Word: rfc
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After President Truman nominated Harry A. McDonald, a Republican, to succeed W. Stuart Symington as RFC boss, the Senate banking committee refused to approve him. Reason: a House committee was investigating the Securities & Exchange Commission, which McDonald has headed since 1949. Senators were also worried about reports that three SEC officials, who had resigned, had later turned up as counsel in cases before...
Last week the President angrily said that if McDonald were not approved, he would not appoint anyone else; he would run the RFC himself. Thus prodded, the House committee quickly finished its probe. At week's end, as Symington resigned his post, the committee cleared McDonald. There was no credible evidence, it said, "reflecting adversely upon [his] honesty and integrity." With that out of the way, it looked as if the Senate committee would approve McDonald this week...
...than Missouri's. There James Kem, arch-conservative Republican, is expected to go after a second term. Attorney General J. E. Taylor, the only candidate so far for the Democratic nomination, offers no serious threat to Kem. But now Democrats are talking about W. Stuart Symington, the retiring RFC boss. Some liberal Republicans who don't like Kern's record, and a good many businessmen who normally would vote Republican, might go for Symington, onetime St. Louis industrialist. There has been speculation, too, that Kem might have to face the old master himself, that Harry Truman might...
Under the rescue plan announced by Secretary of the Navy Dan Kimball last week, Martin will get up to $32 million from RFC, Eastern, TWA and a group of banks-notably Manhattan's Chase and Pittsburgh's Mellon. The banks will "bring in new top personnel to strengthen the company's management." But other planemakers thought that "strengthening," whatever that means, might not be enough. What Martin needed, they thought, was a new management...
Norris' tactics paid off. In his regime, the Southern's freight volume doubled, its net jumped to $22 million. Norris also managed to cut the Southern's debt by $120 million, including $32 million owed to the RFC which he had vowed he would pay off "dollar by dollar," if necessary. Last week, after half a century of railroading, 69-year-old Ernest Norris stepped up to the post of chairman...