Word: rfc
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
President Eisenhower, who has pledged himself to "the encouragement of competitive enterprise," last week got a big chance to do something about it. The RFC sent him a 73-page plan to get the Government out of the rubber industry, the nation's 15th biggest. Of the 1,260,000 long tons of rubber used by the U.S. last year, nearly two-thirds were made in Government-owned plants...
...Steep Rock ore was at the bottom of a lake until Eaton, with $5,000,000 from the RFC, shifted the course of the Seine River and pumped out 125 billion gallons of water to get at it (TIME, Nov. 16, 1942). In 1949, he gave Inland options to test-drill nearby deposits. Eaton said these tests indicated the presence of 50 billion tons of ore, some of it with 62 to 64% iron content"-i.e., as rich as the famous Mesabi ores now nearing exhaustion. No man to belittle his holdings, Eaton grandly added: "These deposits go right down...
Taxpayer's Blessing. Byrd's confidence seemed well grounded. Treasury Secretary George Humphrey, believes that RFC has long outlived its usefulness. Missouri's freshman Democratic Senator, Stuart Symington, the man who put RFC back on its feet after the mink coat and Lustron scandals of 1951 (TIME, Feb. 12, 1951 et seq.), is not expected to come to the agency's defense. Even enthusiastic RFC backers might go along in the liquidation if some other agency e.g., the Federal Reserve, were to take over the RFC function of small-business loans...
...RFC's disappearance, as envisioned by Byrd, will be a boon to the taxpayer. Its huge security and mortgage holdings would be put up for sale by the Treasury. The proceeds, Byrd estimates, would amount to $700 million, and if his bill becomes law, they will be used "exclusively for reduction of the public debt...
Speculative Eying. Harry Byrd's soundings on RFC convinced him that the Eisenhower Administration might well carry out a general program to liquidate some of the 21 other Government corporations, and to render some of their fat back into the Treasury. Last week Commerce Secretary Sinclair Weeks put up for sale the Government-owned Inland Waterways Corp., which operates barge lines on the Missouri, Illinois, Mississippi and Warrior Rivers. (Inland Waterways, which has net assets of $14.4 million, has been put on the market before, but no prospective buyer has ever made an offer which the Government considered acceptable...