Just before he set sail for South America on his errand of peace & goodwill, President Roosevelt expressed concern over the vast sums of foreign capital seeking safety in the U. S., broadly hinted that something might have to be done to keep what he called this "hot" money from threatening the U. S. financial structure (TIME, Nov. 23). Last week something was done. With Federal Reserve Board Chairman Marriner Stoddard Eccles alert at his side, Secretary of the Treasury Morgenthau read a 93-word statement at a press conference in Washington:
"The...
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