Banks Trim Prime Rate After Money Supply Drop
Major banks cut the prime rate to 1614 percent from 17 percent in response to a sharp drop in the money supply. Citibank led the move with others including Continental Illinois Bank and Banker Trust following. Some smaller banks also reduced rates after the Fed reported a 3.1 billion contraction in money supply.
MENTIONED IN THIS ARTICLE
New York
UPI
Citibank
Continental Illinois
Bankers Trust
First National Bank of Chicago
Federal Reserve
Stock Averages Mixed As Banks Cut Prime Rate
UPI reports a volatile session as the Dow rose 1.72 to 812.38 after a sharp Monday drop. Banks cut prime lending to 16 percent, boosting bargain hunting while NYSE and Amex indices slid to 1981 lows amid heavy trading and concerns over high interest rates.
MENTIONED IN THIS ARTICLE
New York
UPI
DJIA
New York Stock Exchange
Dow
Standard & Poor
Firm failure rate still high
New York UPI report says Dun and Bradstreet records 505 business failures for the week ended Feb 18, down from 529 last week. Failures hit 283 with liabilities over 100000, led by retail, wholesaling, manufacturing, and construction sectors, with South Atlantic and East North Central regions hardest hit.
MENTIONED IN THIS ARTICLE
New York
UPI
Dun & Bradstreet Inc
D&B’s
Wilson Foods board to visit Cedar Rapids plant tour
The Wilson Foods board of six arrives in Cedar Rapids this afternoon for a meeting at Brucemore and a plant tour, then returns to Oklahoma City. Nash Finch Co. declares a 31 cent quarterly dividend payable March 5 to holders of record February 26, with Cedar Rapids hosting one of its regional distribution centers.
MENTIONED IN THIS ARTICLE
Wilson Foods
Cedar Rapids
Brucemore
Sinclair Family
Oklahoma City
Minneapolis
Nash Finch Co
Sears Launches U.S. Government Money Market Trust
Sears debuting a government money market trust invites average Americans to invest with a $1,000 minimum and $50 increments. Dean Witter Reynolds Intercapital Inc. oversees the trust for Sears financial services.
MENTIONED IN THIS ARTICLE
Chicago
UPI
Sears U
Philadelphia firm bids $115 million for Pabst Brewing
C Schmidt & Sons Inc of Philadelphia makes a cash offer of about $115 million for Pabst Brewing Co in a takeover bid by a Minneapolis stockholder. The bid values Pabst at $16 a share for 8,170,510 outstanding shares. Schmidt, a smaller brewer, reports annual barrelage under 4 million versus Pabst’s just over 13 million.
MENTIONED IN THIS ARTICLE
Milwaukee
UPI
C. Schmidt & Sons, Inc
Philadelphia
Pabst Brewing Co
Minneapolis
Schmidt
Pabst
Chrysler begins 1982 Town and Country production in Newark
Chrysler Corp started production of the 1982 Town and Country, the first domestically built mid sized front wheel drive station wagon. The Newark plant will assemble about 122 wagons daily, representing roughly 15 percent of its total output, per plant manager G B Ruiter.
MENTIONED IN THIS ARTICLE
Newark, del
ABC earns $1.53 a share on strong TV programming in Q4
American Broadcasting Co reports a final quarter net income of $43.83 million on revenues of $736.66 million, up from $38.48 million and $663.83 million a year earlier, with annual results reaching $146.31 million or $5.13 a share on $2.444 billion in revenue. R H Macy to split stock two for one April 1, record holders March 12, with a 25 cent dividend per new share.
MENTIONED IN THIS ARTICLE
New York
UPI
American Broadcasting Co
R.H. Macy & Co. Inc
Durable goods orders fall again in January report
Commerce Department data show durable goods orders dropping 1.5 percent in January, the steepest decline since October. Shipments slid 3.6 percent, with non electric machinery leading the drop though defense orders rose to a record $7.5 billion.
MENTIONED IN THIS ARTICLE
Washington
UPI
Commerce Department
Ruth Runyan
Department
Money Shops close after cutback across the chain
The Money Shop chain shrank to eight of 76 offices with only Des Moines remaining open after last weeks closures. About 100 workers lost employment as parent Financial Services Corp. cited tough consumer finance conditions and new bankruptcy code pressures. John E. Miller attributed the decline to weak demand for loans and small office viability.
MENTIONED IN THIS ARTICLE
Money Shop
First Ave. SE
Rock Island, Ill
The
Financial Services Corp
Rock Island
Iowa
Des Moines
Cedar Rapids
John E. Miller
Keep childcare cost records for new tax credits
Kansas City tax experts urge record keeping of child care costs to maximize the new 1982 credits. The credit starts at 30 percent for income up to 10 000, then falls by two points per 2000 of income, with a 20 percent floor for 28 000 or more. Maximums are 720 for one child and 1440 for two or more, with minimums of 480 and 960 respectively.
MENTIONED IN THIS ARTICLE
Kansas City
YPI
H&r Block, Inc
Block
Bank offers 50 percent IRA rate in Des Moines move
West Des Moines First National Bank announces a 50 percent interest on the first month’s IRA deposit for 30 days. Funds then roll into a 182 day variable rate certificate currently above 14 percent. Cedar Rapids Merchants National Bank previously offered the same rate.
MENTIONED IN THIS ARTICLE
West Des Moines
UPI
First National Bank of
Roy W. Messerschidt
Merchants National Bank of Cedar Rapids
Deere reports a sales drop in first quarter
Deere & Co. chairman William A. Hewitt announced a $16 million decline in farm and industrial equipment sales from the previous year, reducing net income to $33.7 million. Worldwide sales reached $1.059 billion against $1.075 billion last year, with earnings per share at 50 cents versus 60 cents a year ago. Hewitt warned U S farm equipment demand could weaken further in 1982 due to low commodity prices and high interest rates.
MENTIONED IN THIS ARTICLE
Hewitt
United States
Also Mentioned on This Page
Mamj Jasond
Prime
UMB Bank & Trust
United Mizrahi Bank of Israel
Ameritrust Co. of
Cleveland
Southwest Bank of St. Louis
United Missouri Bancshares
Sony Corp
Tokyo Stock Exchange
Tandy Corp
IBM
Exxon
Phillips Petroleum
Upjohn
Masonite
Pritzker
Mgic Investment
Baldwin United
Marshall Field
C. Schan & Co
Texas International Corp
Regal International
Northwest Industries
Houston Oil Trust
Houston Oil Royalty Trust
Towner Petroleum
Amex
Wang Laboratories
National Association of Securities Dealers
Pabst Offer
Bank
First National
First National Bank OF Iowa
Marion
8Th Ave
33Rd Ave
FDIC
Shi Os Ey Hogs Ibs LE Ee Ea Anita
Deere
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