Word: borrowers
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...hoped to give the economy a lift by making it more attractive for businesses and consumers to borrow funds. Chase Manhattan Bank, second biggest in the U.S., quickly cut its prime loan rate from 4½% to 4%; on the West Coast, the Bank of America, the nation's biggest, did the same-as did hundreds of smaller banks everywhere. Yet many banks kept their rates unchanged simply because there is still a great difference of opinion on how tight credit actually...
...last November's Communist summit meeting in Moscow, notably Gomulka's reluctance to accept revival of any sort of Comintern; 2) coordinated moves to follow up Poland's plan for creating a "denuclearized" zone in central Europe; 3) Gomulka's bullheaded insistence on trying to borrow some $100 million from the U.S. rather than from the U.S.S.R. Results: unknown...
...debt. In years past, U.S. manufacturing corporations were able to finance most of their expansion by retained earnings, had a relatively small debt to worry about. But today so many companies are expanding that even though industry retained earnings of $6.8 billion last year, it had to borrow another $9 billion. Result: long-term corporate debt reached $97.3 billion last year v. only $46.1 billion in 1947. Ten years ago, interest charges amounted to only $2.5 billion, or 10% of gross returns to capital. This year the charges will hit $10 billion and 20% of gross returns. Since...
...Treasury is often unable to take advantage of fluctuating short-term interest rates to refund big amounts of the debt lest it go through the ceiling, must often borrow at times during the year when seasonal demands of business make money tightest and most expensive. Another problem is that such independent borrowers as Fannie May usually cost the U.S. more in the long run. With a lower credit rating, Fannie May pays an average 3.96% interest for the money it borrows v. an average 2.78% for the Treasury itself. The ceiling also costs the U.S. money in departments that have...
Moving urgently to meet the ever-mounting crisis, Gaillard went into a huddle with his new Finance Minister, the M.R.P.'s Pierre Pflimlin, decided to borrow 250 billion francs from the Bank of France to pay civil servants and meet other obligations. Then Gaillard went to work on the Assembly with demands for special powers to enforce price controls by slapping heavy fines on price gougers, and to close the shops of merchants who refuse to comply. He also proposed an extra 100 billion francs in new taxes on such semi-luxury items as wine and autos...