Business: RFC into Tunnel

Last week for the first time since the War the Federal Government took over a private U. S. railroad. More significant, it was the Government's first direct move to exercise its power as the railroads' biggest banker. Holding most of the stock of Denver & Salt Lake ("Moffat Line''), as collateral against RFC loans, RFChairman Jesse Jones ousted the old road's management, put in as president, Judge Wilson McCarthy of Salt Lake City, a onetime RFC director. Adolf Augustus Berle Jr., the RFC's railroad counsel who is now chamberlain of the City of...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!