Logansport Pharos-Tribune from Logansport, Indiana • Page 23

SUNDAY, DECEMBER THE PHAROSTRIBUNE and LOGANSPORT PRESS, LOGANSPORT, INDIANA PAGE TWENTY-THBEE Stock Morket Weathers Shocks 4. 4-n AtiL nnr IfTP fTPTld. ThlS tlGlG NEW YORK The -'stock- market last weathered the shock of a raise in interest rates combined with the spectacle of the chairman of the Federal Reserve Board standing up against President Lyndon B. Johnson. A stampede of emotional selling on Monday morning was the Immediate reaction to the rise then gone on to continue the ma- Soy "Merry Christmas" With COMFY rt in the discount rate to per jor trend.

This cent from 4 per cent, despite ferent. The Dow Jones "to- statements the previous week taal average plungd17.60 to from the President, secretary th cord fjrst of the treasury and others that higher rates were not necessary. In the past, the market has taken discount rate boosts with only momentary hesitation and the first hour, on record first- hour volume of 3.94 million shares. Even the high speed newly installed, ran 13 minutes late. with week.

rec- Timing Noted Analysts stated that' it wasn't so much that the rate had been advanced as the surprise liming of the news, plus the picture Of FRB Chairman William McChesney Martin going against the wishes of the Johnson administration. So-called "bargain hunters" began picking up stock at the sharply reduced prices and the market recovered a good portion of its losses by the time the Monday session had ended with turnover of 11.48 million shares, the fourth largest in the history of the New York Stock Exchange. The vigorous rebound continued on Tuesday in a nine- million-share session and Mondays losses were more than wiped out. Volume Sels Mark Volume for the week was an- other historic record, totaling 48,931,742 shares compared the previous The latter topped a 36-year ord made in mid-October, The Associated Press average of 60 stocks last week advanced 1,6 to 354.9, its second straight weekly rise. The Dow Jones industrial average rose 6.62 to 952.72.

The sudden plunge on Monday was right across the board taking in "blue chips as well as "cts-and-dogs." The recovery seemed to be as universal, in market terms. All sectors of the bond market showed sharp price declines during the past week, reflecting the Federal Reserve Board's action last weekend authorizing a boost in interest rates. The entire list of 40 Treasury bonds marked price declines ranging as high as a point or more. On the New York Stock Ex change bond volume for the week totaled a par value $74.44 million. of Ralph Johnson, football coach at Auburn, got his nickname of "Shug" because, in his youth, he loved to chew on sugarcane.

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