Word: inflows
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...sedately advertised their annual year-end statements and financial pages reported their year-end earnings. No news were their latest over-all statistics: that they had more deposits than ever before ($42,022,000,000 in Federal Reserve member banks, up $4,596,000,000); that due to the inflow of war-scared gold from Europe they had record excess reserves ($5,200,000,000, up $2,128,000,000); that they had a record amount of idle cash (almost $6,000,000,000, up over $2,000,000,000).* But a striking fact was that in spite of this...
...money. We have the money and we will lend it to them right. Not for refinancing but for anything that will put men to work." Back cracked the industry's spokesman, President Wendell Willkie of Commonwealth & Southern: "Greatest immediate requirement of the utility industry is a large inflow of common capital indispensable for much-needed additional construction. Loans by the government will not solve the problem. The solution is dependent on a restoration of confidence on the part of potential utility investors. This confidence can only be restored by a clarification of the power policy of the administration...
...Hankow, Generalissimo Chiang Kaishek, pleased with the Chinese success, encouraged by the continued inflow of Soviet tanks and warplanes, and gratified because his Kuomintang Party Congress concluded fortnight ago on a note of harmony with the Chinese Communists, was still cautious. "There is still a long way to go," admitted Chiang. "Let us not be proud or over-satisfied with preliminary success, or discouraged by temporary reverses! Let us fight with greater determination...
They're here. Newspaper readers outside the city read about the impressive display with thrills of patriotic pride. New York merchants and hostel keepers warm to an inflow of money. Seven million New York civilians, now living in a state of joyous excitement, will be glad when the invaders go, for military shows are still so rare in this country as to be terrifying...
Whatever the source of the rumor, it would not be downed. Repeated denials emanated from "high Treasury officials." At his mid-week press conference President Roosevelt said he had given no thought to a reduction in the gold price or to any other device for shutting off the gold inflow. Secretary of the Treasury Morgenthau also tried to down the rumor but only made it worse by replying to a direct query on whether a change was contemplated: "Not right...