Word: borrowings
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Authorized by the Federal Reserve Board and its chairman, William McChesney Martin Jr., the Federal Reserve System's districts across the U.S. started boosting the rediscount, i.e., interest, rate to banks who borrow money from the Federal Reserve. Within 48 hours, ten Federal Reserve Banks announced increases in their rates of ¼ to a total of 2% on loans. In Cleveland, where autos, steel and machine tools are rolling along at record rates, the increase was a full ½, up to 2¼%. Private bankers quickly passed on the new rates. By week's end virtually every...
...fighters, T-33 jet trainers, reconnaissance and transport planes, guns, tanks, jeeps and patrol vessels, to the tune of at least half a billion dollars. The U.S. also chipped in another half-billion dollars for Yugoslavia's economic needs, and made it possible for Tito to borrow $113 million from international banks...
...solve the parking problem, public and private capital will have to work together. Ann Arbor, Mich. created an independently budgeted Parking System to borrow $1,095,000 and build five lots and two garages. From the meter coins and parking fees it takes in, Parking System is paying off the bonds, and hopes to add more new spaces to keep up with the city's growth. In many cities, department stores are winning back old customers by going into the parking business...
...swank, $298,000 racquet club outside Phoenix. The less well-heeled look for likely sites for gas stations, ice-cream routes, or the acquaintance of semebody "who's got something good." Even those without cash find it easier on the desert to try new jobs and to borrow money with no more collateral than a good idea...
From the Bonn and Paris embassies, the U.S. delegation will borrow about 100 hands: stenographers and switchboard operators, code clerks and receptionists, chauffeurs and cooks. One unlisted member of the U.S. delegation will be White House Stenographer Jack Romagna, one of the fastest shorthand-writers in the world, who took notes outside F.D.R.'s bedroom during the frantic U.S. Cabinet meeting in the first crowded hours after Pearl Harbor...