Word: rfc
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...with its president and his family drawing $200,000 in salaries, with some salesmen earning more than $100,000 in commissions, American Lithofold was losing money. Twice it applied for an RFC loan. Twice it was refused. Refreshing his memory from a voluminous diary, Toole gave an account of his company's negotiations. Company officials held a council of war in Washington. Present was James P. Finnegan, then Federal Collector of Internal Revenue in St. Louis. No one had told Toole that Finnegan was on the corporation's payroll. At the time, Toole could only wonder...
...capital of his own, and the most he could scrape up was half that amount. Last week DPA changed its mind, approved the loan to Harvey anyway. Under the terms, he has 18 months to raise the other $3,500,000, but he can draw from RFC on the loan as soon as he puts up $2,000,000 in working capital. (DPA will require him to set aside 50% of all profits for 20 years, to repay the loan.) Within two years, if his plans hit no snag, Harvey hopes to be turning out 108 million Ibs. of aluminum...
Other appropriation bills which had been held up by months of wrangling and were already six weeks overdue from the July 1 deadline began to spew out of the legislative machine. Congress passed and sent to the White House: $6.1 billion for a score of independent Government agencies (e.g., RFC, TVA, VA), $725 million for the Department of Agriculture, $511 million for the Department of Interior, $2.5 billion for the Labor Department and the Federal Security Agency...
After turning up all sorts of skulduggery in the RFC, Congress last week pointed an accusing finger at SEC as well. Charged a House Judiciary subcommittee: SEC had given special and favored treatment to United Corp., a $38.7 million public-utility holding company, and ex-SEC officials had moved into five top jobs in the company...
...Called Democratic National Chairman Bill Boyle for a 30-minute huddle, demanded to know the details about Boyle's serving as an attorney for a St. Louis firm just before the firm got approval of its long-standing RFC loan application (TIME, Aug. 6). Truman's verdict: Boyle could keep his job with the President's utmost confidence...