Word: bankamerica
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Operating earnings climbed 13% at BankAmerica Corp. (the Bank of America), 11% at Chemical New York and J. P. Morgan & Co. and 10% at Chase Manhattan and Chicago's Continental Illinois-the Treasury Secretary's old bank. More modest increases were posted by First National City (6%) and Bankers Trust (2%). Some of the smaller banks really soared. Manhattan's Marine Midland Grace increased earnings by 31% to $7.2 million...
...this benign idea of legislating Utopia became apparent last week when California offered for sale for unemployment relief $2,000,000 worth of registered warrants payable in February. Such State borrowings as recently as August 12 were easily sold at .75%. Last week there was but one bid, from Bankamerica...