Word: ratings
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Dates: during 1950-1959
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...seven-man Federal Reserve Board went a request for help last week from the Federal Reserve Bank of Philadelphia. Philadelphia's President Alfred H. Williams argued that a tonic was in order for the nation's recession. Could Philadelphia cut the discount rate it charged member banks for loans? The FRB promptly approved a ¼% cut (down to 2¾%), the second in two months. In quick succession, six Federal Reserve banks across the U.S. dropped their rates, and the remaining five were expected to follow soon. Said a top FRB money manager: "Look at the news ticker...
...hoped to give the economy a lift by making it more attractive for businesses and consumers to borrow funds. Chase Manhattan Bank, second biggest in the U.S., quickly cut its prime loan rate from 4½% to 4%; on the West Coast, the Bank of America, the nation's biggest, did the same-as did hundreds of smaller banks everywhere. Yet many banks kept their rates unchanged simply because there is still a great difference of opinion on how tight credit actually...
...many other areas, money is still so tight that bankers see no reason to cut interest rates and thus reduce their profits. Denver's bankers, who normally lend out only 30% to 35% of their deposits, are running at 55% of deposits, are only able to take care of their best customers. Dallas banks have more borrowers than there is money to lend. Says President Benjamin Wooten of Dallas' First National Bank: "We're not going to drop our prime rate. Supply and demand should be the governing factors in the cost of money...
...marketing risks removed, farmers can deliver more pork-on-the-hoof. Packers have shown hog-raisers how to take a unit of 33 breed sows, breed eleven of them every two months and over a year deliver 500 hogs to market in six marketings as opposed to the old rate of two per year. Thus, they smooth out seasonal peaks, and avoid gluts that have caused the Government to step in from time to time and buy up pork...
Output in the first quarter of 1958, said Romney, is scheduled at a higher rate than in the last quarter and well above the rate a year ago, even though other automakers are still trimming production to bring it in line with sales. Romney does not expect the quarterly earnings of 89? a share to continue for the whole fiscal year because the company will have to charge off heavy expenses for vacations, model changeovers, etc. in its fourth quarter, which ends Sept. 30. But he expects a "substantial profit" for the year...