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One-Two Punch Hits Financial Community
A sharp turn in 1968 sees First National City Bank raise its best customers’ rate to 7 percent, signaling tighter money. Wall Street slides as banks follow, the Dow drops, and fears of higher borrowing costs for homes and cars spread. The Fed had already lifted its rate to curb inflation, while banks report stronger earnings overall. Lawrence F. O’Brien joins Mc Donnel & Co., a theft at a New York brokerage halts stock trading briefly, and Olin Mathieson Chemical plans an $80 million home-building investment in three to five years.
MENTIONED IN THIS ARTICLE
New York
First National City Bank
Wall Street
Dow Jones
Federal Reserve System
Fed
First National
Lawrence F. O'Brien
Democratic National
McDonnel & Co., Inc
New York Stock Exchange
Stock Exchange
Olin Mathieson Chemical