Word: excessively
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Dates: during 1930-1939
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...neutrons in quantity out of beryllium and other light elements at speeds up to 30,000 miles per second. When the neutron hits a nucleus it either bounces off, transforming the atom instantly into another element, or is captured, producing a swollen, unstable atom which spits out the awkward excess for seconds, hours, sometimes days in the form of radiation or particles. Dr. Fermi found that slow neutrons were more easily captured than fast ones, worked out the equation for the slowing effect of hydrogen nuclei. Since the hydrogen atom, having only one outside electron, consists almost entirely of nucleus...
...observers. Operations entered August at 71¼% of capacity, highest level in six years. Prospects of a general business upsurge in the autumn are so bright that a brief reaction in steel operations, originally expected last month but now predicted before Labor Day, would probably clear up what little excess steel inventory there is. In Pittsburgh last week the price ol steel scrap forged ahead 50? to $15.25 per ton-a significant portent of good autumn steel news...
...them is the power to boost reserve requirement as much as 100%. Another is to sell the Reserve System's Government bonds, resulting in a dollar-for-dollar reduction in reserves. By raising the reserve requirement 50%, Chairman Eccles mopped up nearly $1,500,000,000 of the excess, leaving about $1,900,000,000 to worry about after Aug. 15. And while $1,900,000,000 is a larger figure for excess reserves than ever recorded prior to 1935, it could be more than wiped out by selling the Reserve System's $2,400,000,000 worth...
Both the Board and the Administration are still committed to an easy money policy. Easy money means cheap financing, government as well as corporate. And a $1,900,000,000 cushion of excess reserves guarantees low interest rates and high bond prices for some time to come. Nevertheless, to squash any widespread notion that it was deliberately moving for tighter money, the Board took pains to state that its move was an anti-inflationary step offering "further encouragement to sound business recovery and confidence in the long-term investment market...
Interpreted as everything from a courageous demonstration of political independence to a smart New Deal bid for business votes, Chairman Eccles' decision was generally approved by bankers big & little. Excess reserves are pretty evenly distributed, but a few banks will feel the pressure of the Eccles brake and have to borrow to build up reserves to the new requirements. These bankers will undoubtedly howl "Deflation...