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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Dec 29, 1981
Page
21
Shoppers were visible on Saturday but retailers face a cloudy fourth quarter ending Jan. 31 with profits down from 1980 and high post Christmas inventories. Analysts warn of weak early 1982 demand and continued tight inventory control as margins suffer from aggressive markdowns.
The Dow slipped 3.04 to 870.34 while the NYSE composite fell 0.17 to 70.94 and the S P 500 dropped 0.27 to 122.27. Trading volume rose on a slow session with Reliance Group and IBM among the most active and takeover hopes sustaining market interest.
The Iowa State University Cooperative Extension Service notes that credit has a cost as finance charges apply. Advantages include convenience, safer cash handling, access to goods you cannot yet afford, and potential savings when prices rise. Disadvantages cover higher total costs, impulse buying, poor price shopping, and risk of diverting income from basics.
The Fed reports a 1.9 billion drop in M1B for the week ending Dec 16 after a major revision that reversed last week’s gain to a 2.4 billion jump. M2 was revised up to 1.825 trillion for November, with broader measures showing divergent policy signals and higher rates amid shifting savings patterns.
The Commerce Department reports a surge in imports of stainless steel sheet and strip, bar, pipe and tube, and alloy tool steel in the fourth quarter. Nations involved include France, West Germany, Italy, Belgium and Spain as investigators weigh possible unfair trade practices and duties.
The government sold 4.9 billion dollars of three month bills at an average discount of 11.690 percent, up from 11.037 percent, and 4.9 billion dollars of six month bills at 12.448 percent, up from 11.838 percent. The new six month rate stands at 12.698 percent, with the old ceiling at 12.088. The discount rate implies investor returns of 12.21 percent for 13 week bills and 13.47 percent for 26 week bills.
Gold dips below 400 an ounce as London market closes for holiday and Zurich settles at 399. New York Comex price ends at 393.30 with silver sliding to 7.985. Dealers note metals testing 1981 low ranges around 390 for gold and 7.90 for silver.
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