Word: v
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Dates: during 1960-1969
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With his Lotus finally functioning perfectly and nine points chalked up toward the 1965 Grand Prix championship, Clark quickly forgot the pain in his back. "It feels good to be back on top again," he beamed. Come June, factory mechanics will replace his Lotus' 195-h.p. V-8 Climax engine with a hush-hush 16-cylinder job that is supposed to have something of the same effect as gluing two of the old engines together. "Nothing much to it," shrugged a Lotus engineer. "We are simply picking up a bit more power, that...
...bulge in cash savings began as small investors stayed out of the stock market after the 1962 break, but savings have picked up speed since last year's income-tax cut. In the first nine months of 1964, Americans saved 7.3% of their disposable income v. 6.7% in the same period a year earlier. U.S. families, calculates the Home Loan Bank Board, have now accumulated an average $7,800 in savings, $2,000 more than in 1960 and nearly double the 1950 level. Barring an outbreak of inflation, most money analysts expect the trend to continue...
...reason that institutions are so stuffed with money to lend is a dwindling demand for mortgage loans on new housing, which soak up more money every year than any other form of investment. Mortgage costs are falling too. New home mortgages in November carried an average interest of 5.75% v. 5.82% a year earlier. While banks can and will switch part of the new flood of savings into other kinds of loans-some of them riskier than usual-S. & L.s are far more locked into the mortgage field. Says Eugene M. Mortlock. president of Manhattan's First Federal Savings...
...long-troubled Eastern railroads, largely because they made the most noteworthy improvements in equipment. The Pennsylvania, whose net rose 115% to $50 million, now has "unitized trains" that carry only one commodity between two fixed points (coal from mine to utility) and make 156 round trips a year, v. 18 under the old boxcar system. The New York Central's profits soared 150% to $35 million, largely because of gains from its Flexi-Vans and triple-tiered auto-hauling carriages, which enabled the line to carry 900,000 autos last year, as against none at all in 1961. Altogether...
Last week the Boston & Maine dropped 33 runs, thus eliminating all interstate passenger service in Maine. A far sharper curtailment may be in the making at the bankrupt New Haven, whose prime problem is that 42% of its revenues come from passenger service, v. a 7% average for other lines. Its trustees last week announced their intention to sharply cut back close-in commuter service, stranding 7,500 daily passengers, and eventually to discontinue all passenger trains-but they have many legal obstacles to overcome before they can do either. To bail out the New Haven, a group...