Major banks adopt 15 percent prime rate
UPI reports major banks set a 15 percent prime rate Thursday, reflecting lower funds costs and a drop in loan demand. Banks including Bank of America and Chase Manhattan cut to the new level, while analysts expect slower further reductions and note corporations’ weak cash flow and debt repayment.
MENTIONED IN THIS ARTICLE
New York
UPI
Bank of America
Chase Manhattan Bank
Morgan Guaranty Trust Co
Bankers Trust Co
First National Bank of Chicago
Security Pacific of
Los Angeles
Citibank
Chemical Bank
Hanover Trust Co
Gas cash discount gains strong dealer support
The AMOCO cash discount plan offers four cents per gallon off cash purchases at Cedar Rapids stations and is praised by managers Larry Easley and others. Dealers report higher cash sales, shifting credit card users toward month end, with overall positive customer response and visible discount signage.
MENTIONED IN THIS ARTICLE
American Oil Company
New Cash
Cedar Rapids
Easley
AMOCO
Boulevard Standard
Williams Boulevard
Craig Gilliatt
Randy Rooney
Rooney
Standard
First Ave
Bob Ohlfest
Lehhigh’s Standard
Ohlfest
Lehdigh’s
Dennis Duncan
Seventh Avenue Standard
Seventh Avenue
Marion
Rud Chains to Move Primary North American Warehouse
West German firm Rud Chains plans a Sept 1 move to a new distribution warehouse at 1300 Stoney Point Road SW serving all of North America. Eight local employees will remain. Cedar Rapids site used for emergency supplies. Product lines include automobile, conveyor, and hoist chains. In 1918 Sgt. Joyce Kilmer, author of Trees, died in France during WWI.
MENTIONED IN THIS ARTICLE
Stoney Point Road
North America
Rud Chains
58Th Ave. Court SW
Ron Rodemeyer
West Germany
Cedar Rapids
Sgt
Joyce Kilmer
France
Late burst lifts mixed stock close as takover talk stirs
Wall Street ended mixed with gains led by a late buying surge after a session of narrow moves. The Dow dipped mid session but finished up 0.38 at 812.21 as investors weighed the Heublein Reynolds merger and other takeover chatter amid Treasury borrowing concerns.
MENTIONED IN THIS ARTICLE
New York
UPI
Heublein-R.j. Reynolds
Dow Jones
DJIA
Treasury
Ford tests lifetime repair guarantee plan in California
Ford Motor Co tests a lifetime repair guarantee in six California markets including Bakersfield. The program lets the original car owner pay for a repair once and pay nothing for future fixes of the same part. President Donald Petersen notes dealer sensitivity training and aims for nationwide rollout.
MENTIONED IN THIS ARTICLE
San Diego
UPI
Ford Motor Co
California
Donald Petersen
World Affairs Council of
Petersen
Bakersfield
Calif
Ford
Dubuque Council Votes to Seek 4 Million Grant for Plant Purchase
The Dubuque City Council passed a 6 0 resolution to apply for a 4 million urban development grant to back the 16 million Dubuque Packing purchase. Wahlert plans resignation Sept 1 to lead FDL Foods with a 30.5 million multi plant deal including Rochelle Illinois and Milwaukee Wisconsin sites.
MENTIONED IN THIS ARTICLE
Dubuque Packing Co
FDL Foods
FDL
Wahlert
Rochelle, Ill
Milwaukee
Wis
Harvester Unveils Broad Plant Closings And Consolidation
International Harvester announces a major restructuring including closing or selling plants in Louisville Memphis Indianapolis and Shadyside Canton and consolidating three North American truck assemblies into two. Timetable aims for end of fiscal 1983 with focus on trucks and agricultural equipment in U S and Canada and ag equipment in Europe. The plan targets cost cuts and a return to profitability by 1984 amid prior losses and debt restructurings.
MENTIONED IN THIS ARTICLE
Chicago
UPI
International Harvester
United States
Louisville, Ky
Memphis, Tenn
Indianapolis
Shadyside
Ohio
Farm Implement
Canton
Fort Wayne
Ind
Springfield
Chatham
Ontario
Harvester
U.S
Canada
Great Britain
France
Germany
Louis Menk
Reynolds offers 1.3 billion takeover of Heublein stock
Reynolds says to acquire 52 percent of Heublein at 63 dollars a share and merge Heublein into a Reynolds subsidiary. The deal includes 4 million Reynolds shares and 18.4 percent of outstanding shares, with a later exchange for Reynolds common and preferred stock valued around 31.83 and 25 respectively. Heublein, maker of Smirnoff and Kentucky Fried Chicken outlets, has resisted a General Cinema bid while directors approved Reynolds offer. General Cinema has been building its stake to about 18 percent and Cedar Rapids theaters are mentioned in connection with the bidders.
MENTIONED IN THIS ARTICLE
Heublein
R.J. Reynolds Industries
Reynolds
General Cinema
General
Cinema
Continental Illinois
Continental
Western Co
North America
Mattel
Winston-Salem, N.C
UPI
R.J. Reynolds Industries Inc
Heublein Inc
General Cinema Corp
Reynolds’ del Monte Corp
New Foods and Beverages
R.J. Reynolds
del Monte
Harris Corp wins $60 million B-1B subcontract
Harris Corp secured a $60 million subcontract for the B-1B bomber electronic system. Officials project the contract could grow to about $250 million by 1984 and create about 200 more jobs.
MENTIONED IN THIS ARTICLE
Melbourne
Fila
UPI
Harris Corp
Also Mentioned on This Page
J Asond
Jfmamj
Rud
Standard & Poor
Dellwood Foods
DFI Holdings Inc
William R. Berkley
Gulf Oil of Canada
Amex
Dome Petroleum
Conrack
National Association of Securities Dealers
Dubuque
U.S. Grant
Pontiacs
Dave
cGrath
Europe
Penick and Ford
Westdale Mall
Gayocte
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