Word: bank
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Dates: during 1950-1959
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First news of the hit came to the free world from the radio telescope at Britain's Jodrell Bank. As the moon rose, the great 250-ft. dish swung toward it. The sharp beep-beep of Lunik II throbbed in the control room. The signals were coming from the exact point in the starry sky that the Russians had predicted by telegram to Jodrell Bank...
...world waited; crowds gathered in the streets of Moscow to watch the moon sailing coldly overhead. U.S. radio receivers were on the wrong side of the earth, but at Jodrell Bank the beeping continued while the moon climbed higher. As the predicted moment approached, the beeps wavered slightly. Then they stopped. In Moscow the radio stopped its program for an announcement. After an unexplained delay (perhaps for rechecking), the radio played a few bars of the International and the announcer said: "At 00:02:24 Moscow time [5:02:24 E.D.T.] the second Soviet cosmic rocket reached the surface...
...fourth quarter (against a 1957 peak rate of $38 billion and a 1958 slump low of $30 billion); many crystal-bailers see a pace close to $40 billion in 1960. "Here's what will happen next," says Vice President Russell H. Metzner of Cleveland's Central National Bank. "The cost of living will rise. Hard goods will be immediately affected because a bigger share of consumer spending will go to the cost-of-living items [mostly soft goods]. And then we will have a drastic reduction in inventories and capital expenditures. I expect to see the downturn...
Manhattan Bank Economist William Butler, "is to moderate the boom...
Tight money is already doing it. "Now it will be impossible for business to accumulate excessive inventories." says Vice President Loren M. Whittington of Cleveland's Society National Bank. "Business has to get money for inventory and capital spending by borrowing. But banks are pretty well loaned up." Inventory buying has already begun to level off. In 1959's first half, manufacturers boosted inventories by a near-record $2.9 billion, raised the total to $52.1 billion, fast approaching the alltime high of $54.2 billion in mid-1957. But in July, inventories rose by only $100 million. The steel...