Word: deposit
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...postwar housing boom brought a huge demand for mortgage money, savings and loan associations were little threat to the better-established and broader-based banks. Then, in home-building boom areas, such as Southern California and Florida, and around Denver and Minneapolis, the savings and loan associations pulled in deposits from all over the country by offering interest rates up to 4½% from the day of deposit, v. the banks' basic rate of 3%. Commercial bankers could not compete effectively, because their interest rates are pegged by Federal Reserve Board fiat, while S. and L. rates are unregulated...
Last week the U.S. got weary of Phoumi's rearing and backing, and hit him where it hurt: in the pocketbook. Leary of outright sanctions, the U.S. put the pressure on by failing to deposit the regular monthly aid payment of $4,000,000 with the Chase Manhattan Bank in New York. With a straight face, U.S. officials announced that "administrative snags" caused the delay. The U.S. aim: to make Phoumi and Boun Oum go to Geneva for more talks with the permanent international conference on Laos. But Phoumi was not about to buy a plane ticket for Geneva...
Responding to pleas from commercial banks, the Federal Reserve Board and Federal Deposit Insurance Corp. last week authorized their 13,100 member banks to increase their interest rate from 3% to 4% on savings and time deposits left for at least a year. The step was chiefly intended to help the commercial banks compete more successfully with mutual savings banks, whose rates run as high as 3¾%. and with savings and loan associations, whose rates run up to 4½%. A secondary purpose: to help the banks hold foreign deposits that might otherwise flee to higher interest havens abroad...
...their lives in fresh water, where they can be fattened like hogs, ocean salmon come to fresh-water streams only to lay their eggs. When the fingerlings are three inches long, they take off for the sea, where they get most of their growth. They come home to deposit their eggs and sperm with unerring accuracy in the stream where they were hatched...
...their money, far better than most stocks. Above all, since a syndicate of as many as a thousand members can still legally be called a partnership, there is no corporate income tax to worry about. In the case of the Empire State, Wien even syndicated the $4,000,000 deposit required. He himself put up only $500,000-a relatively small sum compared with the $3,000,000 that lawyers and real estate brokers stand to collect as fees on the transaction...