Business: Rise in Stocks

The stock market's steep climb is beginning to cause more uneasiness than cheer. Last week, just after the market hit a 1958 high of 510.33 on the Dow-Jones industrial average, the Federal Reserve Board joined the ranks of the worriers. Noting that customer credit had increased by $746 million in the first half of the year, it raised margin requirements (i.e., the minimum cash payment required on stock purchases) from 50% to 70%. While the Fed thought its action would act as a damper on speculation, changes in margins have usually had almost...

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