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Inflation rages unchecked, moves toward international monetary reform are stalled (see story following page), Washington is still shaken by scandals-so what is the stock market doing? Going up, of course. In the past six weeks, the Dow Jones industrial average has shot up about 100 points, recovering roughly half of its January-through-August decline. Last week the average got as high as 953 and closed at 947; three times, turnover on the New York Stock Exchange topped 20 million shares a day. The rising prices and volume may have generated enough commission income to enable the brokerage industry...
...year for the single-page Janeway Letter plus the right to phone questions directly to Janeway. His two weekly publications alone yield a gross income of $417,000. He correctly predicted the market plunges of 1962 and 1970, but was prominently quoted as forecasting that the Dow Jones industrials would plummet to 500 last year (the year's low was actually 889, and the high 1036). Janeway now argues that there was no time frame for that prediction; he still believes that "we'll have another test of the Dow Jones" in the 500 area. Pessimistic about stocks...
...effect "a third devaluation of the dollar." Though money trading is actually a ruthlessly non-nationalistic affair, it seemed that everyone from oil sheiks to Swiss bankers to Japanese businessmen had agreed to gang up on the dollar and hack away at its value. On Wall Street, the barometric Dow Jones industrial average sank on Monday to 886, down 16% from its historic high five months...
Foretaste. Both the dollar and the Dow rallied at midweek; in fact, the stock average rose 34 points by week's end and closed at 920. But the recoveries intensified rather than relieved the pressure on Nixon because both reflected the rumor/hope/belief that he would at last do something. Indeed, the mere fact that the Administration had made no announcement by week's end sent the dollar on another downhill slide Friday. John Philipsborn, vice president of Chase Manhattan's European headquarters, promptly remarked that the apparent decision to hold off action after hinting that...
Wall Street is in a similar ban-the-boom mood. Corporate profits are expected to rise 23% this year above those in 1972. That anticipation would normally set brokerage houses afire with buy orders, but stock prices have sagged even more than the Dow Jones industrial average of 30 blue chips indicates; it is no trick to find lesser-known stocks whose value has been cut in half so far this year. One result is that tens of millions of Americans, whether they know it or not, face the prospect of retirement benefits less generous than they had hoped...