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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 27, 1982
Page
30
The Commerce Department reports a January merchandise deficit of 5.9 billion dollars, the third largest ever, driven by higher oil imports while imports rose 15.3 percent to 23.9 billion and exports fell 0.7 percent.
UPI reports a firmer week end with the Dow slipping 1.43 to 824.39 and the S&P 500 off 0.10 to 113.11 as trading thins ahead of Fed money-supply data. Volume sagged on both the NYSE and American Exchange with mixed results among top issues including Sony PepsiCo Norton Simon and Boeing amid takeover chatter and rate fears.
The global oil glut depresses prices as Mexico trims its best crude by 2.50 to 32.50 a barrel and U S refiners cut bids by 1 to 31 33 a barrel for high quality crude. Shell U K and BP push Britain’s North Sea prices down 3 to 4 a barrel. Analysts expect U S pump prices to fall about 2 cents a gallon. Industry sources note demand slack and OPEC output kept high.
Directors of MorAmerica Financial Corp. Cedar Rapids announce an 18 cent dividend on common stock payable March 12 to shareholders of record March 2. The rate matches the prior payment.
Washington Post Company officials refuse to confirm contact with the Des Moines Register and Tribune Co. about a possible purchase. Chairman David Kruidenier says an inquiry was received but the paper is not for sale. Board to discuss the Post inquiry at the March 18 meeting.
The basic money supply MI grew by $1.2 billion in the week to Feb 17 as households seek liquidity, boosting checking and NOW accounts. Officials note the gain reduces chances of near term rate cuts, with Fed stance seen unchanged despite lower funds and Treasury yields. Commercial loans also rose, while federal funds and three month T bill rates fell.
Perpetual Savings and Loan Association of Cedar Rapids will begin buying real estate contracts effective March 1. Officials claim it will be Iowa’s first financial institution to enter this market, offering immediate cash for equity and an additional home financing option amid rising contract financing use.
Des Moines based Brenton Banks Inc, an 18 bank holding company, says 1981 net income reached 5.9 million up from 5.4 million in 1980. Per share income rose to 5.01 from 4.59. Total assets are 832 million with deposits at 710 million. The rise is partly due to the acquisition of Community National Bank and Trust Co of Knox ville.
On this date in 1942 opening salvos began the Java Sea battle where Japanese forces sank 13 American warships while suffering only two losses.
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