Word: banke
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Dates: during 1960-1969
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Today's CRIMSON Supplement includes articles on Asia by three of this year's Nieman Fellows -- newsmen studying for a year at Harvard. They are Hiranmay Karlekar, of the Hindustan Standard, Calcutta, India; Bank hyun Lim, of the Chongro-ku, Seoul, Korea, and Satoshi Ogawa, of the Sankei Shimbun, Tokyo, Japan...
...stage order that becomes fully effective next week, the board reduced from 4% to 3% the amount of interest-bearing time deposits that banks must keep on hand as unlendable reserves. The change applies only to the first $5,000,000 of a bank's total time deposits; anything over that remains under the stiff 6% reserve requirement imposed during last summer's credit squeeze. This partial easing will free an additional $850 million for lending, mostly in 5,945 rural and small-city banks. Bankers can already lend about $7 for every $1 they have in reserves...
Simmer Down. To be sure, the stimulus will be selective: big-city banks, whose time deposits far exceed the $5,000,000 that qualifies for the Fed's lower 3% requirement, will find the new funds relatively less important. But the easing measure promises to give some breathing room to such hard-pressed sectors of the economy as housebuilding. In San Francisco, Bank of America President Rudolph Peterson welcomed the Federal Reserve Board's "help to stimulate expansion, particularly in the housing area," promptly cut rates for some home mortgages from...
...supply. Acting on that notion, corporations threatened a ruinous replay of last summer's credit crisis by once again lining up to borrow. On the bond market alone, new corporate issues scheduled for this month total a record $1.5 billion-which could spark a new upward spiral in bank and bond rates. The Fed's warning seemed to have effect. Key 91-day Treasury bills, which had been quoted at a yield of 4.68% as recently as six weeks ago, simmered down to 4.34% after the announcement...
What mind can compass, what tongue relate the baroque doings which surround a Hasty Pudding opening--that manic cross between a mid-ocean gala and a run on the bank? The searchlights, the celebrities, the spilled drinks, the crowd's frenzied yelps of mutual recognition: the scene suggests unwitting passage into a claustrophobe's vision of the Apocalypse...