Banking: Money Makes Money

Banks are usually good mirrors of prosperity, but the $312 billion U.S. banking industry is sharing in the current economic advance to a degree that surprises even it. Bankers, in fact, are making more money than ever before. Last week alltime high first-half earnings were reported by several banks, including the two largest ones, San Francisco's Bank of America and New York's Chase Manhattan. Despite their rising operating costs and the higher interest payments they are forced to pay to remain competitive, the nation's major banks earned 9% more in 1964's first...

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