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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 07, 1988
Page
23
The dollar climbed after reports that the United States, West Germany and Japan set up a $5 billion fund to stabilize the currency. The rise followed central bank dollar buying, with the dollar easing later but remaining strong against most majors amid variable yen and pound rates.
The Dow Jones average rose 6.30 to close at 2037.80 on Wednesday as part of a three day rally. Volume on the Big Board was 169.74 million shares while NYSEs composite, S&P indexes and NASDAQ all advanced, with insulin stocks like Penwest and IU International among notable gainers amid mixed forecasts for the dollar rebound.
The IRS and Advertising Council unveil a multimedia push with eerie ads urging Americans to file early under the new tax law. Commissioner Gibbs says boosting early filing could raise $6 to $7 billion. 15 million have ordered Publication 920.
A survey by Anspach Grossman Portugal shows 1753 American corporations changed names in the last year, up 27 percent from 1986. Merger and acquisition activity drove 54 percent of changes, with manufacturing and industrial sectors leading at 474 name changes.
A reader debates tax-exempt bonds versus taxable investments for a 70 year old grandmother. The adviser suggests showing after tax results, quantifying a $500 edge in taxable terms, and using concrete examples to persuade or concede.
Treasury seven year notes yielded 8.67 percent at Wednesday's auction the lowest since June and with an 85 percent coupon they sell for 9 976 80 per 10 000 face value. Integrat ed Resources Life Companies plans to consolidate operations doubling local staffing to 500. Maytag to consolidate Admiral Co and invest 30 million more at Galesburg Illinois. VanDer Have seeks to buy Payco Seeds of Dassel Minnesota in a move by a top 10 world seed firm. SEC and Canadian regulators plan a broader joint securities fraud accord with details to follow. First Bank System of Minneapolis places 164 million more loans to less developed countries on nonaccrual increasing nonperforming assets to 264 million.
President Reagan signed the Farm Credit System rescue measure in the White House Roosevelt Room aiming to avert default and preserve private lending to farmers. The bill backs up to 4 billion in federally guaranteed bonds, with provisions expected to cost taxpayers up to 1.5 billion over five years and strengthen reforms for long term viability.
The USDA reported smaller hog inventory gains than analysts predicted. Iowa accounts for about a quarter of hogs, with breeding stock up 5 percent and market hogs up 10 percent. Economist Gene Futrell cautions prices may rise to mid-40s to low-50s per hundredweight through spring and summer 1988.
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