Word: banke
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Dates: during 1960-1969
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...test-tube superman race between the nations of the world a century from now, the uneasy viewer may feel that he is in the tank with those frogs. A man will "not "brazenly go out and propagate himself," Bonner predicts coolly, but will contribute sperm cells to a central bank, his heirs to be manufactured after his death if a committee decides that he has been a desirable and useful figure in society. On this forecast, echoing the ancient complaint against Plato's "Guardians," English Professor Ritchie Calder comments...
...sight. As for economists who have lambasted him and President Johnson for first not raising taxes and now for asking that they be hiked, Fowler accused them of "suffering from an analytical lag that has them currently applying their calipers to conditions of a year ago." He rapped "bank letters notable for consistency if not accuracy." He scoffed at "herd-thinking, Monday-morning quarterbacks," and skeptics who "had nothing to recommend in 1966 except the time-tested cliche of cutting federal spending." He even suggested-on doubtful grounds-that tight money would have continued willy-nilly all last year...
Ever since the prime rate appeared in the '30s as a measure of what the bluest-chip corporations must pay for a bank loan, commercial banks have agreed about what that interest charge should be. Sometimes it has taken a few days; once, in 1958, it took a week for the pacemaking banks to fall in line with a lower rate. But for a fortnight some 40 of the nation's biggest banks have, to their consternation, found themselves in an unexpected battle over "the prime" with Chase Manhattan, New York City's biggest and the nation...
Quiet Pressure. Through last week, no such stampede had arisen. Instead, some companies quietly began feeding deposits into Chase Manhattan, hoping thereby to pressure other banks to slice their prime rate to Chase's 5½% level. At a news conference, Chase Chairman George Champion casually noted that his bank had about $1 billion in cash and other quick assets to meet any surge in loan demand. By week's end, Chase had withstood two weeks of the split-level struggle, and many businessmen were betting that the bank would emerge the victor, thus raising its prestige...
...Everybody will be down to 5½%," predicted Vice President-Comptroller John W. D. Wright of International Harvester. "It's only a question of time." Said President Mark C. Wheeler of Boston's New England Merchants National Bank: "My own belief is that Chase is going to make 5½% stick. The demand for funds has been a little less and the supply of money a little larger than expected...