Word: rfc
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Reporter Ted Link headed a task force that spaded up paydirt in St. Louis' American Lithofold Co., and turned over enough stones in the RFC and Bureau of Internal Revenue to prove that both were acrawl with graft and influence peddling. As a direct result, National Democratic Party Boss Bill Boyle had to quit his job, and St. Louis' Internal Revenue Collector
...obstacles were tremendous. The deal would have to be approved by the RFC (which holds the collateral on some $52.8 million in loans to K-F), the Treasury for its tax features, the SEC for any merging of securities, the Defense Department for air contracts, and the Justice Department for possible anti-trust angles. "As of today," concluded Odium, "no conclusion has as yet been reached." But one stockholder, pointing out that mere rumors of the merger had made Atlas stock rise several points some weeks ago, cried: "Let's have more romance like this...
Spring turnout for the varsity baseball team at Princeton included Thomas E. Dewey Jr., 19 (pitcher), and the pollster's boy, George H. Gallup Jr., 21 (catcher). In Manhattan, James W. Symington, 24, son of the retired RFC head and a law student at Columbia University, picked up a contract to sing in the Carnaval Room of the Sherry-Netherland Hotel. Said Tenor Symington: "I'm paying my spring tuition with what I get here." Nicholas Eden, 20, son of Britain's Foreign Secretary, left Oxford and arrived in Ottawa to begin his new job as aide...
Sachs had already gone far toward putting the once rich company back on its feet. By unloading old watch inventories at half price, he had raised $3,000,000, trimmed a $4,000,000 RFC debt to $1,500,000. He also landed a backlog of $3,500,000 in defense orders (aircraft tachometers, compasses, etc.). With Waltham selling on the New York Curb at 2⅜ last week, Sachs already had a paper profit of some $850,000 on his $100,000 gamble in Waltham...
...Cash. To help him do his job, President Bunker will get badly needed new working capital. From RFC, Martin will get another $12 million, bringing its total RFC debt to $26.4 million; from a Navy-guaranteed private bank loan, it will get another $11 million. Under a new financing plan still to be approved by stockholders, Martin will issue $6,000,000 in new notes, convertible into common stock. Some of these have already been spoken for by Laurence Rockefeller, who has had notable success in other aviation ventures. In addition, Martin will offer its present stockholders (excluding Glenn Martin...