Word: bank
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Dates: during 1960-1969
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...supervisor of the 4,500 national banks in the U.S., the Comptroller of the Currency has traditionally been the very model of pin-striped decorum. Not James J. Saxon, 48. When Saxon took the job last November, he brought with him 27 pages of recommendations for reform. With almost indecent haste, he raised the Government's assessment on nationally chartered banks in order to erase his department's $2,500,000 deficit, opened new regional offices, slashed paperwork 50%, and cut the time required to approve a new bank charter from nine months to 75 days. "Jimmy Saxon...
...aide to Truman's Treasury Secretary John Snyder, he has firsthand knowledge of how ineffectual Government policy can be. For five years before returning to Washington as Comptroller, Saxon worked the banker's side of the street as counsel to Chicago's First National Bank...
Self-Seen Savior. More than half of the Saxon Report's proposals were welcomed by bankers as progressive, overdue reforms. Among them are proposals to cut back reserve requirements to 10% of net demand deposits (now at 16½% for city banks and 12% for country banks), thereby releasing an estimated $5 billion in new lending power, and to increase the present limit on bank loans to a single customer...
Whatever the effect of the U.S. banking reforms under discussion last week (see above), they are unlikely to mute the small businessman's eternal lament: that a bank will lend him the money he needs only if he can show that he already has it. Nonetheless, in recent years the small businessman's plight has been significantly eased by a fast-rising breed of financiers who are called factors and operate on the theory that a company's best assets are its customers' debts...
Roman Origins. Though more than a score of financial houses act as factors, the field is dominated by three giants: Manhattan's Textile Banking Co., Boston's First National Bank, and Manhattan's James Talcott Inc., each of which turned over $450 million or more last year in factored accounts. Throughout the U.S., factoring today is so much in demand that the volume of sales handled in this way last year rose 15.5% over the 1960 level to $5.5 billion, may reach $6 billion this year...