Corporate bonds aid pensions boosting corporate profits
Wall Street buzzes as firms shift pension assets into high yield corporate bonds at 14 to 15 percent. Firms like International Harvester adopt the plan to cut pension costs, with bankers moving equities to fund bond purchases. Companies including Pan American World Airways American Airlines Woolworth Firestone Santa Fe Industries and Chrysler are cited as using this approach.
MENTIONED IN THIS ARTICLE
New York
Wall Street
International Harvester Corp
Harvester
Pan American World Airways
American Airlines
Woolworth
Firestone
Santa Fe Industries
Chrysler
Stocks tumble as tax clash raises recession fears
UPI report notes Reagan and Congress clash over a 99 billion tax plan sending the Dow to a 27 month low at 784.34. The NYSE and Nasdaq slide with declines leading advances, Gulf Oil and Cities Service actions spurring late selling and heavy volume across major issues.
MENTIONED IN THIS ARTICLE
New York
UPI
Reagan
Congress
Gulf Oil
DJIA
Standard & Poor
Gulf
Action Atlantic
Exxon
Mattel
Eli Lilly
Continental Illinois
Continental
KDT Corp
J.C. Penney
American Stock Exchange
Dome Petroleum
Ranger Oil
Granger Associates
National Association of Securities Dealers
FHA lowers its ceiling on home loans to 15 percent
Washington AP The government reduces the interest rate ceiling on FHA backed single family loans to 15 percent the lowest in over a year The change takes effect Monday for level and graduated payment loans and applies to Veterans Administration backed loans as well Other rates for multifamily and construction loans step down in rounds with further reductions set for August 16 and related loan categories
MENTIONED IN THIS ARTICLE
FHA
Washington
Federal Housing Administration
Department of Housing and Urban Development
Veterans Administration
HUD
Family estate trusts under IRS scrutiny and answers
The family estate trust is a promoter driven tax shelter that shifts income to a trust to avoid taxes. The IRS and U.S. Tax Court say true income earner must report earnings, control matters, and penalties apply for abusive shelters. Promoters may charge up to 25000 dollars, but taxpayers remain liable for tax, interest, and penalties. Legal shelters exist but vary in risk and legitimacy. Check IRS guidance or consult a tax professional.
MENTIONED IN THIS ARTICLE
Internal Revenue Service
U.S
IRS
Dollar soars amid flight to quality amid global turmoil
The dollar climbs to new highs in Milan Paris and London as Mexico's peso devaluation and a U.S. bank failure weigh on markets. Traders describe a flight to quality with the dollar strengthening against lire franc deutschmark and other currencies. The Canadian dollar slips to 79.96 cents U.S. amid global uncertainty.
MENTIONED IN THIS ARTICLE
New York
UPI
Milan
Paris
U.S
Mexico
Mount Pleasant
London
Frankfurt
Zurich
Insolvent Mount Pleasant Bank to Pay Insured Deposits
Federal and state officials closed Mount Pleasant Bank and Trust Co after insolvent condition. FDIC to pay insured deposits by early next week while about 3.3 million of 25.5 million in deposits face loss. Lawsuits tied to Prairie Grain Elevator collapse raised potential liabilities. 7,900 accounts insured or secured.
MENTIONED IN THIS ARTICLE
Mount Pleasant
Federal Insurance
Howard Hall
Prairie
Stockport
Keller
Hall
Whitney
FDIC
Money supply holds within target as M1 edges up
The nations M1 money supply rose $900 million to a seasonally adjusted average of $451.4 billion for the week ended July 28, maintaining Fed targets and dampening prospects for immediate rate cuts. New York City banks also saw business loan demand weaken by $284 million in the same week.
MENTIONED IN THIS ARTICLE
New York
UPI
Federal Reserve
New York City
Collins plant layoff reduces Rockwell Collins workers
A Friday layoff cut 135 factory workers from Rockwell Collins, plus 40 office staff in the fabrication department. The action follows 235 surplus positions declared in mid July, with 85 targeted for reassignments. Cedar Rapids now has about 8,200 Collins division employees, roughly 3,000 below 1979 peak.
MENTIONED IN THIS ARTICLE
Rockwell-Collins
Rockwell- Collins
Collins
Cedar Rapids
Dayton Hudson Target unit to lease 33 Fed Mart stores
Dayton Hudson Corp. says its Target discount division will lease 33 former Fed Mart stores. The move could create about 9,000 jobs, offsetting the 8,000 jobs lost when FedMart closed.
MENTIONED IN THIS ARTICLE
San Diego
UPI
Dayton-Hudson Corp
Target Discount
FedMart
Also Mentioned on This Page
By Robert Metz
York Times Service
Michael Metz
Oppenheimer & Co
Texas Instruments
Metz
Aerolift
Tillamook
Wash
Tillamook County
Iowa
Raymond Keller
Prairie Grain
Collins Plant
City Hall Notes
OMEGA
Communications
Center Point Rd
Gmac Leasing Special
Iselectio
Eornal
Dave
Center Pt. Rd
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