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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 11, 1981
Page
20
UPI reports a cautious close as the Dow inched up then slipped to 955.67 while NYSE and Amex indices showed small gains. Trading slowed with volume easing and investors awaiting clarity on interest rates amid takeover chatter in energy and oil stocks.
Texaco Inc, the third largest US oil firm, seeks a $5.5 billion international loan led by Chase Manhattan Bank to back a possible takeover of Cities Service or other refiners. Banks quote prime rates around 20 percent, with the prior record loan at Pemex.
Kemper Insurance Group reports average 5.36 percent rise in machinery and equipment costs across over 200 North American manufacturers in the first half. Billing and recalls appear in a string of briefs including Yamaha bicycle recall involving 30,000 units.
American Telephone and Telegraph Co. asks a federal judge to dismiss the government antitrust case seeking to break up the Bell System, arguing no unlawful conduct has been proven. The company filed 573 pages contending there is no sound legal basis for the monopolization claim.
Gold rose above 418 an ounce in New York while London and Zurich posted gains and silver jumped to 9.13. The dollar fell in Europe and Tokyo amid thin trading. London closed the week with the pound around 1.8990 dollars and Paris saw stronger francs.
The Federal Reserve reported a $1.3 billion drop in M1-B for the week ending July 1. M1-A fell $500 million to $361.1 billion, while M2 stood at $1.75 billion in June, up from May.
Monsoon like rains flood Cedar Rapids northeast area and nearby Marion causing rising waters and swift road closures. Emergency crews monitor water levels as residents seek safety and businesses report water damage. Local officials urge caution and avoid affected streets.
The National Bureau of Economic Research dated the January 1980 downturn as a recession lasting seven months, shortest on record. The seven-member committee led by Martin Feldstein noted the trough occurred in July, with GNP fell 9.6 percent in Q2 despite brief duration.
Massey Ferguson Ltd. says it will close its 715 million refinancing plan designed to avert bankruptcy. The program involves 250 international lenders with government support and focuses on 200 million in government guaranteed preferred shares plus 150 million convertible preferred shares sold to CIBC. Massey posted a six month loss of 89.4 million dollars and faced high interest on loans amid weak sales. An American attorney later commented on life and inferiority in a quoted remark.
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