Prime rate cut signals mixed boost for economy
Big banks trimmed the prime rate to 8 percent after the Fed cut the discount rate, a move economists split on its effect. Some analysts see a modest stimulus for housing and lending, while critics argue foundational weaknesses in trade, manufacturing, and agriculture limit impact.
MENTIONED IN THIS ARTICLE
Big City
C.R
Federal Reserve Board
Fed
Cedar Rapids
Henry Royer
Merchants National Bank
Royer
Iowa
Roger
Doug Hill
Brenton Bank and Trust Co
Sung Won Sohn
Norwest Corp
Kathleen Cooper
Security Pacific Corp
New York
Citibank
Bank of America
San Francisco
Chase Manhattan
Manufacturers Hanover Trust Co
Morgan Guaranty Trust
Congress
Sindhe
U.S
Japan
West Germany
Wall Street
Center For Energy
GM dealer dispute settles as Iowa case dismissed
The Iowa Automobile Dealers Association says GM and state court actions are settled out of court. The agreement notes that Iowa law does not apply to retail car sales and bars further suits for 90 days over the anti fleet subsidy dispute unless major program changes occur. Chrysler reportedly refrains from fleet incentives, Ford pursues compliant fleet sales.
MENTIONED IN THIS ARTICLE
Bruce Fishwild
Gazette
General Motors
Iowa
Martha Martell
Iowa Automobile Dealers Association
the Gazette
Iowa Dealers Association
Council Bluffs
Des Moines
Donald O’brien
O’brien
Martell
Chrysler
Ford
United Fire stock to join OTC NMS next Tuesday
United Fire and Casualty Co. of Cedar Rapids will move to the over the counter National Market System with ticker UFCS. The change places the stock in the NMS table in The Wall Street Journal and major newspapers, and in The Gazette's OTC list on weekdays and in the NMS table on Saturdays.
MENTIONED IN THIS ARTICLE
United Fire and Casualty Co
Cedar Rapids
UFCS
Wall Street Journal
Gazette
Dow Down as Stocks Drift in Quiet Friday Session
Stocks were mixed with the Dow Jones average falling 10.40 to 1,821.43, week loss 79.44 points. Fed discount-rate cut to 6.0 percent drew muted response, with utilities and financials modestly higher. Volume on the NYSE totaled 124.47 million shares as major indexes and indices showed slight declines or gains.
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New York
Dow Jones
Federal Reserve
New York Stock Exchange
Pacific Gas & Electric
Cincinnati Gas & Electric
Utah Power & Light
Philadelphia Electric
Gibraltar Financial
Great Western Financial
Exchange
Standard & Poor
S&p
UAL Board Approves Frontier Acquisition
United Airlines gains Frontier Airlines in a 146 million cash deal from People Express. The move strengthens United at Denver, doubles gates to 54, and adds routes to 50 western cities, including Cedar Rapids, with minimal impact on profits.
MENTIONED IN THIS ARTICLE
New York Times
Chicago
UAL Inc
United Airlines
Frontier Airlines
People Express Inc
United
Denver
Frontier
Continental Airlines
Texas Air Corp
People Express
United States
Cedar Rapids
AT&T Cuts Short and Long Distance Rates
AT&T reduced charges for calls of 56 to 124 miles and 1,911 to 3,000 miles, saving about $9 million annually. The cuts stem from lower charges local companies pass to long distance firms for local network connections. AT&T had already reduced rates by $2 billion on June 1.
MENTIONED IN THIS ARTICLE
Washington
At&t
Chrysler cuts rate to 5.5 percent on selected cars
Chrysler Corp announced 5.5 percent financing on certain cars and trucks with a cash certificate up to 1500 dollars. The offer, valid through Sept. 6, excludes some models and applies to 36 month financing. GM and Ford matched with other incentives around the same period.
MENTIONED IN THIS ARTICLE
Detroit
Chrysler Corp
Chrysler
Chrysler Motors
AMC raises auto prices 2.9 percent for 1986 models
Detroit AP reports American Motors Corp. raised suggested retail prices of its Renault Alliance and Encore subcompact cars by 2.9 percent about $235 on average. Option prices also increased 2.9 percent, but destination charges were not. The changes apply to 1986 models with 1987 models starting Oct. 1.
MENTIONED IN THIS ARTICLE
Renault Auto
American Motors
Renault
AMC
America
Detroit
American Motors Corp
U.S
Renault Alliance
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Associated Press and Gazette
MONEY
United Fire
Pittsburgh
Aluminum, Brick and Glass Workers
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Massena
N.Y
Evansville
Ind
Shenandoah
Henry Field Seed & Nursery Co
Don Kruml
Krum
Field
Yankton
S.C
Gurney Seed and Nursery Corp
Phoenix
Ariz
Greyhound Lines Inc
The
Arizona Republic
the Republic
Seattle
Burlington Northern Inc
Dow
UAL Board
Frontier Acquisition
Ford Motor Co
General Motors Corp
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