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Wall Street was not willing to wait. Tumbling stock and bond prices reflected the skepticism of investors that the Administration can dramatically curtail budget deficits and thus ease the pressure producing cripplingly high interest rates. On the very day that Reagan returned to the White House the Dow Jones industrial average fell 17.22 points to 867.01, its lowest level in almost 15 months...
Such was the dismal rhythm of the economy last week during the worst week of economic news since Ronald Reagan took office. The Dow Jones index of industrial stocks dropped 28.35 points, including a 20-point free fall on Monday, to its lowest level in 13 months. New figures out of Washington showed that inflation in July had increased at an annual rate of 15.4%. And the Government's index of leading economic indicators, which attempts to predict the future course of business, dropped another .1% in July after falling 1% in June and 1.6% in May. What...
Says John Pfister, a real estate analyst at the Chicago Title and Trust Co.: "Luxury housing moves with the Dow Jones averages and has held up well. So has the lower end of the market. But the middle ranges show real weakness." Says one Manhattan broker: "The higher-priced apartments will sell at any time. When you're paying $500,000, you don't care about financing...
...Little Help from Big Friends. What is good for General Motors may be good for the country, after all. Reagan invited more than 200 business leaders to the White House on Monday to push his program. Executives of GM made calls to Congressmen, and Dow Chemical urged its employees to contact their Representatives. At the heart of the corporate effort was the "No Name Group," a little-known gathering of Washington lobbyists for the Chamber of Commerce and similar business associations. At their weekly breakfast at the Sheraton Carlton Hotel last week, the lobbyists had been supplied by the White...
...main cause of the current stampede of mergers, however, is not complex. The prolonged depression in the stock market has made the shares of hundreds of American corporations irresistible bargains. The Dow Jones average now stands no higher than it did more than 16 years ago. But inflation has inexorably driven up the value of industrial plants, equipment and other assets. Says Yale Economist Paul MacAvoy: "Market values of corporate shares are drastically out of line with the replacement cost of corporate assets or the long-term market values of those shares...