Word: stretch-out
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...WASTE BY STRETCH...
...DEBT STRETCH-OUT will be attempted again by Treasury. It plans to offer long-term bonds as part of next month's $10.8 billion refinancing, believes that money has eased enough so that interest rate will be less than the 4% it paid on last September's twelve-year issue...
...Deputy Defense Secretary Donald A. Quarles is becoming Washington's newest scapegoat for its defense troubles. Scientist-Engineer Quarles (Western Electric and Bell Labs) is being blamed for enforcing former Defense Secretary Charlie Wilson's stretch-out and cutback policies with too little protest and too much relish. On Capitol Hill, within a fortnight investigating committees of both House and Senate have been critical of Quarles. In the Pentagon, he is in disfavor with the Navy (for criticizing super carriers), with the Army (for refusing it medium-range missiles), and with the Air Force, although...
...counting on missile contracts for its Regulus and heavy orders for a faster, improved all-weather F8U, which it now has on the drawing boards. Douglas figures that its $2.5 billion backlog and its big business in missiles and commercial jets can easily absorb the slack of the Skyhawk stretch-out. And to help offset the stretch-out in orders for its eight-jet B-52 bomber, Boeing last week got its first production contract for its ramjet Bomarc interceptor missile. The sum: $139 million...
McDonnell's President James S. McDonnell Jr. estimates that the Demon stretch-out will not cut McDonnell Aircraft's present record employment of 27,000; it will only keep it from climbing to the new peak that had been expected. The stretch-outs, in total, will cause far fewer layoffs than earlier anticipated. Last week the Pentagon estimated that this year's $1 billion to $1.5 billion slash in aircraft orders will trim the industry's payroll by 5%-a drop of 40,000 workers from the total 800,000. Since the industry has a high...