Word: rfc
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Dates: during 1940-1949
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...when a method of controlling the pitch content in pine pulp was discovered, was he convinced that it could be done. Then he had to spend five years convincing other Texans. After Kurth raised $2,689,684, including more than $400,000 from 25 newspapers, RFC lent him $3,425,000. He had hardly started to make newsprint when the war cut off his supply of chemically made pulp. With additional private loans and another $2,500,000 from RFC, he built his own pulp mill...
...should not cut its spending and put its house in order. They aimed their fire at the Government's multitude of overlapping lending bureaus which had put out more than $20 billions in loans and guarantees. By & large, the bankers thought that some of the agencies, notably RFC, are no longer justified and should be curtailed or eliminated entirely...
...from 150,000,000 to 215,000,000 dollars. One rumor from Washington stated that the Reconstruction Finance Corporation had offered the minimum figure as a start to any company desiring to begin construction. But, the New England Council Committee has said that it would rather see private than RFC financing; as an initial gesture, the Council has formed a "New England Steel Mill Organizing Corporation" with a capital of $300,000 to promote private investment in the plant. The Council, too, has emphasized strongly that it would not care to have the New England mill merely a branch...
Actually the terms to Kaiser are fairly stiff. For the $44.4 million, RFC required 1) a lien on all physical assets of K-F, 2) a guaranty for $15 million of the loan by two other Kaiser companies "who must also put up stock collateral having a market value of at least $10 million, and 3) a lien for $10 million of the loan on a fixed reserve of unsold autos...
...RFC was influenced, explained Harley Hise, by the dire alternatives for K-F if the money had been refused. Said he: K-F might have had to shut down, resulting in heavy unemployment. As it was, K-F last week had to lay off 5,000 workers anyway, while it tried to sell cars on hand. But Hise hoped that that was just a temporary situation and that "the loans will be repaid from earnings...