Word: rfc
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From the start the bank had trouble, and its organization lagged until onetime RFC Banker and Washington Post Publisher Eugene Meyer moved in as the first president, set up a staff. Next, in 1947, came John Jay McCloy, onetime Assistant Secretary of War, who boldly started funneling out bank funds for the pressing reconstruction of Europe, a total of $500 million in four big grants, $250 million of it to France alone. Compared to the need, the loans were pitifully small, though they helped keep things going until the great flow of Marshall Plan aid started pouring from...
Died. Jesse Holman Jones, 82, Texas tycoon, big builder (of Houston skyscrapers), publisher (Houston Chronicle; circ. 596,000), longtime (1932-45) head of Reconstruction Finance Corp., wartime (1940-45) U.S. Secretary of Commerce; in Houston. As overlord of RFC and a dozen other New Deal agencies in the Depression '30s, massive (6 ft. 3 in., 200 Ibs.), granite-faced Jesse Jones saved many a bank, railroad and factory from disaster, made money for the Government by insisting, with a small-town banker's care, on rock-sound collateral before certifying a federal loan. Jones was dropped by Franklin...
Last month, however, Transamerica nudged into Eccles' backyard; it bought three banks and four branches (for about $2,000,000) in Idaho from Walter E. Cosgriff, longtime Eccles rival and onetime RFC director. Last week Transamerica went onto the doorstep; it agreed to buy Salt Lake City's Walker Bank & Trust Co., Utah's oldest and second biggest bank, for $200 a share, will probably end by paying $14 million...
...Manuel into operation, the Government gave Magma a strong helping hand: a $94 million loan from the RFC, fast tax write-offs on plant and railroad, and a price prop at 24? a Ib. With copper now selling at 43? a Ib., Magma's rough-and-ready President Wesley P. Goss had plenty of reason to fire up San Manuel ahead of schedule. Says he: "When you have more than $100 million tied up, you are interested in getting into production as quickly as possible and getting some of those dollars back...
...Trans World Airlines since 1947, Pierson has been an effective advocate of lower tariffs and reciprocal trade as head of the ICC's United States Council. He was a World War I artillery lieutenant in France, graduated from Harvard Law School in 1922, served the Government as RFC counsel (1933)) president of the Export-Import Bank (1936-44), and U.S. delegate to the 1951-52 conference on Germany's $6 billion foreign debt. As 17th (and fifth American) president of the ICC, Internationalist Pierson will push for economic integration of Western Europe...