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Money, Rates Drop as Banks Restrict Yields
The report notes a 2 1-2 percent maximum on thrift and time deposits by insured banks, with lower rates pushing funds toward investments. It cites weak circulation, slower check velocity, and rising life insurance premiums as factors. Retail trade increases, but overall money is idle. postal savings stay at two percent while banks push for lower rates.
MENTIONED IN THIS ARTICLE
Leslie Eichel
New York
Sobody
Federal Reserve Board
New York City
Wall Street
Capital Securities Market
England
Roosevelt
Thomas W. Phelps
Wall Street Journal
Washington
National Resources Board
United States
America