Word: crediters
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Dates: during 1960-1969
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...Patton pleaded not guilty, and at this point his experience differed sharply from that of Clarence Gideon. Patton was found guilty a second time. In pronouncing sentence, the trial judge said, "I would give you five more years than I am giving you, but I am allowing you credit for the time you have served. Judgment of the court is that the defendant be imprisoned for a term of 20 years...
...badly for him, it was his own fault. In asking for a new trial, argued States Attorney Theodore Brown, Patton must be deemed to have consented to wiping out the consequences of his first trial. Furthermore, said Brown, a defendant is not entitled as a matter of law to credit against his second sentence. Besides, since the maximum allowable sentence was 30 years, Patton was lucky to have gotten only 20. Patton's lawyer answered that the second trial judge's claim to have taken into account the time already served "kept a promise...
...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 rate would increase the cost and scarcity of money for home loans still further. The cost of personal...
...that money will get still tighter. Says M.I.T. Economist Paul Samuelson, one of John F. Kennedy's chief counselors: "Since we're not using a tax fiscal policy to keep down inflation, the Federal Reserve will have to make more moves-higher interest rates and less credit." Across the U.S., businessmen were predicting that the Fed would soon reraise the discount rate...
...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 Har vester or Mack Truck, why can't I do it for the guy who's going to buy a Chevrolet?") Only last June Damon came out with Bankcardchek...