Word: symingtons
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Last week RFC Boss W. Stuart Symington hinted that the Government may lend $75 million to put San Manuel to work to help ease the copper shortage. The loan was requested by little Magma Copper Co., sixth on the list of U.S. copper producers and owner of the San Manuel property. If the loan goes through, as RFC officials expect, Magma's San Manuel production should hit 70,000 tons in the next four years, increasing U.S. copper output by 6%. That would push Magma's total output up to 100,000 tons a year,make the company...
...natural gas. He is president and counsel of the company, Gabrielson testified, but has never tried to use "influence." He called many times on Republican Harvey J. Gunderson when Gunderson was RFC director in charge of the Carthage Hydrocol loan. He called on RFC's new boss, Stuart Symington, to talk about a delay on the payments. And in October 1950, after Gunderson got the news that the President wasn't going to reappoint him to RFC, Gabrielson tried unsuccessfully to get him a job as president of the New York Stock Exchange...
...million loan to Carthage Hydrocol Inc., an outfit which makes aviation gasoline from natural gas. Unpaid by the Republicans, Gabrielson was getting $25,000 a year as Hydrocol's president and counsel. Democrats had been tipped off to this juicy item by RFC's Stuart Symington, but the Republicans, stung by the turn of events, had beaten them to the punch. Gabrielson hotly defended himself, saying that as a Republican he had no influence with the RFC. Senator Williams replied that Government officials, knowing that there might be a change of Administration next year, were not necessarily immune...
...Symington thinks the new price fair until the joint commission unscrambles the tin producers' arithmetic and discovers the true cost of producing tin. Symington's tough policy has been felt in the world tin market; this week tin hit $1.02 in Malaya. In a year, Symington thinks that, under the RFC's tough price policy, the U.S. will save $500 million on tin alone. The fight also served notice on all the raw-material-producing countries of the world that the U.S. is willing to pay a fair price for materials, but that...
...that "the public [interest]...did not justify the use of public funds to continue operation of K-F as an auto company." Following the first loan, K-F tapped RFC for $35 million more, repaid about $11 million. That wasn't fast enough for RFC Administrator Symington. Last week, he ordered K-F to start cleaning up $20 million of its debt by December 15, 1951, some 2½ years ahead of schedule...