Word: lende
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Originally, the Reconstruction Finance Corp. was a Republican baby, but it learned to walk & talk in the New Deal's progressive school. By now it was 18 years old, big for its age, and inclined to lend money as if there was no rubber band on daddy's bankroll. Last week it was asked where all that money was going...
...Herbert Hoover had set up RFC to lend $1.5 billion to ailing banks and industries. Then the Democrats fattened and pampered it like one of their own alphabetical children, bolstered its lending power to $18.8 billion, and put it into the wartime business of running rubber plants, Central American fiber plantations and steel mills...
When the World Bank promised last December to lend $12,500,000 for a big hydroelectric project on the Rio Lempa, Salvadoreans agreed to raise another $5,006,000 themselves. To the government of tiny El Salvador (pop. 2,500,000), which had never tried it before, floating an internal loan looked like a precarious business. At its request, the World Bank sent in a bond-marketing expert, balding, energetic Norman M. Tucker...
Senators probing the affairs of the Reconstruction Finance Corp. had a jarring time of it last week. When Banking & Currency subcommittee members asked RFC Director Harvey J. Gunderson why the agency does not lend more money to small business, he had a ready answer. It's up to Congress, he said, "to place the small businessman in a competitive position." Cut the little man's taxes, said Gunderson, and he won't need any federal loans...
...still selling around $35, had just turned in first-half profits of $3.47, thus was priced no more than a conservative five times its earnings. "You can call it speculation," said one thoughtful stock-market official last week, "but the figures on the use of television sets seem to lend a firm base to this kind of buying...