A main business question is: How will U.S. business finance reconversion and postwar expansion? The Federal Reserve Bulletin answered last week: in July all U.S. businesses had the enormous mass of $39,000,000,000 tucked away in demand deposits. Said the Bulletin: "Business in the aggregate may be approaching a position where its reconversion and immediate postwar-expansion needs can be financed with a minimum of reliance on bank loans and other external financing. . . . But. . . many individual firms or even entire groups may still [be] short of funds."
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