Word: deposit
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Against Apartheid. The unsolved problem for the churches is the precise way in which this economic power ought to be used as a moral lever in society. One kind of answer was recently suggested by the Protestant biweekly Christianity and Crisis. The magazine withdrew its deposit fund of slightly more than $10,000 from Manhattan's First National City Bank. The gesture of protest was taken because First National City is one of ten U.S. banks in a consortium that provides a $40 million revolving fund to the government of South Africa. In announcing the withdrawal, the editors conceded...
Headed by Methodist A. Philip Randolph, president of the Brotherhood of Sleeping Car Porters, and supported by such churchmen as Reinhold Niebuhr and Bishop James A. Pike, the committee claims to have pledges of deposit withdrawals totaling $22 million. Defenders of the committee argue that there is ample precedent for such a boycott: most Protestant churches refuse to invest in companies that manufacture alcohol or tobacco products. Boston's Episcopal Bishop Anson Phelps Stokes Jr. believes that the churches should no more support apartheid, even implicitly, than they should buy "real estate that was being used as a brothel...
Moreover, many banks had lent long but had borrowed short - a classic formula for financial woe. Altogether $18.6 billion of their $194.4 billion total deposits were in the form of short-term certificates of deposit, and many holders of "C.D.s" were cashing them in to draw fatter interest elsewhere. The dismal prospect was that deposits would continue to decline, while in mid-September the banks would be hit by corporations for more loans to finance quarterly tax payments. If the banks turned them down, the corporations would start a run on their deposits...
...direct-leasing business and insurance selling. Along the way, he irritated two U.S. Presidents and obstreperously tangled with such Washington Pooh-Bahs as Robert Kennedy, William McChesney Martin, Nicholas Katzenbach, Senator John McClellan and Congressman Wright Patman-as well as leaders of the Securities and Exchange Commission, the Federal Deposit Insurance Corporation and the Independent Bankers Association...
...died aboard a Greyhound bus in Pennsylvania last March at the age of 67, Kruse was homeward bound from a genealogical mission to the New York Public Library. He had good reason to have given considerable thought to his probable heirs. When a Grand Haven bank opened his safe-deposit box after his death, it found securities worth...