Dramatic Developments Top Financial Week
A volatile week in New York markets followed President Nixons move to a voluntary phase of controls. Stocks surged then slid as the Dow touched a new high before closing lower, while the Fed raised the discount rate to 5 percent.
MENTIONED IN THIS ARTICLE
Thomas E. Mullaney
New York Times News Service
New York
Nixon
Washington
Bond Market Wrap Shows Mixed Week Amid Policy Easing
Salomon Brothers reports a week of easing wage and price controls led to a varied bond performance. Corporate and government bonds fell, municipal bonds gained fractionally, and all corporate sectors lost ground for the first time since 1972. Yields rose on new utilities, with investor caution prevailing.
MENTIONED IN THIS ARTICLE
New York
Salomon Brothers
Market Slips As Dow Dips After Wage-Price Pause
The Dow Jones average closed at 1039.36, down 8.13 from the prior week and 12.30 from Thursday's high. The Associated Press stock index fell 3.7 points to 342.3 as analysts link Friday's decline to second thoughts about Nixon's wage-price controls ending and potential inflation risks.
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Yates Ind
Air I
Bond Market Slips Pocketed Gains Amid Modest January Volume
Bond prices fell again as calendar activity shows a moderate $198 million for the week and a January total of about $1.1 billion. Long term government issues dropped up to 5 points, while three month Treasuries rose to 5.23 percent. municipal yields held steady with slight gains on longer maturities.
MENTIONED IN THIS ARTICLE
Treasury Department
Weekly stock and bond closing averages report
The week's Dow Jones indices show declines across major groups with the Industrials and Utilities posting lower closes. Bond averages edged mixed, with rail and industrials reflecting slight gains and losses in scattered sectors.
England Faces Shortage of Master Thatchers
About 50,000 thatched cottages exist in England with only 500 master thatchers. The skilled craftsmen have more work than they can handle.
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England
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