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Modest Steps. Next day, Eccles had a second thought. He announced that FRB would inch up the rediscount rate from 1% to 1¼% "in the not too distant future." Then Allan Sproul, president of the Federal Reserve Bank of New York, prodded Eccles. FRB has the power to make Central Reserve banks (those in Chicago and New York) increase their reserves another 6%. Why didn't it do so? As for Eccles' new plan, Sproul gave it the back of his hand. Said he: "It would expose us to grave monetary disorders. ... A program of modest steps...

Author: /time Magazine | Title: Lay That Club Down | 12/22/1947 | See Source »

Died. Lieut. Commander Allan Ramsey Wurtele (rhymes with "fur tell"). U.S.N. (ret.), 54, pioneer in mechanized cane-farming; of a heart ailment; in Mix, La. Wurtele invented a mechanical cane-harvester, and developed a process for converting sugar into synthetic rubber, attracted wider attention in 1939 when he proposed a plan to appease Hitler by buying him Danzig and the Polish Corridor for $70 million (Wurtele offered...

Author: /time Magazine | Title: Milestones, Dec. 15, 1947 | 12/15/1947 | See Source »

Both scholars and wide-eyed popularizers dug around in the roots of the nation's past, but when they came to write about it, rarely got off the ground. Most ambitious of the professional jobs was Allan Kevins' Ordeal of the Union, winner of the $10,000 Scribner Prize in American History, which devoted 1,183 detail-packed pages to the brief but politically stormy period 1848-56. Five more volumes are to come. Bernard De Voto's Across the Wide Missouri covered another brief period, 1833-38, dealt lovingly, almost lyrically, with the American fur trade...

Author: /time Magazine | Title: Books: The Year in Books, Dec. 15, 1947 | 12/15/1947 | See Source »

Loser. In Boston, Allan Sharp, who in 1942 had bet his doctor $10 that he would not live to be 65, happily mailed the money on his birthday, walked back upstairs, dropped dead...

Author: /time Magazine | Title: Miscellany, Dec. 1, 1947 | 12/1/1947 | See Source »

Kreutzberg's first big success-and his last haircut-came in 1925 when he danced a dramatic part in the ballet Don Morte, based on a story by Edgar Allan Poe. Says Kreutzberg: "I wanted to look very dreary. I tried a mask, then a cap, but that made me look unreal. It was summertime, so I shaved my head. The ballet girls said my make-up looked wonderful, then touched my head and shrieked." His next role was that of a bald Chinese. He has kept his head shaved ever since; when his dances require it, he wears...

Author: /time Magazine | Title: Music: Very Funny, Very Sad | 11/17/1947 | See Source »

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