Word: lender
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Among Friends. Eurodollars are handled by about 500 banks in Europe, a few informal phone calls among banking friends usually being enough to settle a major deal. There is often a relay of three or four banks between lender and borrower, which is one cause of criticism of the system. Another complaint is that Eurodollar operators violate a cardinal banking rule by borrowing short term and lending long term, but in fact E$ are mostly used for short-term financing of imports and exports. The Deutsche Bank Managing Director Hermann Abs dislikes the system so much that he will have...
...high on his desk are flocks of loan requests and the latest figures on competing banks. On one side of the office are shelves crammed with books on banking and credit. On the other side, a hatstand holds a clerical collar. Working comfortably in an open-necked white shirt, Lender-Missionary Father Daniel McClellan, 50, explains to visitors: "The French have their worker priests. Well, I am a capitalist priest...
...that the Government apparently will not muscle down the selective raises they have recently posted. After Manhattan's Chemical Bank two weeks ago increased its rates on loans to finance companies from 4½% to 4¾%, other major banks followed. Last week the world's largest lender, California's Bank of America, said that it has been selectively increasing rates to many borrowers, and the Chase Manhattan announced that it will pare down the number of customers eligible for the prime rate. But borrowing will probably continue to increase, if only because businessmen are entering...
Kirkland House, lender in the fall Straus trophy competition, is currently on top of the "A" basketball race. The Deacons, led by Dave Taft, whipped last-place Dudley House Wednesday night to maintain first place...
...Although in many installment contracts the apparent interest rate is lower than 9%, the true rate is almost always higher. If a man borrows $100 and pays the lender $109 a year later, he is paying interest of 9% a year. But if a $100 borrower pays a total of $109 in twelve monthly installments, he keeps reducing the amount of the loan as he goes along, and the true interest rate amounts to about...