Economic stagnation splits United States by region
Joint Economic Committee study finds five year growth gaps widen coastal heartland divide. Coastal states California and 15 East Coast states average 4 percent income growth since 1981, vs 1.4 percent in other 34 states, with potential 40 percent income gap by mid 1990s, prompting calls to diversify economies and invest in technology.
MENTIONED IN THIS ARTICLE
United States
California
East
Joint Economic Committee
Iowa
Don Avenson
D-Oelwein
Massachusetts
Alaska
Allan Thoms
mid-American
Central States
Middle America
Scott Lilly
Obey
Congress
New Hampshire
Georgia
Florida
Virginia
New Jersey
Connecticut
Vermont
North Carolina
Maryland
New York
Maine
Delaware
Rhode Island
South Carolina
Fed Cuts Discount Rate to 6 Percent
The Federal Reserve Board cut the discount rate to 6 percent from 6.5 percent effective Friday. The move follows prior reductions this year and aims to stimulate lagging growth, aligning with declines in other rates and coordinated potential action with major allies. The decision reflects an accommodative monetary stance amidst calls from Congress and the Reagan administration.
MENTIONED IN THIS ARTICLE
Fed
Central Bank
Congress
Reagan Administration
Senate
Bob Dole
Kansas
White House
Donald T
Regan
Reagan
Federal Reserve Board
Paul A. Volcker
U.S
West Germany
Japan
House Banking Committee
Volcker
United States
Money supply edges up as M1 rises 0.1 billion in late June
U S money supply shows a small gain with M1 at 666 3 billion after a week ending June 30. The broader measures also improved, aligning with analysts expectations. ConAgra keeps Omaha HQ and drops damages claim against Cargill over MBPXL deal. Associated Dry Goods in talks with May Department Stores on a potential merger but price not settled.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve
Fed
Associated Dry Goods Corp
May Department Stores Co
May
Associated
Associated Dry Goods
May Department Stores
Bettendorf Plant Closure Triggers Davenport Transfers
About 150 of 170 Caterpillar Bettendorf workers will move to Davenport as Bettendorf shuts. Some Davenport layoffs may be recalled if additional business arrives. Union and company sign a letter of agreement detailing the transfer plan. Allegheny Ludlum Steel to rename itself Allegheny Ludlum Corp. Sherwin Williams to sell Gray Drug Fair chain.
MENTIONED IN THIS ARTICLE
Davenport
Caterpillar Inc
Bettendorf
Cleveland
Sherwin-Williams Co
Gray Drug Fair
State seizes First Columbia Life Insurance Co
Iowa insurance commissioner seized control of First Columbia Life Insurance Co incorporated in Iowa and based in Dallas after learning First City Bank Texas planned foreclosure. An order from Polk County District Court gives oversight and sale powers, with bidders expressing interest and a sale possible in 30 days. Policyholders face normal operations while investigation continues and capital sits at 1.2 million below the 2 million minimum.
MENTIONED IN THIS ARTICLE
Des Moines
Iowa
First Columbia Life Insurance Co
Dallas
First City Bank of Farmers Branch
Texas
First Columbia
William Hager
Polk County District Court
Hager
Market gains as IBM leads second straight advance
The market rebounded from early losses with IBM and takeover stocks driving gains. The Dow rose 5.76 to 1,831.83 on strong volume of 146.16 million on the NYSE, while Fed moved to cut its discount rate from 6.5 to 6 percent effective Friday.
MENTIONED IN THIS ARTICLE
NEW York
International Business Machines
Dow Jones
New York Stock Exchange
Federal Reserve
Fed
Wall
United to Buy Frontier as People Express Sells Frontier Airlines
People Express rejects a 235.8 million bid from Texas Air and agrees to sell Frontier Airlines to United for 146 million. Newark no frills carrier bought Frontier eight months ago for 305 million and has posted losses, with Frontier contributing 28 million to a 58 million first quarter loss. Debris from the Skylab reentered Earth in 1979 over the Indian Ocean and Australia.
MENTIONED IN THIS ARTICLE
Newark
N.J
People Express Inc
Texas Air Corp
Frontier Airlines
United Airlines
Frontier
People Express
United
U.S
Earth
Indian Ocean
Australia
Ralston sells Purina Mills unit to BP Nutrition
Ralston Purina Co agreed to sell Purina Mills Inc the nation s largest commercial animal feed company to BP Nutrition Ltd a unit of British Petroleum for an undisclosed price The sale would place Purina Mills under BP Nutrition and keep its name and management The deal expected to close by Oct 1 excludes Ralston Purina International feed business BP says the acquisition will nearly double its size with combined sales over 2 billion Purina Mills operates about 70 plants in 32 states and employs about 3000 people Ralston s 1985 agricultural feed segment accounted for 27 percent of sales and 12 percent of earnings The sale leaves BP Nutrition with most earnings from consumer goods beyond Purina Mills including dog and cat foods Chex cereals and other brands
MENTIONED IN THIS ARTICLE
ST. Louis
Ralston Purina Co
Purina Mills Inc
British Petroleum Co
Ralston
Purina Mills
U.S
BP Nutrition Ltd
BP Nutrition
Europe
London
Brouwer
Elmer Richars
Ralston Purina International
Richars
Ralston Purina
Purina
Eveready
Hostess and Wonder
Also Mentioned on This Page
Associated Press and Gazette
David R. Obey
D-Wis
West Coast
Avenson
Washington
Spain
MONEY
Conagra
Omaha
ConAgra Inc
Cargill Inc
Cargill
Charles M. Harper
Nebraska Supreme Court
Omaha Food Products Company
Mbpxl Corp
Pittsburgh
Allegheny Ludlum Steel Co
Allegheny Ludlum Corp
Gray For Sale
State
IBM
Sanders Associates
Lockheed
Sanders
Loral Corp
Sherwin-Williams
General Electric
Exchange
Standard & Poor
S&p
United Buying Frontier
USA
Eddie Brouwer
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