Columbia Missourian 1966-08-21 Tight Money Puts the Squeeze On |
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T Tight ht Money Puts the Squeeze On I I NEW YORK UPI Tight t money pot the ta th squeeze oa on the stock teet market this week I IThe The rising costa costi of credit and the supply of funds were underfeed ecI by B of cl moves The Hie prime interest rate the rate the banks banka chare their best boost boost- boosted boosted business customer was ed to 6 per cent by First NA- NA NAtional Notional City Bank Bulk of New York late Tuesday and by a host bost of leading banks bank across the coun country try Wednesday The The rate on ozi brokers loans was increased by many banks Wednesday and Thursday The be The Federal Reserve tightened tight tight- tightened tightened ened the credit belt another a not n o t her b a r notch Wednesday raising the re reserve re- re serve requirements on time de do deposits posits to 8 6 per cent from 5 S per percent cent Margin calls caUs by many brokerage houses for customers cus cus- tamers who bought stock on credit By the end of the week the widely watched Dow Jones Dow Jones in industrial in in- industrial average had tumbled to its its lowest level since June 8 1964 when it stood at Rails fell 1199 to Standard Poors Poor's stock index lost 3 55 at 79 1962 62 Trading swelled to t shares sham from shares beret a II week weak before end and compared with shAm In hs Ch the same Mine week last year Brokers said the decline wag WAI caused by fears that the rising cost of borrowing and the de declining clining clin amount of tunch would eventually effect the earnings of 01 corporations In addition they th f they said concern expressed by some economists that the tight money situation may harm the economy added to the pressure a S 9 Over the near term near term the ana ana- analysts analysts said the best belt that could be expected from the market mar m a r k e a t would be rally that was sparked by bargain hunting in the many heavily h ea v 11 y sold shares Losers outnumbered gainers by a record 1395 t oa os mere Of the 1579 issues traded fell to new 1966 1866 lows and nd 24 u hit bit new highs Sperry Rand topped the ac ac- active active ac- ac active tive list It fell 2 to 30 on ona ona i ia a turnover of shares I Xerox sank 37 to 1931 on I shares in second place i The stock plunged 15 points Thursday on rumors the corn com company's pany's 2400 copier was not sell sell- Ing Log well The company s said id Fri Friday day the machine to Is soIling selling bet bet- better better ter tier than thin wai wea anticipated Fairchild Camera tumbled 12 in third spot on oa shares General Motors ors re reo retreated re- re retreated treated 3 points in fourth place on OD shares shim Chrysler C b r 81 er dropped 2 also in active deal deal- ings Ingi Ford although not cot active slid lid Hi 1 1 Occidental Petroleum P w w. w a t II also alAo active ac v It d r o 0 p p e d 3 3 News i have one OUt of the largest iron ore or deposits deposit in the western watern part of cd the U. U S. S came cane too late Ma l Friday Fridy to tn help the stock on the New York Exchange but buton buton buton on the Pacific Coast Exchange the issue was being quoted at around 5 s points above the New NewYork NewYork NewYork York close dOlle a to a 8 Airlines were weak Delta fell feU 7 7 Eastern 6 Northwest 4 Trans World and American 3 United and 2 and Pen Pan I American 2 i Electronics were heavily hea vily sold i IBM dropped 14 Motorola re re- retreated retreated re- re retreated treated 10 Scientific Data Systems Systems terns backtracked lOWi 10 Texas Instruments tumbled s 1044 Steels were cut cul back despite rising demand and production Republic lost 2 Jones Laugh Laugh- Un lin 1 Youngstown Youngtown Sheet 1 I Bethlehem H and U U. S. S Steel M. M Chemical ChemIcals were alio allo de pressed Du flu Pont and Eastman Kodak took toot the biggest falls fulls losing 6 and sad VA a 6 respectIvely the last despite a i d i tv v i Ide d e o n D d Boost High flying sank 15 taking the largest large t part of the decline in the final session Tel- Tel Teledyne Teledyne Teledyne edyne retreated 10 Texas Tens Gulf Sulphur gave up 8 Tire shares were in iD retreat Firestone gave up 3 Goodrich 4 and Goodyear 4 Metals Met a 1 posted several large declines decline Anaconda Copper fell feU 61 Cerro Cerra 4 and International Nickel 3 Alcoa tumbled 6 after aft r an an- announcing announcing i i to offer million in convertible deben debentures debentures tures Chicago St North 4 western estern e 8 t ern Railway R ail a i I way w a y sank 1414 14 Chicago Great Western shed 93 99 9 after it said it pared its estimate of 1966 1666 earnings New York Central C en e n t r a I dropped 5 s 57 Chesapeake Ohio 5 and Chicago Milwaukee 5 Polaroid backtracked 15 Gen General General eral Dynamics fell 6 and Ling Temco shed 6 Burroughs lost 8 Standard Oil N N. J J. J fell 4 Cities Service 4 Mid Midwest west Oil 5 53 and Texaco 3
Object Description
| Title | Columbia Missourian Newspaper 1966-08-21 |
| Description | 58th Year, No. 286 |
| Subject |
Columbia (Mo.) -- Newspapers Boone County (Mo.) -- Newspapers |
| Coverage | United States -- Missouri -- Boone County -- Columbia |
| Language | English |
| Date | 1966-08-21 |
| Type | Newspapers |
| Format | |
| Collection Name |
Columbia Missourian Newspaper Collection |
| Publisher.Digital | University of Missouri Library Systems |
| Rights | These pages may be freely searched and displayed. Permission must be received for distribution or publication. |
| Contributing Institution |
State Historical Society of Missouri University of Missouri--Columbia. School of Journalism |
| Copy Request |
Contact the State Historical Society of Missouri at: (800) 747-6366 or (573) 882-7083 or email contact@shsmo.org. Some fees apply: http://shsmo.org/research/researchfees |
| County |
Boone County (Mo.) |
Description
| Title | Columbia Missourian 1966-08-21 Tight Money Puts the Squeeze On |
| Date | 1966-08-21 |
| Type | article |
| Collection Name | Columbia Missourian Newspaper Collection |
| Item.Transcript | T Tight ht Money Puts the Squeeze On I I NEW YORK UPI Tight t money pot the ta th squeeze oa on the stock teet market this week I IThe The rising costa costi of credit and the supply of funds were underfeed ecI by B of cl moves The Hie prime interest rate the rate the banks banka chare their best boost boost- boosted boosted business customer was ed to 6 per cent by First NA- NA NAtional Notional City Bank Bulk of New York late Tuesday and by a host bost of leading banks bank across the coun country try Wednesday The The rate on ozi brokers loans was increased by many banks Wednesday and Thursday The be The Federal Reserve tightened tight tight- tightened tightened ened the credit belt another a not n o t her b a r notch Wednesday raising the re reserve re- re serve requirements on time de do deposits posits to 8 6 per cent from 5 S per percent cent Margin calls caUs by many brokerage houses for customers cus cus- tamers who bought stock on credit By the end of the week the widely watched Dow Jones Dow Jones in industrial in in- industrial average had tumbled to its its lowest level since June 8 1964 when it stood at Rails fell 1199 to Standard Poors Poor's stock index lost 3 55 at 79 1962 62 Trading swelled to t shares sham from shares beret a II week weak before end and compared with shAm In hs Ch the same Mine week last year Brokers said the decline wag WAI caused by fears that the rising cost of borrowing and the de declining clining clin amount of tunch would eventually effect the earnings of 01 corporations In addition they th f they said concern expressed by some economists that the tight money situation may harm the economy added to the pressure a S 9 Over the near term near term the ana ana- analysts analysts said the best belt that could be expected from the market mar m a r k e a t would be rally that was sparked by bargain hunting in the many heavily h ea v 11 y sold shares Losers outnumbered gainers by a record 1395 t oa os mere Of the 1579 issues traded fell to new 1966 1866 lows and nd 24 u hit bit new highs Sperry Rand topped the ac ac- active active ac- ac active tive list It fell 2 to 30 on ona ona i ia a turnover of shares I Xerox sank 37 to 1931 on I shares in second place i The stock plunged 15 points Thursday on rumors the corn com company's pany's 2400 copier was not sell sell- Ing Log well The company s said id Fri Friday day the machine to Is soIling selling bet bet- better better ter tier than thin wai wea anticipated Fairchild Camera tumbled 12 in third spot on oa shares General Motors ors re reo retreated re- re retreated treated 3 points in fourth place on OD shares shim Chrysler C b r 81 er dropped 2 also in active deal deal- ings Ingi Ford although not cot active slid lid Hi 1 1 Occidental Petroleum P w w. w a t II also alAo active ac v It d r o 0 p p e d 3 3 News i have one OUt of the largest iron ore or deposits deposit in the western watern part of cd the U. U S. S came cane too late Ma l Friday Fridy to tn help the stock on the New York Exchange but buton buton buton on the Pacific Coast Exchange the issue was being quoted at around 5 s points above the New NewYork NewYork NewYork York close dOlle a to a 8 Airlines were weak Delta fell feU 7 7 Eastern 6 Northwest 4 Trans World and American 3 United and 2 and Pen Pan I American 2 i Electronics were heavily hea vily sold i IBM dropped 14 Motorola re re- retreated retreated re- re retreated treated 10 Scientific Data Systems Systems terns backtracked lOWi 10 Texas Instruments tumbled s 1044 Steels were cut cul back despite rising demand and production Republic lost 2 Jones Laugh Laugh- Un lin 1 Youngstown Youngtown Sheet 1 I Bethlehem H and U U. S. S Steel M. M Chemical ChemIcals were alio allo de pressed Du flu Pont and Eastman Kodak took toot the biggest falls fulls losing 6 and sad VA a 6 respectIvely the last despite a i d i tv v i Ide d e o n D d Boost High flying sank 15 taking the largest large t part of the decline in the final session Tel- Tel Teledyne Teledyne Teledyne edyne retreated 10 Texas Tens Gulf Sulphur gave up 8 Tire shares were in iD retreat Firestone gave up 3 Goodrich 4 and Goodyear 4 Metals Met a 1 posted several large declines decline Anaconda Copper fell feU 61 Cerro Cerra 4 and International Nickel 3 Alcoa tumbled 6 after aft r an an- announcing announcing i i to offer million in convertible deben debentures debentures tures Chicago St North 4 western estern e 8 t ern Railway R ail a i I way w a y sank 1414 14 Chicago Great Western shed 93 99 9 after it said it pared its estimate of 1966 1666 earnings New York Central C en e n t r a I dropped 5 s 57 Chesapeake Ohio 5 and Chicago Milwaukee 5 Polaroid backtracked 15 Gen General General eral Dynamics fell 6 and Ling Temco shed 6 Burroughs lost 8 Standard Oil N N. J J. J fell 4 Cities Service 4 Mid Midwest west Oil 5 53 and Texaco 3 |
