Word: bank
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Dates: during 1950-1959
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...hoped to give the economy a lift by making it more attractive for businesses and consumers to borrow funds. Chase Manhattan Bank, second biggest in the U.S., quickly cut its prime loan rate from 4½% to 4%; on the West Coast, the Bank of America, the nation's biggest, did the same-as did hundreds of smaller banks everywhere. Yet many banks kept their rates unchanged simply because there is still a great difference of opinion on how tight credit actually...
...still so tight that bankers see no reason to cut interest rates and thus reduce their profits. Denver's bankers, who normally lend out only 30% to 35% of their deposits, are running at 55% of deposits, are only able to take care of their best customers. Dallas banks have more borrowers than there is money to lend. Says President Benjamin Wooten of Dallas' First National Bank: "We're not going to drop our prime rate. Supply and demand should be the governing factors in the cost of money...
...easing of credit. Said Board Chairman John Sibley of the Trust Co. of Georgia: "The impact is on the public mind, not the economy as such." Over the last few months, the Fed's only real attempt to pump more credit into the economy has been to allow bank reserves (and thus their lending ability) to increase by some $500 million, partly through open market purchases of Treasury securities. But so far, it has failed to use its strongest economic medicine: lowering the reserves all member banks must maintain to cover deposits. Currently, the FRB requires banks to keep...
...Young made his first million by selling short just before the 1929 crash, set up a brokerage firm with an old friend. By picking up securities that looked worthless to most people, then stepping in to run the properties involved, he added another $5,000,000 to his bank roll by 1937. But Young was not merely after money. "Anyone who has an active mind must keep it engaged," he said, "and I want mine engaged in important instead of minor things...
Politesse. In Buffalo, after his lawyer cited his military service and launched into a plea for rehabilitation, Carmelo J. Giambra, 31, interrupted, thanked him, explained to the court, "I do not want any mercy" for his part in a $23,775 bank holdup, insisted that "the law must be served," stressed that "I am happy and glad to pay for my crime," after being rewarded for his candor with a 17-year sentence, said: "Thank you very much...