Nixon proposal overshadows week in business news
The week’s major story centers on President Nixon’s plan to restructure wage and price controls toward a voluntary framework. Alongside this, wholesale markets saw notable movements as a key trend in the economy and stock activity is reported with weekly totals and dividend notes.
MENTIONED IN THIS ARTICLE
Xerox Cp
Zale Corp
Zenith
Associated Press
Xabenta
New York
Nixon
Nixon Step Big News Prices Fuel Shortage Worsen
Nixon policy moves come as fuel oil shortages deepen and inflation fears surge. Wholesale prices in December rose at a 19.2 percent seasonally adjusted annual rate, with food prices climbing 62.4 percent, stoking concerns about the economy.
Stock gains after Nixon easing price controls
Economists react with inflated expectations with Paul Samuelson predicting inflation above 4 percent in 1973 and Paul Heller suggesting a revision upward. The Dow rises five points as markets respond while fuel oil shortages spark emergencies with Texaco rationing east of the Rockies.
MENTIONED IN THIS ARTICLE
Paul Samuelson
Paul Heller
President’s Council of Economic Advisers
Kennedy
Wall Street
Texaco
Rocky Mountains
Wheat and grain futures prices on the market report
Wheat at 2.48 per bushel, corn 1.40, rye 2.70, soybeans 4.05, oats 0.85. The row shows daily price quotes across major grain commodities with small fluctuations.
Wholesale eggs hold steady in Kansas City market
In Kansas City, wholesale egg prices are unchanged with large eggs at 80 percent A grade 48 to 57 cents per dozen and medium eggs at 80 percent A grade 45 to 55 cents per dozen.
MENTIONED IN THIS ARTICLE
Kansas City
Stock and Bond Trades Report
A brief market note shows trading activity in American stocks and NY bonds with figures such as 1362 for American Bonds and 155 for Cepobeeades, indicating mixed demand and bond movements.
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