Word: creditably
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Dates: during 1950-1959
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...Medaris wants the Army's next missile to be named the "Wernher." By function, Medaris is middleman between the space-at-all-costs Huntsville scientists and the cost-conscious Defense Department-and if Von Braun is mainly responsible for the blueprints that sent Explorer into orbit, Medaris deserves credit for wangling the wherewithal. Says John Medaris of past threats against Huntsville's continued existence: "It was all incredible to me." Medaris, Von Braun, and all their subordinates refused to believe the incredible-and put the U.S. into space...
...credit package made available to France $250 million from the European Payments Union and $131 million from its quota in the International Monetary Fund, enabled it to defer payments on $186 million owed to the U.S. and the Export-Import Bank during the next three years, and to pay the U.S. in francs for $88 million worth of military supplies and surplus cotton...
...rate from 4½% to 4%; on the West Coast, the Bank of America, the nation's biggest, did the same-as did hundreds of smaller banks everywhere. Yet many banks kept their rates unchanged simply because there is still a great difference of opinion on how tight credit actually...
Down & Up. On a nationwide basis, there is no doubt that demand for credit has fallen off considerably from the boom-time peaks, as industry has cut expansion and merchandisers have reduced inventories. Business loans at leading New York banks fell by $235 million last week; Chicago dipped $38 million, though both areas are still ahead of 1957. In Detroit, where layoffs have pushed unemployment to 12.4% of the labor force, bankers report that they have more money than business. Boston bankers say the same...
Psychology & Reserves. Actually, bankers viewed the discount cut as a cautious psychological move, like the cut in stock margin requirements (TIME, Jan. 27), rather than any real easing of credit. Said Board Chairman John Sibley of the Trust Co. of Georgia: "The impact is on the public mind, not the economy as such." Over the last few months, the Fed's only real attempt to pump more credit into the economy has been to allow bank reserves (and thus their lending ability) to increase by some $500 million, partly through open market purchases of Treasury securities...