Word: symingtons
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Last week Surplus Property Administrator W. Stuart Symington turned thumbs down on the oilmen's proposition. In a report to Congress, he stated that the $145,800,000 worth of pipelines would be converted to gas only as a last resort. (Coal producers and the railroads have strenuously opposed such a move.) First the lines would be offered for sale or lease to private companies. If there were no takers-the Government would try to operate them...
...three months, SPBoss W. Stuart Symington has barked threats of government-subsidized competition at the Aluminum Co. of America. Last week, his bite proved milder than his bark. He approved a five-year lease to Reynolds Metals Co., Alcoa's only competitor, of the government-owned Hurricane Creek and Jones Mill plants in Arkansas. But there were no provisions for any subsidy in the lease, the first negotiated by RFC for any government-owned aluminum plants...
Last week, Surplus Property Administrator W. Stuart Symington told a Senate surplus property subcommittee one big reason why. All surplus selling, said he, should be centered in RFC, instead of being scattered among several federal agencies, and should be spurred by a "dramatic" selling campaign. But this, as Symington well knew, was only part of the trouble. What also had to be done was to light a fire under RFC, which has muddled along shortsightedly trying to get the last penny for every surplus article...
...case for subsidies was made by Surplus Property Boss W. Stuart Symington. He urged subsidies as one means of breaking monopolies and making operation of the plants attractive to private business. Under his plan, plants would be leased on terms which would give the operator 15% of its profits but would require the Reconstruction Finance Corp. to stand most of the losses...
...Symington intimated that such a program was necessary because Alcoa was the only company which could or would buy some of the $700,000,000 worth of U.S. owned aluminum plants; everyone else was afraid they could not get bauxite, could not buck Alcoa in the retail market, etc. There had been only two specific offers to date-from Reynolds Metals and Columbia Metals-to lease the plants. But the companies would lease them for five years on one condition: that the Government guarantee the market for aluminum, i.e., buy up and stockpile all aluminum the companies could not sell...