Word: sopping
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...When Rear Admiral John Towers became a vice admiral fortnight ago and was relegated to the Pacific (TIME, Sept. 28), Flyer Ralph E. Davison, Assistant Chief of the Bureau of Aeronautics, became a rear admiral. This promotion was no sop to Navy airmen when they learned that six assistant chiefs of other Navy bureaus got flag rank at the same time. But this week the airmen had cause to be pleased: 150 flyers were promoted from lieutenant commander to commander...
...Sop That Surplus! War savings bonds were designed not only to provide Treasury cash but to sop up the surplus income of U.S. citizens, thus checking inflation. This was the special purpose of the Series "E" bonds (no more than $5,000 to a customer), designed for small-income people. But only $2,872.319,000 of Series "E" were sold-about half the year's total. Even after Pearl Harbor, nearly half of war bond sales were in the other two series (up to $50,000 to a customer) which appealed to rich men, trusts, corporations and non-commercial...
Federal experts estimated that the total national income in 1942 will be $103 billion (at February's price level). Of that $103 billion, they guess, the nation will have $55 billion to spend, with almost nothing to spend it on. Of this, taxes will sop up about $18 billion, savings and investments will absorb another $20 billion. The $17 billion that remains is the dangerous "wild money" which will roll around the china shop like a bull, crashing through prices, breaking up ceilings and walls, unless the Government finds a way to ring its nose. And to complicate matters...
...Moines last week, Leon Henderson dropped some startling new statistics. This year, he said, national income will be around $102 billions, while available consumers' goods and services will amount to no more than $65 billions (in terms of 1941 prices). Normal savings, plus the taxes now contemplated, will sop up only $22 billions of the difference; the other $15 billions will be "rattling around with no place to go." The easiest place for the $15 billions to go, Henderson knew, was into higher prices...
Secretary Morgenthau is trying to sop...