Word: upwards
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...Said Samuel L. Stedman, partner of Carl M. Loeb, Rhoades & Co.: "I don't see a major selloff, but this level will tempt a lot of companies into financing, and these rights offerings may take some of the upward pressure from the blue chips. Specialties should move up while the rest of the market churns...
...rose further." The FRB index of industrial production rose three points in August, to 137% of the 1947-49 average, has regained more than half of the recession loss. Furthermore, the FRB found that it had underestimated the production climb in June and July, had to revise those figures upward...
With such proof of recovery before it, the FRB last week continued tightening credit, gave the New York, Cleveland, Richmond and St. Louis Federal Reserve Banks permission to up the discount rate from 1¼% to 2%, continuing the upward move initiated by the San Francisco Reserve Bank (TIME, Aug. 25). The earlier rises brought no change in the prime rate (i.e., the interest charged customers with blue-chip credit), which is set by New York banks that make 20% of bank loans to business. But as soon as the New York Federal Reserve Bank raised its discount rate...
...through a thick cap of Devonian rock. The gas-bearing section is 551 ft. thick, which indicates a reservoir of major proportions and almost an embarrassment of riches for Canada. Before the find, estimated Alberta natural gas reserves stood at 21 trillion cu. ft., which must now be revised upward. The new well alone could supply all the gas the new Trans-Canada pipeline can pump when it goes into operation late this year...
...some hindsight last week on just when the economy started to turn around and how fast it is recovering. The recession lost most of its steam during 1958's second quarter. Now, as the National Association of Purchasing Agents said, "business recovery is proceeding slowly, with no great upward surge anticipated in the immediate future." Mileposts...