Word: fontana
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Dates: during 1940-1949
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...California's businessmen, it often seemed as if Henry J. Kaiser might be the New Deal's own private Paul Bunyan. Back in 1942 when the Defense Plant Corporation turned him down emphatically, the RFC loaned Kaiser $123,305,000 to build his Fontana steel mill. And he was permitted to use his shipbuilding profits (most of which would have gone to the U.S. in taxes anyway) to help pay the RFC loan. In this way he paid off $17 million...
...asked the RFC to write off $85,329,544 of the $105,452,160 he still owes on Fontana. He asked that payments of $9,000,000 in interest and a $1,358,195 wartime operating loss be applied against the loan. The rest, $74,588,261, should be written off as "excessive wartime costs of construction." Kaiser was willing to pay the remainder-some $15 million he still has coming from the U.S. Maritime Commission in shipyard earnings, and $5,000,000 to be raised by private or public financing...
Gall from Henry. Under this plan, the bookkeeping cost of Fontana to Kaiser would be $44 million. But his out-of-pocket cost would be only $12 million. That was all he would have left from the $44 million shipyard profit after taxes, if he could not apply the sum against Fontana...
...scales with his high, wide & handsome bidding for wartime labor. Chairman Kenneth T. Norris, president of Los Angeles' Norris Stamping Co. and director of the Chamber of Commerce, and other steel-committee members like cheaper steel more than they dislike Kaiser. If Kaiser would promise to "substantially reduce" Fontana's prices, they would back him. Kaiser, who now has to add $16.40 to the price of every ton to apply on the RFC loan, readily agreed...
...economy might have come a month earlier except for the anguished cries of Henry J. Kaiser (TIME, March 10) for a freight cut for his Fontana steel plant. This had held up the Geneva reduction. As ICC said that it would continue to study Western freight rates, Westerners guessed that Henry Kaiser might soon get his reduction...