Word: passbook
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...that is a time when depositors are tempted to pocket their quarterly dividends and then pull out their mon ey. To prevent wide-scale withdrawals and to attract funds for mortgages, Los Angeles' Home Savings and Loan Association, the nation's biggest, boosted the rate on regular passbook accounts from 5% to 5¼% , and on longer, 36-month savings to 5¾% . Other S & Ls followed suit but may be squeezed for profits at these rates because many are less efficient than Chairman Howard Ahmanson's Home Savings...
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banks have gained while others have lost is that bankers have found a way to exceed the 4% interest ceiling on easily withdrawn passbook savings.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...
...most charitable way." Unmoved by his charity, the government finally, in 1959, banished him to his home district for five years, forbidding him to speak or enter politics. But Luthuli kept up his resistance campaign; last year, after the Sharpeville massacre, he was fined $280 for publicly burning his passbook, the humiliating identity card without which black Africans are not allowed to move about the country...
...century and a half, blacks in the Union of South Africa have had to carry passbooks. But it is only in recent years, under the Boer regime of stubborn, stiff-necked Prime Minister Hendrik Verwoerd, that the passbook has become almost a physical shackle...
...years the Africans hated and endured the system. Then a new and more militant organization called the Pan-African Congress decided to exploit the passbook grievance. It urged Africans all over the Union to descend last week upon local police stations-without their passbooks, without arms, without violence-and demand to be arrested. In a few spots, the turnout was impressive. At Orlando township in the outskirts of Johannesburg, 20,000 Africans milled around the police station, led by Robert Mangaliso Sobukwe, 36, a Methodist-reared university instructor, who heads the Pan-African Congress. Fifteen miles to the south...