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...free round-trip air fares for well-heeled customers, is now getting competition from oases in the Bahamas and Puerto Rico. The numbers racket (estimated total revenue: $1.5 billion) was once known as "the black man's stock market"; now it is moving all over town. Perhaps the fastest-growing action is betting on sporting events (estimated total: $2.2 billion) with point spreads lending an edge of excitement to even the most one-sided contests...
...floodgates by running a 3-min. 59.4-sec. mile, no fewer than 84 athletes have cracked the mythical 4-min. "barrier"-running a total of 278 sub-4-min. miles. Tops among them, of course, is Jim Ryun, the University of Kansas junior who at 20 is already the fastest middle-distance runner of all time. Last month in Bakersfield, Calif., Ryun lowered his own world record for the mile to 3 min. 51.1 sec. Two weeks ago in Los Angeles, he zipped through 1,500 meters-120 yds. short of a mile-in 3 min. 31.1 sec., to clip...
Toward $700 Million. Born only ten years ago with the merger of two sleepy sawmill companies, Boise Cascade has become one of the nation's fastest-growing companies by zealous pursuit of ways to make the most of a tree. To utilize waste wood chips and sawdust, Hansberger quickly expanded into pulp and paper production. He added fine paper making by buying Columbia River Paper Co. in 1962, kraft wrapping paper by purchasing Crown Zellerbach's St. Helens paper division in 1964, newsprint and wood-fiber insulation board by picking up Minnesota & Ontario Paper...
Many other investors regard mortgages as a last-choice outlet for money. Pension funds, the nation's fastest-growing pool of savings, have put a mere 8% of their $100 billion hoard into mortgages. Because of monthly collections and bookkeeping, lack of standardization and archaic foreclosure laws in many states, mortgages are clumsy and costly to handle. Restrictions on interest rates (6% maximum in ten states, 7% in six) divert funds elsewhere. Only Government-backed mortgages, less than a fifth of the total, can be readily traded among investors. The 6% interest ceiling on FHA and VA loans, handiwork...
...industrial organization men embrace the cult of planning, leaving very little to the chancy market. Galbraith argues that they carefully plan production, use aggressive advertising as part of that planning to bamboozle the public into buying, and are sufficiently monopolistic to "establish prices and insure demand." In the fastest-rising industries-defense, space, atomics, electronics and supersonic transport-they have formed a common-law marriage with the Government, which underwrites most of their development costs and buys the bulk of their output. One result is that government purchasing accounts for 20% or 25% of U.S. economic activity-far more than...