Word: banke
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Dates: during 1960-1969
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Cheaper at Auction. The interest declines were small but widespread. Rates on bankers' acceptances-corporate promissory notes issued to finance goods in transit or storage with payment guaranteed by a bank-fell by ¼% to 8%. In the bond market, Treasury bills sold at an average 6.86%, down from a peak of 7.22% last month. Pacific Northwest Bell Telephone sold $75 million in debentures at 7¾% compared with a 7.9% rate on the last Bell System bond offering in July...
...prime rate on loans to businesses by major banks remains at a record 8½%, but now bankers are talking of possible future cuts rather than further increases in the rate from which all other interest rates are calibrated. Gaylord Freeman, chairman of Chicago's First National Bank, goes so far as to predict that the prime rate may drop to 7½% or even 7% by year-end. Most bankers and economists are more cautious. They warn that interest rates could yet bounce up again. So far, though, demand has been dropping more than it usually does...
...parties," enthuses Sharon Caudle, 24, an insurance company trainee. "If I can meet all these men for $3 a month, then I'm getting my money's worth." The feeling is widespread, and a quarter of the club's 2,000 members are single women. Bank officers had expected to enroll 2,200 young Houstonians in the first year, but that goal has already been reached and 500 new members are signing up each month. More surprising, they maintain an average balance of $250, and bank officers expect that the club will soon become profitable as well...
Lifelong Friends. The youth club idea originated at Chicago's Central National Bank in 1967 as a way of acquainting young people with the wide range of services a bank can offer. "By extending ourselves now," explains Paul Jaffe, the officer in charge of the Chicago club, "we hope to make lifelong friends." Central National has avoided anything so flamboyant as a beer bust, but its club activities run the gamut from Caribbean cruises to courses in speed reading...
...Misjudgment. The union's members are also challenging their leaders. Two weeks ago, 78 miners and miners' widows filed suit against the U.M.W. in federal court, asking for $75 million in damages. They charged the U.M.W. with conspiring with its welfare fund, with the union-owned National Bank of Washington and with the Bituminous Coal Operators Association to defraud them of their pensions through fiscal mismanagement and the manipulation of union funds for private gain...