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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 05, 1985
Page
21
Washington AP reporters say savers added 5.9 billion more to savings and loan accounts in November, down from October's 6 billion. The Federal Home Loan Bank Board noted the difference with 3 billion in extra interest credits in both months, while small CD gains slowed from October.
Ford Motor Co. declines to follow General Motors price hikes on 1985 models. Philip Benton credits Ford and Lincoln Mercury dealers with sales momentum. Chrysler says no decision yet. GM had raised prices again by an average 296 dollars and higher option costs.
AP reports that the Consumer Product Safety Commission will not face the proposed 30 percent budget cut and 25 percent staff reduction for fiscal 1986. Chairman Terrence Scanlon says the agency will adopt only the general 10 percent admin and 5 percent pay cuts applied to federal domestic agencies.
The Federal Trade Commission approved Nestle S A s acquisition of Carnation Co for 3 billion dollars after Nestle offered 83 dollars per Carnation share. Nestle must comply with a 1979 order requiring FTC approval for purchases over 10 million in frozen prepared foods.
Waterford and West Hartford financial centers may not accept deposits after Banking Commissioner Woolf rules. Sears contests the preliminary ruling issued December 28, 1984, arguing the Connecticut statute prohibiting such deposits is unconstitutional. Sears has not requested a hearing within 14 days.
A Department of Energy report to Congress says residential gas bills run 5 to 10 percent above fair levels due to discriminatory pipeline practices and lingering government control of about 40 percent of supplies. It suggests 19 to 55 cents per 1,000 cubic feet could be saved with total decontrol and new pipeline pricing rules.
Domestic automakers planned 111,739 cars to be built in U.S. plants this week, far above last week’s 1,536 during holiday shutdowns and below the 135,581 produced in the same week a year ago, Ward's Automotive Reports said Thursday.
A federal judge ruled Air Florida and three Central American airlines must stand trial for conspiracy to fix prices in violation of U.S. antitrust law. Judge Lenore C. Nesbitt reversed a prior stay issued by U.S. Bankruptcy Judge Sidney Weaver.
Cedar Rapids retailers report stronger December sales aided by mild weather. Jewelry, toys, gifts led gains at Lindale Mall with apparel mixed and shoe outlets weaker. Nationally, Sears, Kmart, Penney posted varied results while Walmart and Dayton Hudson showed notable gains.
U.S. carmakers finish 1984 with 7.95 million domestic sales, up 17 percent from 1983, while imports hit a record led by European models. Ford leads with 26 percent gain, GM up 13.2 percent, Chrysler up 17.3 percent, and AMC and VW shift to higher profit Jeeps and larger cars.
Gold slipped below 300 an ounce to end the week at 298.10 on the New York Comex, the lowest finish since June 22, 1982, after oil prices declined and a stronger dollar pressured bullion. Silver also fell, closing around 5.86 at Comex.
New York stocks fell for the third consecutive session of 1985 as technology shares led declines. The Dow dropped 4.86 to 1,184.96 with about 77.48 million NYSE shares traded, while Bond yields rose as government bonds fell about $5 per $1,000.
The Federal Reserve said M1 rose to 557.6 billion in the week ended December 24, up from 550.9 billion. Analysts viewed the gain as within expectations, leaving M1 near the middle of the year's target range.
Two major oil firms UnoCal and Marathon Oil cut posted West Texas Intermediate prices to 27.50 a barrel from 28.50 amid a market slide. February WTI on the NYMEX fell to 25.18, its lowest since 1979, with overproduction blamed for the drop.
Occidental Petroleum and Diamond Shamrock announced they are in discussions about a possible business combination. Directors will meet Monday to consider the proposal with a further announcement expected. Diamond Shamrock rose on NYSE trading days while Occidental slipped.
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