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...handful of small banks. Though executives of most major banks have scoffed at the reductions as premature, last week's mix of economic fact and forecast strengthened Wall Street's conviction that easier money is on the way. One indication: the Dow-Jones Municipal Bond index declined last week to 6%, the lowest level since last October...
Stocks that are sensitive to interest rates-housing and construction companies, utilities, savings and loan associations and banks-led last week's advance. On the New York Stock Exchange, the Dow-Jones industrial average rose 6½ points this week, a gain of 40 points from its seven-year low of 744 on Jan. 30. The rally has been notable for its lack of speculative froth. Many glamour stocks have behaved erratically, up one day, down the next, while blue chips have surged ahead. General Motors, for example, gained $3 a share last week and long-depressed General Electric...
During the Dow demonstrations in 1967, Harvard breathed a sigh of relief when it discovered that it owned no stock in the company holding the government napalm contract...
...Last year, Dow lost the contract bidding to other competing companies. A Dow executive explainel that the company had produced napalm with a minimal profit as a public service but last year decided the contract was not worth the trouble and bid according to regular profit scales...
Wall Street and the financial markets are obsessed by the question of how soon and how much the Federal Reserve may ease money and credit. The stock market is so hungry for easier credit that the Dow-Jones industrial average bounded 20 points last week in a euphoric reaction to cuts in the prime lending rate, from 8½% to 8%, by two small banks in Philadelphia and Bakersfield, Calif. Major banks, however, scoffed at the idea of reducing their loan charges...