Naval Presence—The Misunderstood Mission

The American policy switch from confrontation to negotiation can be characterized as a policy of conflict avoidance. Such a policy demands that U.S. military capabilities be directed toward the deterrence of conflict not only in the strategic nuclear, but at lesser levels of conventional conflict as well

A study of the effects of cotton seed products upon the composition of butter fat and the churnability of cream

Approved by C.H. EcklesTypescriptM.A. University of Missouri 1913Practical feeders raise many objections to the feeding of cotton seed meal. In addition to various alleged evil effects on the health of animals to which no consideration will be given in this thesis, cotton seed meal has been held to have certain definite and undesirable effects on the composition of butter fat. For instance, many, though not all, investigators have found that butter made from the milk of cows fed on cotton seed meal has a high percent of olein and a low percent of volatile fats. Furthermore, other experimenters have shown that when cotton seed meal is fed with certain roughages, a very inferior quality of butter is produced. The purpose of this investigation is to make a further study of the changes produced on the composition of butter fat and the market qualities of the butter when cotton seed meal is included in the ration.Includes bibliographical reference

Focus on Seapower: A Perspective of the First Naval War College Seapower Symposium

The beginning of the 20th century was the stage for Mahan\u27s concepts for seapower, and while his basic tenets are still relevant, the environment in which they must be applied has witnessed a significant change

School of Naval Command and Staff: Blockade: Evolution and Expectation

The principles of modern international law recognize the doctrine of blockade as a legitimate option between states in a declared state of war, giving them the right to apply naval power to stop all seaborne commerce with the enemy, including that carried in neutral ships

Thrifty Viability and Traditional Mortgage Lending: A Simultaneous Equations Analysis of the Risk-Return Trade-Off

A number of studies have argued that the thrift industry is not viable as it is presently structured and regulated because mortgage yields are inadequate to cover interest and operating costs. This hypothesis suggests that observed profitability is primarily the result of the tendency of the industry to "ride" the yield curve by borrowing short and lending long. To evaluate this argument, we construct a simultaneous-equations model of thrift risk (maturity gap positions) and return (net interest margin). We find support for the notion that the industry could not be reasonably profitable if it did not take on significant interest-rate risk. For instance, a zero gap position produces a return on assets of only 19 basis points and a return on equity of only 4%. We also estimate the amount of interest-rate risk the industry can employ to increase returns on equity and assets. Our estimates show that over 50% of thrift profits earned during this period are the result of negative gap positions and interest-rate speculation. As earlier research shows, changes in regulations affecting thrift asset and liability choices can be counterproductive.