Word: piggybackers
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Modest Nest Egg. The new company, Home Capital Funds, Inc., will lend 15% of the price of a home, and such traditional mortgage sources as Metropolitan Life Insurance Co. and Minneapolis-based Investors Diversified Services will pick up another 75% to create a 90% loan. The arrangement is called "piggyback" financing because it avoids risky second mortgages, involves a single joint loan on each house. Brewer calls it "a virtual partnership" between lenders and manufacturers "to assure a continuous flow of money to buyers at rates and down payments they can afford...
...wring all the mileage they can from new technology, the railroads are promoting piggyback delivery of truck trailers, adopting computer-controlled operations and bookkeeping, devising special-purpose cars to win back shippers. Multilevel auto-rack cars, for instance, have enabled railroads to regain $100 million of motorcar hauling lost to trucks, while saving automakers $200 million. A few rail lines are even making a bid for passengers. Though two of his routes run parallel to new expressways, Chairman Ben Heineman gambled $50 million on modernizing the Chicago and North Western's commuter service-and won. Patronage is now climbing...
...increasing popularity of jet air freight, along with the promise of truly gigantic cargo planes within a few years, U.S. shipping companies have finally, and belatedly, begun to battle back. The weapon on which they pin the most hope: a technique called container shipping. A seagoing adaptation of piggyback rail freight, container shipping involves packing cargo into steel, aluminum or wood containers of more or less standard size (8 ft. high, 8 ft. wide and 10, 20, 30 or 40 ft. long) at the factory, no matter how far inland. The containers are then moved by truck or train...
...European concerns as well, by providing rapid, door-to-door service within Europe and between the U.S. and Europe. To accomplish the latter, it has negotiated transatlantic cargo tie-ups with Seaboard World Airlines, Inc., Pan Am and McLean Industries, which operates a fleet of huge, specially designed piggyback freighters. DC began talking with dozens of potential American clients even before the West Friesland deal went through, got some swift results. "The European Du Pont operation had recently canceled its contract with West Friesland," says DC's London-born president, Leslie G. Taylor. "We turned that contract back...
...I.T.U. has accused the Guild of "riding piggyback" on the I.T.U. Said Elmer Brown: "The Guild cannot close a single newspaper by striking alone." On the eve of the I.T.U. convention in Washington two weeks ago, top officers of the typographers and the Guild met to try to patch over some of their differences. About all they accomplished was to agree vaguely to strive for better communication between the unions and to meet again this month. Meanwhile, the Guild unit at the New York Times has voted to strike if a "satisfactory" contract has not been reached by Sept...