Markets pause as profit takers nudge 1980 rally
The summer-spring rally cooled last week with declines in major indices as recession fears linger. Fed cut the discount rate to 10 percent, triggering optimism for further rate cuts. Dow fell to 918.09 while S&P 500 slipped to 120.78 and NYSE composite to 69.10 amid high volume and mixed stock moves across Texaco, IBM, General Motors, and others.
MENTIONED IN THIS ARTICLE
New York
UPI
Federal Reserve
Standard & Poor
NYSE
U.S
Taxable bonds falter as Fed policy uncertainty grows
Salomon Brothers reports taxable bond prices easing last week amid Fed policy ambiguity after a discount rate cut, with government securities down and the Treasury yield curve near 200 basis points. Corporate issues show mixed demand, while municipal markets firm on a steeper yield curve and banks adjusting asset maturities.
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New York
UPI
Federal Reserve
Salomon Brothers
Fed
Richard J. Johannesen Jr
Salomon
Treasury
U.S
Johannesen
Statement on limiting government growth as inflation cure
A political observer frames the election around reducing government growth to curb inflation, arguing this approach as the fundamental issue and proposed remedy. The remark emphasizes fiscal restraint and price stability as core campaign themes.
Growth in government fuels inflation and deficits
The midyear budget review warns deficits rising from an expected 60 billion this year to 30 billion next year, while outlays exceed 600 billion annually. The piece argues government growth shapes inflation, warns about tax cuts, and urges restraint on deficits to fight inflation. It notes Carter delays tax reform, Reagan and Bush seek to prove they can curb spending, and recalls long-term deficit history.
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America
Carter
Congress
Ronald Reagan
Secretary of the Treasury
G. William Miller
House Ways and Means Committee
George Bush
Marion native named president of Donaldson Lufkin Jenrette
Marion native John K. Castle, 39, named president and COO of Donaldson Lufkin Jenrette in New York. A 15 year veteran and Harvard MBA, Castle succeeds Carl L. Tiedemann who left to form an investment unit. DLJ reports second quarter and six month earnings at record highs, with per share 44 cents and substantial rises in pre and after tax profits. Castle also chairs the New York Medical College and hails from a Marion business family.
MENTIONED IN THIS ARTICLE
John K. Castle
Marion
Donaldson, Lufkin and
Jenrette
Castle
Carl L. Tiedemann
Harvard Business School
George F. Baker
Harvard
Massachusetts Institute of Technology
New York City
New York Medical College
United States
Hamilton completes remodeling project
The Hamilton Co. of Cedar Rapids nearly doubles its parts department after remodeling the 50 year old building at 600 Oakland Road NE. Storage capacity rises from 45 000 to 80 000 items. Company says space is used more efficiently and employment stands at 17. President Richard Chadima cites economic downturn and potential turnround while costs are not disclosed.
MENTIONED IN THIS ARTICLE
Hamilton Co
Cedar Rapids
Farm Equipment Distributing Company
Oakland Road
Richard Chadima
Chadima
Hamilton
The
Bellanca in Default as Bank Demands Immediate Payment
Bellanca Aircraft Corp. told Alexandria Bank & Trust Co. that it is in default on certain loans and the bank is accelerating payment terms to demand immediate payment of 3.21 million dollars. The notes are secured by most of Bellanca's assets and the bank indicated it will foreclose.
MENTIONED IN THIS ARTICLE
Alexandria, Minn
UPI
Bellanca Aircraft Corp
Alexandria Bank & Trust Co
Bellanca
Grain futures rise on export demand and weather outlook
Wheat and corn futures gain on overseas buying and October export demand, soybeans slipping on favorable August weather. At CME feeders up 5.1 cents and live cattle up 3.2, hogs down 1.95. gold up 39 and silver up 1.16. copper up 1.35. cocoa down 2.5, coffee down 12.02, cotton down 2.59. orange juice off 2.45. plywood up 1.70, lumber down 0.90.
MENTIONED IN THIS ARTICLE
Chicago
Chicago Board of Trade
Chicago Mercantile Exchange
New York
Commodity Exchange Inc
New York Mercantile Exchange
Comex
Coffee Sugar & Cocoa Exchange
Banks approve loan for airline USAir revolver credit with banks
USAir formerly Allegheny Airlines said it arranged a $200 million revolving credit with 17 banks led by Chase Manhattan Bank. The interest rate was not disclosed. The facility replaces a $57 million line of credit and will decline after 1982 until 1989.
MENTIONED IN THIS ARTICLE
Washington
API
Usair
Allegheny Airlines
New York
Chase Manhattan Bank
Also Mentioned on This Page
Texaco
City Investing
Tamca Enterprises
Tamco
Bluechip IBM
General Motors
Ford
Engelhard Minerals & Chemicals
Biscayne Federal Savings & Loan
Empire Gas
Biscayne
American Stock Exchange
Gulf Oil of Canada
Bow Valley Industries
Houston Oil & Minerals
Dome Petroleum
Beaufort Sea
Canada
National Association of Securities Dealers
J.A. Livingston
Federal Reserve System
You
Gazette
E.B. Castle
Joseph Krob
Solon
Clyo
King Castle
John Castle
Neca
Meet Paul Fowler
P. E. Fowler Electric Company, Inc
Cedar Rapids Division
Iowa
National Electrical Contractors Association
Paul Fowler
Paul
Des Moines
Toepoorgreat
L. Dry
Klinger
3Rd Ave
Grain Futures Advance
Lear
Ara eLa
Turner
Vana Re Pease Sco Ae
Siegel's Jewelry
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