Word: banke
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Dates: during 1940-1949
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...Episcopal minister who is conducting an experiment. That experiment has sometimes roused the good citizens of Ellsworth, Kans. to unholy wrath. But this week Kansans were digging down as usual to give Mize the money he needs for his St. Francis Boys' Home. Said one bank vice president wonderingly: "This man is Christlike, all right, but he's a genius at raising money...
Socialism? It did not seem mild to other bankers. Some even grumbled about "socializing the banks." But it was Edward Eagle Brown, president of the Federal Reserve Advisory Council and chairman of the First National Bank of Chicago, who put a realistic finger on the trouble with Eccles' plan. Eccles, he said, need not go after such sweeping powers until he uses the powers that FRB now has. Why, for example, didn't FRB raise its rediscount rate (the cost of FRB loans to commercial banks) and thus raise the interest rates on all borrowed money...
Modest Steps. Next day, Eccles had a second thought. He announced that FRB would inch up the rediscount rate from 1% to 1¼% "in the not too distant future." Then Allan Sproul, president of the Federal Reserve Bank of New York, prodded Eccles. FRB has the power to make Central Reserve banks (those in Chicago and New York) increase their reserves another 6%. Why didn't it do so? As for Eccles' new plan, Sproul gave it the back of his hand. Said he: "It would expose us to grave monetary disorders. ... A program of modest steps...
...Rates. For several months banks have been gradually raising their interest rates on loans. So California's Bank of America, world's biggest bank, decided to pass some of the gravy on to depositors. On Jan. 1 it will boost its interest on savings from 1¼% to 1½% on accounts up to $10,000, from 1% to 1¾%% on larger sums...
...massive head and painfully nearsighted eyes, he was "licked into indolence, abused into sulkiness, and bullied into despair." He took his revenge on his schoolmasters and schoolmates by drawing cruelly accurate caricatures of them in his schoolbooks. As a young dandy in Paris, he was happiest hobnobbing with Left Bank artists, Bohemians "and fellows of that sort." And these friends could often find him laboriously copying paintings in the Louvre in the hopes of becoming, like them, an artist...