Stocks Finish On Losing Note
NEW YORK AP Second thoughts about the Fed methods to stabilize the dollar reversed a market rally Friday and sent prices tumbling late. The Fed raised the discount rate to 7 percent, effective Monday, triggering a selloff as traders feared weaker economy. The Dow fell to 896.83, below 900 for the first time in over a year, with NYSE volume moderate at 34.65 million shares and mixed moves among oil, chemical, and airline issues. The S and P 400 and S&P 500 declined while the NASDAQ ticked higher.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve Board
Fed
U.S
NYSE
Allied Chemical
Dupont
Union Carbide
PSA Inc
TWA
American Airlines
Delta
UAL
Standard & Poor
S&p
American Stock Exchange
Onio
Owen
Owen Tt
Ee Alcoa
Pepsi
Kaisr al
Kmart
Carysier
Koppers
Coca
Kroger
Texaco
Col Gas
Timlin
Lykes
Maratha
Uniroyal
Curtis Wr
Mead Corp
Westy EI
Dow Ch
Weyerhr
Dresser
Mobil Oil
NCR Cp
Xerox Corp
Wheat First Securities Inc
Acton
Grhart Owen
Alignng
Parsons
Ajlis
Chimis
Gould
AMAX
Pennwall
Amerada Wa
Grumman
Dodge
Amer Family
Guilt & West
Pittston
Amer
Hardees
Plantrogics
AMF
Mle Potomac Et
Hanna Min
Proc & Gam Asarco
Hecks
Rein
Holiday Inns
Reynolds Ind
E Alias Corp
Hosp Corp
Reynolds Met We
Robins AH
Robertshaw
Hughes Toone Kkotva
St Joe Maris
Inexco
Sav A Stop Bearings
Integon
SCOA
Ind
Geico Pete Wre
Seaboard Coast
Seoco Bive Bel
Jim Walter
Smiths Trans
Boise Cas
Kaneb
Southern Co
Banifft Air
Kennecott
Southern Ry
Brunswick
VAL Weea
Mer
Union Pac
Mitchell Enrgy
United Guard
Dan River
WM Murphy GC
United Nu Deere United Tech
Indus Univ
Mn Soc
Elec
el Paso Co
Ming Warner Lam
Amer Coal Wa Co
NA Fatcon Lord
Western UN First Va Bank Occidenti
Mtr Occidenti
Whittaker Olin
Zenith
Frecgor
Over The Counter Securities Quotations by Wheat First
The following quotations supplied by Wheat First Securities are representative inter dealer quotes as of approximately 4 00 p m Inter dealer markets change throughout the day The quotations do not include retail markup markdown or commission
MENTIONED IN THIS ARTICLE
Wheat First Securities, Inc
Inter
Carter Veto Signals Strong Presidential Control
President Carter used his veto on a 37 billion military procurement bill, his fifth veto, to reinforce a tough image and show command of his administration. The White House argues the move demonstrates willingness to veto Congress when spending shifts occur and could impact future legislative fights.
MENTIONED IN THIS ARTICLE
Washington
Congress
Carter
White House
Capitol Hill
Ramifica
Powell
Associated Press-Nbc
Newport News shifts stance on building new nuclear carrier
Two years after Congress approved funds for a fourth Nimitz class carrier Newport News Shipbuilding initially refused to participate, helping derail the project. After tense relations and a campaign over $1 billion in contract claims the yard now says it wants to build CVN 71, as congressional votes loom after Labor Day.
MENTIONED IN THIS ARTICLE
Newport News
Congress
Newport News Shipbuilding
Navy
Jimmy Carter
John P. Diesel
Safety judged adequate for N and W trains in Ohio
State investigation found management workers run the Norfolk and Western system with no major safety erosion though training tests and hours of service may have technical violations. Reports also cited vandalism such as debris on tracks, switches derailed, rifle fire at towers in Portsmouth and Conn eaut, nails scattered in driveways, and firebombing in limited cases.
MENTIONED IN THIS ARTICLE
Columbus, Ohio
Norfolk & Western Railway
Brotherhood of Railway
Public Utilities Commission of Ohio
N&w
Ohio
Federal Railway Administration
Portsmouth
Con
Neaut
Marvin Rothhaar
Commission Transportation
Commission
Analysts Weigh Monetary Growth At Fed Crossroads
The Federal Reserve faces scrutiny as policy seems to pivot after leadership under G William Miller. Analysts see whether current credit tightening slows inflation without triggering a deeper slowdown, with money supply data and dollar performance guiding near term bets.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve
G. William Miller
Fed
Jeffrey Nichols
Argus
Nichols
United States
DNR Division Is Abolished in West Virginia
Charleston AP state Natural Resources Director David Callaghan announced the abolition of the Division of Information and Education. He cited excessive public relations spending amid expanding regulatory programs in water resources surface mine reclamation and recreation. The reorganization will occur over weeks with job reassignments and PR office manpower cuts.
MENTIONED IN THIS ARTICLE
Charleston
W.va
David Callaghan
Department
Division of Information and Education
Callaghan
Barrackville Miners Return After Federal Closure
Barrackville West Virginia Bethlehem No 41 Mine partially reopens after the Mine Safety and Health Administration ordered closure due to an inadequate 1174 foot water barrier adjoining Farmington No 8. About 205 workers remain on site as the No 5 South area stays sealed while a monitoring device tracks water level changes.
MENTIONED IN THIS ARTICLE
Barrackville
W.va
Federal Mine Safety and Health Administration
Farmington No. 8
Bethlehem
Marion-Barbour Division
No. 5 South
Vepco Board Approves 33 Cent Quarterly Dividend
The Virginia Electric & Power Co board approved a quarterly dividend of 33 cents per common share. For the year ending July 31, earnings per share were $1.98, up from $1.88 in the prior year. Average outstanding shares rose to 79,690,327 from 73,639,830 in July 1977.
MENTIONED IN THIS ARTICLE
Richmond, Va
Board of Directors
Virginia Electric & Power Co
Carter’s Friend Count Sparks Campaign Gossip
Washington reports that despite polls suggesting broad Republican anxiety over Carter, the president claims broad support among public officials. AP notes Carter has referred to more than 50 officials as friends or close friends, a fact highlighted in magazine coverage and White House briefings. He praised Sen. Edward M. Kennedy as a great person and a good close friend in an interview with visiting editors.
MENTIONED IN THIS ARTICLE
Washington
Jimmy Carter
Jimmy
Carter
Sara Fitzgerald
White House
Edward M. Kennedy
Kennedy
Teddy
White House Libel Suits Erupt Over Reporter Briefings
Jimmy Carter comments on caution as two reporters sue for libel over a Baltimore Sun article. The suits, filed in small claims court, target a circle of White House briefers described as turning briefings into circuses. Named targets include John M. Szostak and Carl H. Knnemann amid critiques of excessive posturing.
MENTIONED IN THIS ARTICLE
White House
Carl P. Leubsdorf
The
Baltimore Sun
John M. Szostak
United States
Canada
England
Carl H. Knnemann
Washington Briefs News Service
Fed Raises Discount Rate to Bolster Dollar Control
The Federal Reserve sharply increases the discount rate charged to member banks aiming to steady the sagging dollar and curb inflation. The move could push up interest on loans for cars, home appliances, and other short term borrowings as banks pass higher costs to customers. The decision cites disorderly foreign exchange markets and ongoing domestic inflation as factors.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
The
Investigation of Railroad Pact Sought
Washington AP Congress urged to probe a mutual aid pact among railroads where firms aid each other financially during strikes. The Brotherhood of Railroad and Airline Clerks says Norfolk and Western Railway gains as much as 800000 dollars daily from sister lines. BRAC president Fred Kroll called for a congressional inquiry. The clerks’ strike crippled N and W operations across 14 states.
MENTIONED IN THIS ARTICLE
Washington
Congress
Brotherhood of Railroad
Airline Clerks
Norfolk & Western Railway
N&w
BRAC
Fred Kroll
Kroll
Also Mentioned on This Page
Wall Street
New York Stock Exchange
Baltimore Canyon
New Jersey
Atlantic
Mobil
Standard Oil of
California
Exxon
Standard Oil
Indiana
WY Stock Exchange
Indes
Dow Jones Ind
American Furniture
Bassett Furniture
Beard Oil Sa
Bivefield Supply
Burke Parsons
Dominion Bankshares
Federated Income
Heilig Meyers
Galveston Houston
General Energy
Lowes Companies
Nrthwstra
Pulaski Furniture
Moris
Sam Solomon
Strother Drug
Westmoreland Coal
Wenu
Senate
Robert Byrd
West Virginia
Coretta King
King
Full Employment Council
Business Mirror
DNR
Vepco Board
Leubsdorf
Mee Ri
North Street
Mountaineer Bowling Lanes Inc
Cumberland Road
Bluefield, W.va
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