Word: deposited
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Dates: during 1960-1969
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...congregation in the small Methodist church in Harlem listens attentively as the special Sunday speaker approaches the end of his sermon. He tells them that the church needs money, and that they can help if they come to the Freedom National Bank and deposit their money there. The bank will use the accounts as collateral. Against this collateral it will issue the church fathers the mortgage on the church which they have been refused because of an alleged shortage of mortgage funds...
Pressures: Easing. Businessmen seek ing credit to buy other companies, spec ulate in real estate or build up inven tories are having a tough time. Few lenders anywhere seem willing to take on new corporate customers, and many now insist that companies keep hefty cash balances on deposit if they want credit. It is getting harder to keep those deposits up. Last week corporations made their quarterly income tax payments, and because of the speedup in collections this year, the bill came to $8.7 billion, nearly 17% more than last year. Partly to pay their taxes, and partly to finance...
Financial Monsters." The reason that commercial banks have gained while others have lost is that bankers have found a way to exceed the 4% interest ceiling on easily withdrawn passbook savings. They have done this by selling "certificates of deposit," which pay up 10 5½% for funds left on deposit for a fixed time, usually three months. The so-called C.D.s, in denominations as low as $25, have attracted $37 billion now constitute a volatile one-fourth of interest-bearing deposits in commercial banks...
Johnson's inflationary domestic spending comes in for some of the harshest criticism. "Because of the political picture, Johnson is not being realistic," says Ralph Lowell, former chairman of Boston Safe Deposit & Trust Co. "You can't do all this spending in Government and at the same time spend for Viet Nam." President Mark Wheeler of the New England Merchants National Bank is "disenchanted" because the Government is asking business to contain spending but is not doing so itself. "It's not cricket," says he, "to have business act in a fiscally responsible manner...
...nurtured by the scarcity of cheap, flexible credit in Europe. It has created a mobile, truly international capital market, far more efficient than economists could have planned. Eurodollars have been for big-league operators, since the minimum unit of transaction is usually $1,000,-000, and they are deposited on a short-term basis, 90 or 180 days being the norms. The current earning rate of a 90-day Eurodollar deposit...