Word: bank
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Dates: during 1960-1969
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Costlier for Consumers. The rising cost of credit is beginning to affect consumers as well as businessmen. In California, the giant Bank of America and several savings and loan associations lifted their minimum interest rate on home mortgages from 7¼% to 7½%. At week's end Manhattan's First National City Bank increased by one-fourth of 1% its charges for auto, consumer and home-improvement loans. The true annual interest rates on some personal loans rose to more than...
Italy also has very little coal or iron. When, in 1947, some Italian leaders requested a World Bank loan to build a steel industry, the bankers rather snidely advised them to stick to growing tomatoes. But Industrialist Oscar Sinigaglia, then head of the state-owned Finsider steel complex, landed a big order from Fiat and went on to locate his mills at ports, where ships bring in coal and steel from the cheapest foreign sellers. Finsider is now Europe's biggest steel producer, and last year Italy's output rose from 17.4 million tons to 18.7 million, fifth...
...equivalent of a criminal record should be punished more harshly. But there is a gulf in severity between probation and suspension: one restricts a student's activities for a term, the other excludes him from the community and subjects him to the draft--hardly an analogy to giving a bank robber who is a second offender an extra year or two in jail. Probation amounts to a warning that if a student commits the same kind of offence during the next term he will be suspended. Unless that sanction ends when the probation period ends, the punishment means nothing...
...than 6% a year. Last week 40 out of 71 economists who responded to a survey by a House subcommittee urged the Reserve Board to increase the money stock steadily and moderately. But the Federal Reserve's economists disagreed. Though there are Friedman fans at the Federal Reserve Bank of St. Louis, he has few if any supporters elsewhere in the system or on the board itself...
...three-way merger that in 1968 brought together Pacific Air Lines of San Francisco, Phoenix-based Bonanza and Seattle's West Coast. None of the three was big enough to boss the other two, and the result of divided leadership was snarled schedules and fouled-up reservations. The Bank of America, which financed the merger with $54 million and expected its money back by Jan. 1, advised Air West's management to sell the company "before it is no longer at tractive." Meanwhile, no more loans...