Word: depositer
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...relieve a plaintiff's intolerable burden of proof in some multiple-cause situations, the courts can hold all of the defendants liable. This may be true even if multiple acts are independent and harmless in themselves-for example, when several defendants deposit in a stream minor impurities that wind up polluting the whole stream. Another possible solution in such cases is to permit the defendants to fight it out among themselves as to what share of the damages each should...
That disruption showed clearly last week in the increasingly wild rate war for savings deposits between commercial banks, savings banks, and savings and loan associations. In New York City, about a quarter of the mutual savings banks boosted their rates from 4½% to 5%. Even so, many reported "heavy" withdrawals by savers attracted to 5¼% "certificates of deposit-money left to earn interest for a stated time-at commercial banks. In California, at least 40 associations followed the controversial lead of Los Angeles-based Home Savings & Loan in raising rates on passbook accounts from...
...Laugh at Distress." Responding to industry and congressional pressures to cool the fight, the Federal Reserve last week took a small step to make it unprofitable for commercial banks to pay high rates for certificates of deposit; it raised the reserves that banks must stash away against large time deposits from 4% to 5%. That only infuriated the board's critics. "An invisible crumb from the rich man's table," fumed Chairman Wright Patman of the House Banking Committee, "a horselaugh at people in distress...
Chairman John Home of the Federal Home Loan Bank Board seemed to feel the same way. Calling the Reserve Board's action "minimal," he demanded among other things that action be taken to "reduce the widespread availability of certificates of deposit." With that, the HLBB handed S & Ls more power to fight back. Abandoning its only restraining weapon over S & L interest rates, the board suspended a policy cutting off S & Ls paying more than 4½% in most states (and 5% in California and Nevada) on passbook accounts from borrowing privileges at the twelve Federal Home Loan Banks...
Hudgins agrees that white businessmen are responsible for draining money out of Harlem. But he has his own view of how Harlemites can reposess and increase the wealth of their community. Every dollar which goes into the pocket of a white Harlem businessman and is spent or deposited in a bank in the Bronx or "downtown" is a dollar which does not get invested in Harlem. If businessmen and individuals can be persuaded to deposit their money at Freedom National and other Harlem banks, the banks will be able to make loans to Negroes to purchase and improve homes...