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Despite a rally last week, the Dow-Jones industrial average is 15% below the year's high of 969, which it reached in mid-May. The Standard & Poor index of lower-priced shares is down 35%, and many other stocks have lost 50% or more of their value. The plunge has hit nearly every industry. From their 1969 peaks, shipping stocks are off 46%, airlines and motion pictures 40%, aerospace 39%, sugar companies 38%. Losses are only slightly less among coal, copper, textile, oil and insurance shares. Most of the leading conglomerate corporations have dropped disastrously: Litton...
ATLANTA, GA. Civic Center. How Now, Dow Jones with Tony Randall and Arlene Fontana. Set in the golden canyons of Wall Street, the musical manages occasional humor about stocks and bonds...
...Reserve Board last week announced that loans at major banks declined in July for two weeks, dropping by $262 million to $78.3 billion. One consequence is that interest rates are beginning to lessen, if ever so slightly. A string of three big recent bond issues -Weyerhaeuser, National Cash and Dow Chemical-all sold at successively lower yields, ranging downward from...
Margin Calls. Inflation usually stimulates the stock market, but Washington's anti-inflationary moves are now badly hurting shareholders. The Dow-Jones industrial average has dropped more than 150 points since it reached the year's high of 969 in May. Last week it fell precipitously, closing at 818, lowest in 21 years. Many speculative stocks have been cut in half. The mutual funds are sitting on the sidelines, holding tremendous sums of cash and waiting for the market to hit a bottom. The slide has forced some brokers and bankers to make margin calls...
...timing and steepness, the Dow's 16% decline so far this year bears a chilling similarity to the 1966 plunge, when the index declined 25% from February to October. Could history repeat? Both market slides began with worries about overspeculation and increases in bank interest rates. There are, however, important differences. In both 1966 and 1969, the Federal Reserve Board tried to control the expansion of credit by restricting the money supply. But in 1966, the board moved clumsily, swerving at midyear from monetary expansion at a 6% yearly rate to contraction at a 2% rate. Credit evaporated, investor...