Word: rea
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Sirs: . . . No doubt, the REA is to be lauded for its Thumb child. However, TIME has overlooked another public-spirited organization. . . . Detroit Edison bought the interests of an ill-managed, holding-company-owned public utility company in The Thumb in 1935. . . . In November 1935, 11,000 Thumb farmers were in need of rural electric service: within two years D.E.C. had supplied the needs of approximately half of them. Coop, as a result of its first three years, has extended its services to some 1,500 farmers at current date. It hopes to serve 4,000 to 5,000 when...
...Wilson and his neighbor, E. C. Stieg. Promoters Wilson, Stieg and their neighbors borrowed $2,000,000 for their cooperative from the Rural Electrification Administration in Washington. What Governor Murphy called the "beginning of a new social order" for The Thumb, which will eventually own 1,300 miles of REA lines, was also a milestone for REA, the most extensive and expensive project it had yet promoted...
...farm homes in the U. S., today nearly 20% are wired for electricity. That is almost twice as many as were electrified when REA started operations in 1935. Since then REA has lent $90,000,000 to nearly 400 cooperatives, helped build some 84,000 miles of lines, which it strings at a cost not exceeding $1,000 a mile. Private utilities had been charging customers from $1,500 to $2,500 a mile for stringing lines to their doors. In 20 projects, notably The Thumb Cooperative, REA has also financed the building of generators, but other projects buy their...
...Most of REA's cooperators are farmers in sparsely settled districts which the nearest private power company has put in "cold storage" until they become populous enough to be served with profit. To get an REA loan, farmers usually first organize a cooperative, convince REA field inspectors that they can afford to buy enough electricity to pay for the lines. Not grants in any sense, REA loans must under present policies be liquidated within 20 years. Interest runs at the rate the Government pays on its own long-term obligations, currently 2.77%. Both REA and Electric Home and Farm...
This year, with a $140,000,000 appropriation, REA hopes to triple its loans and its importance. REA's dynamo is Administrator John Michael Carmody, a Pennsylvanian who went to the New Deal as chief engineer for the Civil Works Administration, was one of the early members of the National Labor Relations Board. Thin-thatched, energetic Administrator Carmody can be tough on occasion, especially when he discovers that private utility companies have built "spite lines...