Word: banke
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Dates: during 1960-1969
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After the banks raised their prime interest rates, the Federal Reserve Board, for the second time in two months, acted to cut the supply of bank funds available for lending. It increased the amount that banks must set aside as reserves on certain types of time deposits from 5% to the statutory limit of 6%, starting next month. This will take approximately $450 million out of lendable circulation. Credit-starved housing starts dropped to the lowest level since the bottom of the 1960 recession, an annual rate of 1,064,000 units. Mortgage lenders gloomily forecast that the new prime...
...housewife is beginning to stew about food prices. "We ate better four years ago, when my husband was still a student," says Mrs. Roberta Pearson, wife of a junior bank executive in Chicago. "These prices are robbery. The Government seems more interested in the price of rice in Saigon than in food costs in New York," says Manhattan-dwelling Mrs. Joan Lester. Says Boston's Mrs. Irene Krutt: "If I were younger, I'd grab a placard and picket...
...third-floor boardroom of Boston's State Street Bank Building, directors of the Lee Higginson Corp. grimly debated for eight hours the future of their firm-oldest and one of the most famous of U.S. investment houses. When they finally arrived at a decision, Lee Higginson was dead. For an "undisclosed amount," Manhattan's relatively youthful (age 74), fast-growing (60 branches) Hayden, Stone Inc. bought Lee Higginson's name (which it will not use), offices and assets in Boston, New York, Chicago and four other cities...
...Boston's First National Bank named President Roger Damon, 60, as chairman and chief executive officer, succeeding Lloyd Brace, who, at 63, moved up to the largely honorary job of executive committee chairman. During his seven years as president of the nation's oldest bank (its 1784 charter was signed by, among others, John Hancock), Damon has made a name as an innovator. In 1934 he introduced the idea of a bank issuing a letter of credit for individual auto buyers. (He recently recalled: "I said to myself, Good God, if I can do this for International...
...turtle that scrapes tediously around the living room, a hoarse parrot that mindlessly advises visitors to "take a blue crayon and color the sky." Then she lays a few cards on the table: she works in a feed store, owns her house outright, has 200,000 lire in the bank. Adolfo follows suit: he works in a bookstore and is dead broke...