Word: tradings
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Dates: during 1940-1949
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City officials did their best to put up a brave front. After all, one explained, it was worth $10 million in trade to Manhattan merchants, restaurateurs and barkeeps. The thing to do was to provide "the same warmth and friendliness that they would find in a small place like Oshkosh...
...with the idea that nothing less than 5 billion dollars would prime the pump; even that would have to be protected by special restrictions against seepage. The American negotiators told him he was wrong; they said 3.75 billion was enough, and that Britain, in .the interests of freer world trade, would have to throw away protective restrictions. The British, having no choice, agreed to the smaller sum, and promised that after July 15, 1947, they would permit those who got British pounds in "current transactions" to exchange them for dollars...
Washington talked comparable drivel. Experts there blamed the British for not foreseeing the "run on the bank." Washington's own overoptimism was dying hard. It still professed hopes of a freer trading world, based on the agreement which 18 nations had reached last week at Geneva. But nobody in Washington had a clear answer to this question: How was the world going to move toward freer trade until a businessman could once again walk into a bank and exchange one currency for another at a rate fixed by the operation of free markets...
...empty. The Army Air Forces were down to a 90-day supply. The Navy has less than half its operating needs. With the U.S. now using as much petroleum as the entire world consumed ten years ago, oil companies had scrambled for bigger shares of the civilian trade, and the services were being squeezed...
President Truman last month asked the steel industry to "wait and see" before raising prices. The industry waited nine days, then one by one the major companies boosted prices an average of $5 to $7 a ton (TIME, Aug. 4 et seq.). This week, the Federal Trade Commission, headed by Chairman Garland S. Ferguson, cracked back on the industry. FTC charged steel with conspiracy to fix prices...