FISCAL: Free Market Tremors

With the dropping of support by the Federal Reserve System, long-term Government bonds last week slipped below par for the first time since 1939. The tremors in the bond market had the usual effect; they spread to the stock market, already queasy because of selling to pay income taxes, and set off the stock market's worst break of the year. In three days the Dow-Jones industrial average dropped 8.07 points to 243.95, lowest since January.

The tremors were not lasting. FRB decided to support the bond market again and it firmed up. By week's end the stock market had also...

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