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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 04, 1982
Page
25
The Conference Board reports May consumer confidence at 58.3, up from 54.3 in March and 54.9 in April. Optimism grows about the economy and a possible recovery in the third quarter, with the Buying Plans Index edging higher to 74 and plans to buy autos and appliances showing modest gains.
New York May retail results show stronger consumer spending than April across major chains. Sears rose 7.2 percent to 1.55 billion, Kmart up 7.6 percent to 1.33 billion, J C Penney up 3.9 percent to 833 million, Walmart up 56 percent to 284 million, and Federated 9.8 percent to 537.5 million amid cautious shopper sentiment and promotional responsiveness.
UPI reports a mixed session as Wall Street pared earlier strength with investors wary of a sluggish economy. Dow fallen 0.38 to 816.50 after a midday rise, NYSE index down 0.13 to 64.42, and S and P 500 off 0.18 to 111.86, with oil drilling and takeover chatter shaping the day.
In May 1982 U.S. auto makers posted an 11.4 percent gain to 584 074 cars with imports down 9.5 percent as foreign share slipped to 24.4 percent. GM led with 384 015 sales up 22 percent, Ford up 1.3 percent, Chrysler up 5 percent, and AMC down 40 percent. Volkswagen plunged 56.5 percent.
Clinton Corn Processing, the city's largest employer, is reportedly attracting interest from five corporations. New Jersey National Starch official Tom Walsh declined to comment as Grain Processing, Cargill, Bunge, Archer Daniels Midland and others are named as possible buyers while Clinton Corn president Jack Anthon could not be reached.
New York UPI First National Bank of Boston the 17th largest U.S. commercial bank reduced its prime rate to 16 percent from 16 44 percent. The cut follows Citibank’s move on May 25 making it the second major bank to lower the prime rate to 16 percent.
The Maytag Co will idle 1,500 workers at its Newton and Hampton plants June 7 through 11 to cut inventories. An annual two week shutdown remains scheduled to begin June 28.
Local 436 of the Teamsters representing 2400 construction drivers invested one million dollars with Park View Federal Savings & Loan to be used solely for home mortgage loans in Cleveland. A separate item notes Fidelity Savings & Loan's receivership was lifted by a federal judge in San Francisco. In Minneapolis McQuay-Fertex forecasts weak Q2 and Q3 earnings but reports rising market share. the board declares a 20 cent quarterly dividend payable July 1 to shareholders of record June 15.
The Rocky Mountain Motor Tariff Bureau seeks a 5 percent rise on shipments between the Midwest and 11 western states with ICC approval possible by July 19. A separate 10 percent rise for all LTL freight is under consideration by the Middlewest Motor Freight Bureau in Kansas City. Both groups cite carrier losses, inflation, and reduced traffic as reasons, with no dates set for the latter.
Silver tumbles past the six dollar level to close at 5.91 an ounce amid weak industrial demand and little speculative interest. Gold holds steady while the dollar drifts lower against major currencies.
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