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Newspaper
Sunday Dominion Post
Location
Morgantown, West Virginia, United States of America
Date
Jun 16, 1968
Page
6
New York economists warn of a rough second half as housing starts edge up but face a predicted drop. Despite early-year strength, Dodge and home builders foresee softer demand while dollar outlays and future contracts show mixed gains.
Wall Street shows feverish stock market gains with mixed results as speculation peaks. The Senate and House debate a 10 percent tax surcharge and federal spending cuts and discuss tighter margins, while IMF officials urge U S fiscal restraint to stabilize global markets. Labor data show May employment at 75 829 000 with 3 5 percent unemployment amid auto sales decline and trader warnings of a market blow up.
Stockholders vote unanimously to consolidate the West Virginia Production Credit Assn with the Ripley Production Credit and Federal Land Bank Assn. The merged body will operate from Clarksburg with a $9.5 million loan capacity and serve 33 counties. John C. Stout named manager. officers include Bigelow and Anderson.
The New York Times weekly business activity index climbed to 330 last week from 315.1 the prior week, with a year earlier reading of 309.9. The accompanying table lists the index and its components after long term seasonal adjustments.
The muskrat leads North America in total skins used for fur. In trade the processed fur appears under various names.
Finance officials from ten leading economies were told to expect a sharper improvement in the US balance of payments deficit in the second half of the year. Projections show the six month deficit could drop below 1 billion dollars if Congress approves a tax increase, potentially bringing the full year deficit under 2 billion versus 3.6 billion in 1967. The first quarter deficit stood at 66 million, with concern over past large gaps triggering gold losses and eroding dollar confidence. Rinaldo Ossola of the Bank of Italy spoke after an American presentation to the Working Party Three, a forum of finance officials from the US Japan Canada Sweden Britain Switzerland Germany France Italy and the Netherlands, part of OECD’s economic policy committee. The US delegation was led by Frederick Deming.
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