Word: walthams
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Congressional tempers had really burned over such loans as the $6 million to wobbly Waltham Watch Co.; $37.5 million to the now bankrupt Lustron Corp.; $10.1 million to Texmass Petroleum Co., which used 81% of the money to bail out creditors; and $975,000 to Reno's Mapes Hotel, which gets a big part of its income from a thriving gambling concession. Congressional probers had found that 50% of all RFC business loans had gone down the drain of shaky companies instead of being used to finance new ventures...
...Swiss yodel The Swiss yell: Waltham Watch Has gone...
...Waltham Watch Co. will time a second century after it is successfully reorganized...
...Waltham, Mass...
When both the depression and war had vanished, RFC, in its $6.5 million new Washington office building, kept lending away: to Henry Kaiser ($188 million), the now bankrupt Lustron Corp., the foundering Waltham Watch Co. (which later hired an RFCman as president). It also decided to prop up gasoline stations, country stores, restaurants, plumbers and a host of small businessmen. Though it made some curious loans, it claimed an overall profit of $560 million during its existence...