Word: ls
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Dates: during 1960-1969
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...confine its output of V-L products to .22-caliber rifles and perhaps shotguns the military implications are obvious. Daisy engineers have already shot V-L bullets at speeds as high as 3,000 ft. per sec.-well within the performance range of high-powered conventional rifles. V-Ls can be fired chemically and electrically, as well as with hot-air jets, making them adaptable to a large variety of weapons systems. Elimination of cartridges would also solve a troublesome problem in tank turrets, where hot shell casings pile up quickly during combat. And V-L ammunition would be ideal...
...problem. Using strong language, Brimmer put part of the blame for last year's S & L doldrums on the industry's inflexible rate structure and, in some cases, on poor management. One solution, said Brimmer, who was speaking strictly for himself, is to let S & Ls swing more freely with monetary supply and demand. He also suggested that S & Ls should be given a broader lending role. "The 1966 experience," said Brimmer, "stands as a haunting reminder that S & Ls do not have the capability to compete freely for savings with commercial banks and market instruments when interest...
Crisis loomed over one big segment of the money market: the savings and loan associations. Tempted by higher yields elsewhere, depositors withdrew $1.5 billion from the S & Ls in July. Government money managers were so worried that dangerously nonliquid S & Ls would go under that the Federal Home Loan Bank Board, which regulates the associations, arranged a $4 billion stand-by loan with the Treasury and hoped to get $5 billion more from the Federal Reserve - if needed. Says one high U.S. Treasury official: "The withdrawals scared the hell out of us. The savings and loan people were hysterical...
When the money squeeze hit last spring, S & Ls had on their books some $3 billion in promised but unmade loans. For months, they had to use most of their available funds making good on those commitments. Now the backlog has been cut nearly in half. "We're reaching a point where it won't take an awful lot of fresh money to get the industry back into mortgage lending in a significant way," says President John W. Stadtler of National Permanent S & L in Washington, D.C. Happily, savings again are flowing into S & Ls, after huge withdrawals...
Radical Overhaul. In their effort to put housing on a sounder long-term footing, builders and materials suppliers are concentrating on ways to reduce housing's financial dependence on S & Ls, mutual savings and commercial banks and life-insurance companies. U.S. Plywood, for example, is trying to enlist other big firms in a plan to form a corporation to provide the top 15% of 90% -mortgageloans, thus enabling conventional lenders to stretch their funds further. Last week N.A.H.B. urged the Government to expand the Federal National Mortgage Association, now confined by law to the purchase...