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Last week's action started when Bankers Trust in New York City cut the prime rate that it charges for business loans from 12.75% to 12.25%. That sent the Dow Jones industrial average up twelve points for the day. On Tuesday most major banks dropped their prime, but only to 12.50%. Wall Street seemed disappointed that no other banks matched Bankers Trust's half-point reduction, and the Dow slipped seven points in two days...
...since 1973. To foreign investors, said Walter Heller, who was President Kennedy's top economic adviser, "the U.S. is the safest and most profitable haven around for investment." Bond prices surged on the belief that the Federal Reserve Board is easing its monetary policy. Stocks also rallied. The Dow Jones industrial average jumped 30 points to finish the week...
...students build their boats from scratch. Students in a separate one-week class build theirs from kits. For their $300 in tuition plus the price of the kit, they work under the guidance of another Maine boatbuilder, Eric Dow, constructing small, square-bowed dinghies known as Nutshell prams. Those who sign for the one-week course in able-seamanship spend their days aboard the schooner Vernon Langille, a 38-ft. replica of a traditional Tancook Island sailing boat, plying the waters off Maine's rocky coast...
...borrow emergency funds from the Federal Home Loan Bank in San Francisco. Coming just three weeks after the $4.5 billion federal bailout of Chicago's Continental Illinois Bank, the troubles at F.C.A. were particularly unsettling to financial circles. After Knapp's press conference last week, the Dow Jones industrial average dipped more than 15 points. F.C.A., the most heavily traded stock of the day, was the biggest loser, falling 21A points to 5. A year...
Between August 1 and last Friday, August 10, the Dow Jones Industrials Average rose 102.81 points. The rally was primarily due to government figures released at the end of the month which indicate a healthier economy in the months ahead...