Word: ls
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Dates: during 1960-1969
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...major pipelines, refineries were built by several German companies and such international firms as Shell and British Petroleum. Where coal-based chemical plants once belched out dark and noisome fumes, modern petrochemical factories now cleanly crack oil into hundreds of new chemicals. A company called Chemische Werke Hüls has built the Ruhr's biggest synthetic rubber plant, and Mulheim's Chemist Karl Ziegler last year won a Nobel Prize for developing methods to produce plastics from...
...turned them away. It remained a relatively small part of the U.S. financial world until the postwar housing boom came along, turning a nation in which the majority of families had been tenants into one in which two-thirds of all families are homeowners. Since then, S & Ls have prospered most where homes are going up the fastest. Four of the five largest associations are in Los Angeles, Pennsylvania, where it all began, has the most associations (798), followed by Illinois (598), Ohio (571), Maryland (419), New Jersey (410), and California...
Savings and loan associations are now run by professionals who make all the decisions, though most of them are still legally mutual associations. S & Ls have an advantage over banks in making home loans because they can lend up to 90% of the cost of a house with 30 years to pay, while banks are limited by Federal Reserve Board flat to 75% and 20 years. But in the past two years, the bankers and S & Ls have been hammering away at each other in an interest-rate war that has skyrocketed rates on savings deposits. With the mortgage market...
Expanding Horizons. The S & Ls have an even more pressing problem. Their hard sell has been so effective that they pulled in $6 billion in new savings in the year's first half-and are having trouble finding enough borrowers to put it to work. S & L spokesmen will go to washington after Labor Day to try to persuade Congress to broaden their lending powers, an aim for which they already have the enthusiastic backing of Chairman Joseph Patrick McMurray of the Federal Home Loan Bank Board, Set up by Congress in 1932 to provide emergency credit...
McMurray has already won for S & Ls the right to make loans on apartment as well as houses. Now they want power to finance a whole "home-loan package" that will include financing furniture, appliances, municiple bonds and even college tuitions. They are also pushing a move to win federal sponsorship of an International Home Loan Bank that would provide seed money (furnished by S & Ls ) to start savings and loan associations in Latin America. The S & Ls' aggressive push to expand their horizons is sure to create a battle with commercial banks, whose "friendly bankers" are now making...