Word: strandlund
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More Mustard, Please. No matter what they looked like, one thing was clear. Lustron, as Gunderson's testimony revealed, was simply RFC under another name. When Lustron's persuasive President Carl G. Strandlund (who lives at Columbus, Ohio, in a frame house, with an adjoining Lustron guesthouse) proposed his program three years ago, RFC turned it down. Wilson Wyatt, then Federal Housing administrator, quit in protest. Presidential Assistant John Steelman stepped in and asked RFC to reconsider. RFC did so; it set Lustron on its feet with a $15.5 million loan (Strandlund & associates raised $840,000). Within...
...Lustron had run into more kinks in its distribution setup. The house cost $10,000 to $1 1,000 when erected, v. the $7,000 Strandlund had originally predicted. Lustron was turning out more houses than its dealers could handle and production, instead of hitting 100 a day, has now been cut back to 20 houses...
Since he first proposed building prefabricated houses of enameled steel, Lustron Corp.'s Carl Strandlund has found a willing helper in the Government. The Reconstruction Finance Corp. lent him $15.5 million, got him a Columbus (Ohio) surplus plant (TIME, Feb. 10, 1947), pushed his priority claims to steel. Last week RFC again gave Lustron another big boost. Although Lustron has turned out only seven model houses in a year, RFC lent it another $10 million...
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...
...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...