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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 21, 1983
Page
24
An omnibus report cites the Commerce Department close review of recent data and the first formal flash estimate of first quarter GNP. Treasury bill auction will set new rates for bank savings accounts as the week unfolds.
Dr. Malcom Peel will address the Cedar Rapids Area Estate Planning Council at the Roosevelt hotel with cocktails at 5 and dinner at 6. Real estate appraisers meet at the Hungry Eye in Vinton Tuesday at 6. Townsend Hoopes of Rockwell International discusses shuttle flights at the Sheraton Wednesday noon. Mayor Don Canney speaks to the Professional Women's Network Thursday at 11 45 a.m. in Kirkwood room.
Salomon Brothers distributed by United Press International presents a bond calendar with U S agencies and corporate and tax exempt issues slated for sale March 21 to March 24. Highlights include 5 50 billion in Treasury notes due 1987 and 4 75 billion notes due 1990 plus 3 25 billion bonds due 2003 and various GNMA certs CDs and city and state issues with many vintages through 1991 to 2008.
National money rates report shows Prime 10.50 percent and Discount 8.50 percent. Certificates of Deposit vary by term from 8.30 percent for 30 59 days to 8.60 percent for 270 365 days. Broker Call Loan 9.50 10.50. Federal Funds range High 85 Low 85 Close 8.0 percent.
The article profiles T. Boone Pickens Jr. founder of Mesa Petroleum, a bold financier who pursues takeovers amid a bleak 1980s oil industry outlook. It notes past failed bids for Cities Service and General American Oil, his 1981 pay, and his philosophy of asset replacement through acquisitions for Mesa’s survival and growth.
The shift to fully negotiable commissions on May 1 1975 in the United States spurred heavy discounting for institutions while long established firms faced higher costs for small investors. Canada plans April 1 1975 adoption with discount brokers poised to enter, promising lower costs though warns of market exits and price cutting.
The 1982 tax rules exclude the first 100 dollars of an individual's qualified dividend income from gross income, 200 on joint returns. A lifetime exclusion up to 1000 dollars of interest applies to one year all savers certificates issued after Sept 30 1981 and before 1983.
Donoghue's Money Fund Report shows average money market fund yields at 7.77 percent, up from 7.71, with 30 day yields at 7.77. Bank Rate Monitor notes bank and thrift money market accounts average 8.12 percent, down from 8.14, while ICI reports funds totaling $185.87 billion after a $1.52 billion weekly outflow. Tax-free funds rise to $16.5 billion despite broader declines.
Damon Biotech claims its biotechnology unit produced substantial quantities of human monoclonal antibodies using microencapsulation. The firm says concentrations are 30 to 100 times higher than conventional tissue culture. Monoclonal antibodies are viewed as a potential $500 million market in the 1980s for cancer, immune deficiencies, and organ transplants.
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