. When Alcoa refused, RFC canceled the leases, released the plants for sale to create "competition in the aluminum...
...almost nonexistent. The highest alltime prewar aluminum consumption in the U.S. was under 400 million pounds. Alcoa alone can produce more than twice that amount -860 million pounds. Reynolds Metals can add another 160 million. Already on hand is a war-built stockpile of a billion pounds. Thus RFC must find operators willing to take a long chance, or (more likely) shut down the plants...
...cheaper than tankers; 16? a barrel v. 18.3?. But it doubts that Big Inch, which worked at capacity during the war, can be kept there in peace. As soon as the flow drops to two-thirds of capacity, then costs per barrel rise above that of tankers. Unless the RFC can prove differently, there may be no buyers for its $146,100,000 property. Last week it put its best sales foot forward. It cut Big Inch's per barrel price to tanker levels. But even if the pipe lines are shut off for good, they will have saved...
...Administration foresaw the possible need of $1 billion in credits for Russian purchases in the U.S. But Russia never got the loan. In its first two years, E.I.B. made just two important loans-$13 million to Cuba, and $673,000 to finance tobacco exports to Spain. Jesse Jones, the RFC chairman, cracked that he could carry its business in his vest pocket. E.I.B. was a dull place...