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Newspaper
Southern Illinoisan
Location
Carbondale, Illinois, United States of America
Date
Mar 17, 1968
Page
33
The Associated Press average of 60 stocks declined for the third week, closing Friday at 302.8 versus 302.9 a week earlier. The Dow Jones industrial average rose from 835.24 to 837.55 over the same period.
The United States acted on three fronts to shield the dollar from a gold rush. The Fed lifted the discount rate to 5 percent, a gold cover repeal frees 10.4 billion in gold, and the Treasury added 450 million to the Exchange Stabilization Fund. Global markets paused as Britain and others closed gold trading. Domestic notes include a copper labor dispute nearing settlements, planned capital spending rises, and ongoing auto and steel production gains. unemployment edged up to 3.7 percent in February with teen entrants contributing to the rise.
Wall Street faced wide swings as fear over the U.S. gold outflow and the global monetary crisis persisted. The Dow rose 2.31 to 837.55 while NYSE data showed 668 issues rose and 836 fell, with volume at 50.6 million shares as markets weighed a London meeting and potential two-tier gold system.
The sheet shows weekly closing ranges for major sectors with highs and lows. Industrials 843.04 to 830.91, last 837.55 up 2.31. Rails 218.59 to 219.75, last 217.95 up 2.81. Utilities 126.12 to 126.12, last 123.11 down 2.91. Broad Stks 295.55 to 295.57, last 293.21 up 0.64. Bonds 76.04 to 76.07, last 75.57. Industrials up 0.42 in combined index. rails up 1.47 in another grouping.
Bond prices fell this week amid a European gold rush and tighter Fed credit. Long term issues dropped 1 to 3 points while short rates rose sharply in anticipation of the Fed discount rate hike. Federal National Mortgage Association plans $1 billion sale. World Bank to issue $150 million of 26 year bonds.
DuQuoin livestock market reports a steady week ending Friday with sales average equal to prior week. Top closing prices reached 18.75 dollars for hogs and 16.50 dollars for sows.
Prices on the Chicago Board of Trade swing this week amid gold buying by foreign speculators and dollar weakness. Wheat leads gains, corn and oats also move, while rye slips, with mixed results across cattle, hogs, and sheep through Friday trading.
The report compares weekly totals for New York and American stocks and bonds to the same week a year earlier. New York stocks reached 50,635,000 while New York bonds were 83,291,000. American stocks stood at 19,305,595 and American bonds at 17,602,000. Midwest stocks were 2,430,000.
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