Word: downwards
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...current debate, the Federal Reserve feels that some industrialists are trying to use FRB as a convenient whipping boy for every economic zigzag. But FRB also sees signs that its credit medicine is working effectively. Such sensitive barometers as daily spot-commodity prices have been edging downward, especially in scrap steel and copper. Furthermore, the volatile money market seems to be adjusting to the new climate after a sharp flare-up in April immediately following the latest hike in discount rates to Federal Reserve member banks. Interest rates on short-term (up to 90 days) Treasury bills, which jumped from...
...business, and the blame for them fell on the Federal Reserve Board's tight-money policy. In Washington, Joseph B. Haverstick, president of the National Association of Home Builders, noted that the mortgage squeeze had caused a 20% drop in April housing starts. "The trend is still sharply downward," he said. "Unless there is some immediate improvement in the financing picture, the outlook for the remainder of the year is not hopeful...
...false. Exactly the opposite is true. In a study of violent, day-to-day market fluctuations (2% or more change on the Dow-Jones Industrial average) from 1935 to 1955, the exchange reported that in 58 wide swings where war news was a factor 51 were downward. Of the seven advances (between September 1939 and June 1940), all were attributed to the hope that the U.S. would not get into the actual shooting, but that increased foreign arms demand would stimulate U.S. business. On the question of overall market stability, the exchange also reported that the market has gradually become...
...muck. Fort Worth Oil Drillers Sid Richardson and Perry Bass, in a joint project with Freeport Sulphur Co. and Houston Oilman John W. Mecom, started drilling with high hopes of tapping a new field near Louisiana's rich Lake Washington field. But as the drill bit downward-to 5,000 feet, 10,000 feet, 15,000 feet-their hopes sank as fast as their costs rose. Drillers had to battle hole temperatures up to 350°, pressures up to 20,000 lbs. per sq. in. Bills for a special heavy drilling mud skyrocketed. It took eleven hours to pull...
...result of the red light, turnpike bonds were sliding downward last week, and proponents of new toll roads were taking another look. Most traffic engineers now think that the majority of toll roads in existence and under construction will survive, but they are not optimistic about new routes. In Washington Bureau of Public Roads officials say that there are few places left in the U.S. where toll roads would be financially practical. As if to illustrate the point, private investors in Texas (where the impossible is often considered likely) have all but abandoned a plan to build a toll road...