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...ECONOMY. Confidence among consumers and businessmen continued to rise, but it was tempered with caution and a lingering sense of confusion. The New York Stock Exchange's Dow Jones industrial average leaped to a high of 908.37 during trading last week; it closed at 908.15, up from 880.91 the week before. Chemical Bank, the nation's sixth largest, made an across-the-board cut on consumer loans and pared its mortgage rate by .5% to 7%. Retail sales round the country hovered near their prefreeze levels, except for a last-minute scramble to snap up untaxed foreign-made...
...most sweeping changes since the Hundred Days of the New Deal in 1933, when Franklin Roosevelt took the U.S. off the gold standard and began to get the Depression-racked economy into gear. The Nixon program had immediate and dramatic impact at home: on the first day the Dow-Jones average took a record jump on the New York Stock Exchange. But abroad there was consternation. Nixon's measures threatened a serious reversal of the postwar trend toward freer trade. They also ripped the fraying international monetary agreements that have made expanded trade possible. Canada and Japan, America...
Businessmen may also feel confident enough to spend much more. After Nixon's speech, a top economist at Chase Manhattan Bank revised estimates for capital spending upward by a minimum of 20%, and leaders of many large corporations ordered complete budget reviews. Said Paul Oreffice, financial vice president of Dow Chemical: "Our budget for new plants over the next year could go up from its present level of $150 million to as much as $200 million." One major complaint was the one-year time limit on the maximum 10% credit. The incentive would have almost no effect during...
...Short-term interest rates have risen less strikingly, but even so, bellwether three-month U.S. Treasury bills early last week were selling at almost 4.5% interest, the highest rate since mid-January. The rising rates seem to be pulling some money out of the stock market. Last week the Dow-Jones Industrial Average fell 15 points to 907, substantially below the recent high of 951 in late April...
...Judge McMillan is in the best of that tradition. As he said when protesting lawyers argued that Charlotte was well ahead of most of the South in integrating even without busing: "Constitutional rights will not be denied here simply because they may be denied elsewhere. There is no 'Dow Jones average' for such rights...