Word: rfchairman
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Last week RFChairman Jesse Holman Jones blew a choice railroad reorganization plan out of his office with one impatient blast only to find it again on his desk, with modifications, a few days later. This resilient scheme belonged to President Roosevelt's fifth cousin once removed, Philip James Roosevelt, a Manhattan banker who fortnight ago shocked a Senatorial subcommittee by declaring that his kinsman's government was thievish. As chairman of a bondholders' committee for Minneapolis & St. Louis R. R., Banker Roosevelt was trying to get his own reorganization plan approved rather than see the road devoured...
...Figure it out for yourself," sighed Banker Roosevelt. "That's the whole basis of this relief business. You take the money away from New York and give it to some backwoods state." RFChairman Jones thereupon challenged anyone to think up a better reorganization scheme. Banker Roosevelt promptly took him up, proposing to 1) split the road into an owning and an operating company connected by a one-year lease; 2) borrow $5,000,000 from RFC; 3) borrow $1,000,000 from Boston's rich, crotchety Frederick Henry Prince. In return for its money RFC would get first...
Largely as a result of Mr. May's criticism, bolstered this week by RFChairman Jesse Jones in a letter to the Finance Com mittee. Administration insistence on the tax bill as written wilted. From the White House came word that the Finance Com mittee could revive the bill as it pleased provided necessary revenue would still be forthcoming...
...super-solvent institutions to sell him notes or preferred stock as a patriotic gesture, thereby setting an example for smaller banks to follow. One of the first to do this was Chicago's First National, then headed by the late Melvin Alvah Traylor. Before he was through, RFChairman Jones injected $1,040,000,000 of Government capital into 6,057 U. S. banks and trust companies...
...Election Year, between the Rock of Taxes and the Whirlpool of Deficit, he realized last week that it would require serious effort on his part to find a safe political passage. Secretary Morgenthau conferred with him nearly every day. Budget Director Bell, Secretaries Wallace and Ickes, Assistant WPAdministrator Williams, RFChairman Jones, Rexford G. Tugwell, Chester Davis, Housing Administrator McDonald came & went. It would be safer to steer a little toward the Rock of Taxes, for the Congressional current would suck him back anyway to the Whirlpool. Hence he confirmed the fact that he would ask about half a billion...