Word: rfc
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...elected president of the U.S. Chamber of Commerce to succeed Richard L. Bowditch. Owner of six wholesale groceries, a public warehouse and a 450-acre cattle farm near Roanoke, Va., Johnston has been an active member of the Chamber for 22 years and a business consultant to the RFC, the Navy, the OPA and the OEM. Johnston feels that there may be a slight increase in the number of small business failures, but he hopes that "we won't turn into a nation of economic hypochondriacs and go running to the Government for emergency injections all the time...
...RFC, slated to go out of business next June, had no luck in selling one of its biggest security holdings. Only one bidder turned up to buy the entire $65 million in Baltimore & Ohio Railroad bonds that the agency holds, and the bid of 85½? on the dollar was too low for RFC...
When the first batch of RFC's assets went on sale last week as part of the plan to put the agency out of business, the results were disappointing. Of the 171 lots of local Government bonds, worth $9,283,784, only 98 lots were bid for, and some offers ran as low as 50? on the dollar. Bids for only 39 lots were accepted, netting RFC $1,492,982, about 93% of their face value. Said RFC Boss Kenton Cravens: "No assets will be disposed of at undue sacrifice. There will be no rummage sales...
...drum up sales, Cravens sent 20 RFC salesmen out on the road and negotiated with investment banking houses to underwrite the sale of $65 million worth of Baltimore & Ohio Railroad bonds. Cravens also hoped to get banks to form a national syndicate to take over most of the 4,327 business loans of less than $200,000, which would take too long to sell...
Almost two-thirds of RFC's assets are business loans totaling $664,500,000, and Cravens thinks that 90% of them are readily marketable. RFC also has some other blue chips which should be easy to sell: $85.9 million in railroad securities, $45.5 million in securities of banks and trust companies, and $67.1 million worth of home mortgages. But some other assets, including a $48 million loan to the Philippines, $42.3 million in obligations taken over from the defunct Defense Homes Corp., $18.3 million in disaster-relief loans, will probably be turned over to the Treasury with no attempt...