RFC Reduction

When RFC began buying up preferred stock and capital notes to irrigate the nation's parched financial fields, it demanded 5% interest. Later the interest rate was reduced to 4%. Last week, to encourage more private financing, Chairman Jesse Holman Jones dropped RFC's interest charge another 1/2%. Applying to all preferred stock and capital notes now owned by the Corporation and to any more it may be able to acquire up to Dec. 31, RFC's 3 1/2% rate will be effective from Jan. 1, 1935 to April 1, 1939. After that the rate goes back to 4% until the obligations are retired.

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