Word: saversion
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The continued climb in interest has killed all hope of a recovery in housing, which once seemed likely to lead the economy back to resumed growth in late 1974. Housing starts have fallen 38% in the past year, to an annual rate of 1.3 million, and seem likely to go...
The notes would be sold not by the bank itself but by its parent holding company, Citicorp, thus neatly getting around federal regulations limiting the interest that banks-but not bank holding companies-can pay to small savers. For a minimum $5,000 initially, a saver could buy notes on...
Why? Part of the answer is a lag in prices from farm to supermarket. For example, Arnold Bakers, a New York breadmaker, until recently was paying $13.50 per 100 lbs. for flour under contracts signed last winter and spring -though the immediate-delivery price for flour fell as low as...
Stretched Out. Savings and loan associations, which supply most of the nation's mortgage money, cannot compete with commercial banks for funds in an era of high interest; some are struggling just to survive. Banks themselves, though collecting handsome interest on loans, are being forced to borrow feverishly-from...
By no coincidence, the outflow began when Washington granted financial institutions permission to sell so-called "wild card" CDs. The wild cards, sold to savers who will keep at least $1,000 on deposit for at least four years, yield interest at whatever rate the issuer chooses to pay; Manhattan...