Word: borrowings
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Dates: during 1960-1969
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Because the Coop itself is in debt, it cannot be of very much direct monetary aid to the community. "To expand, the Coop had to borrow from local banks and the John Hancock Company. The terms of those loans expressly forbid us to invest in any other businesses," Brown explains. The Coop can, however, give about $5000 to charity each year, which it donates through the United Appeal...
Last month, however, the Board decided to count as part of demand deposits the dollars that U.S. banks borrow overnight from their European branches. On that basis, the Board concludes that the money supply has actually been growing at a 3% annual rate-maybe. Paul W. McCracken, chairman of the President's Council of Economic Advisers, questions whether the Board has been making seasonal adjustments properly; he suspects that the money supply early this summer may have been growing more slowly than even the old figures would indicate. McCracken said recently to a group of banking students...
...most important harbinger of gains against inflation was an easing of the high interest rates that have been increasingly pinching borrowers this year. The decline reflected a drop in corporate demand for loans to finance expansion and inventory accumulation, which in turn appeared to reflect a lessening of the inflationary psychology that has caused businessmen to borrow in anticipation of ever-rising costs and prices...
...many?in revenue for the Mob. Dollar for dollar, usury is LCN's best investment; though the gross is lower than it is in gambling, profit is higher. Interest rates commonly run at 20% per week, or, in the Mob's words, "six for five"?borrow $5 on Monday and pay back $6 by Saturday noon, the normal deadline. Borrowers are frequently gamblers who have lost heavily or hope to make a big strike, but they also include factory workers, businessmen on the verge of bankruptcy, or anyone else who needs cash but cannot meet a bank's credit...
...required brokers to set aside capital to cover 10% of the market value of stock snagged in failures to deliver that are 40 to 49 days behind schedule and the penalty rises to 30% on "fails" that go 60 days or more uncorrected. Some firms have been forced to borrow to satisfy this requirement, and high interest charges eat further into profits. For Philadelphia's Drexel Harriman Ripley, Inc., for example, interest paid on borrowed money amounted to 13% of gross revenues in the first half...