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...reckoning of outgoing Ohio Democratic Senator Howard Metzenbaum, depressed stock market prices offer newly rich oil-exporting nations the opportunity to control AT&T, Boeing, Dow Chemical, General Dynamics, General Motors, IBM, ITT, Lockheed, United Air Lines, U.S. Steel, Xerox and ten other major companies. A 51% interest in all these firms could be bought for some $47 billion, and the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) will accumulate much more surplus capital than that by the end of this year...
...jobless rate is now higher than in any month since October 1961. Until November, employment and unemployment had both been rising, but last month the number of people who have jobs fell by 800,000. The news helped send the stock market reeling to another twelve-year low. The Dow Jones industrial average tumbled 41 points during the week, to a close of 578. The Federal Reserve moved to help the economy by making borrowing easier; it dropped the discount rate on loans to member banks from...
...likely to wipe out the celebrated depletion allowance. Prospects for a quick end to the nationwide coal strike darkened as mine-union leaders raised new objections to a proposed contract that provides well over a 50% raise in wages and benefits over three years. On Wall Street, the Dow Jones average worried its way back down toward the 600 level, as signs of deepening recession mounted every...
...fact that a U.S. President was at long last addressing these prob lems helped send the depressed stock market to its best one-week rally in history. The Dow Jones industrial average roared up 74 points, closing at 658. At that level it is still low relative to corporate earnings and the economy's longer-term prospects, but the sentiment is that the bear market is not over. Still, investors were grasping at straws of good news: the prime lending rate declined to 11.5%, and if just for one month, the wholesale price index rose at an annual rate...
...final ruling was a compromise. Nonetheless, Dow Chemical Co. was quick to describe the new limit as "unnecessarily stringent." Having dealt with vc for nearly 25 years and cut exposure levels to 50 p.p.m. back in 1961, the company reported no cases of angiosarcoma; its evidence thus indicated that amount as a safe level of exposure. Moreover, the industry says that it simply does not have the technology to comply with the new restriction, and the Society of the Plastics Industry has sued to overturn OSHA's ruling...