Savings bond rate cut triggers rush to beat clock nationwide
The Treasury cut the guaranteed rate on Series EE savings bonds from 7.5 percent to 6 percent effective today, prompting a nationwide buying spree as small investors rush to lock in the old rate. Banks in Cedar Rapids and across the country report busy Friday sales, with some denominations sold out and staff taking orders for later delivery.
MENTIONED IN THIS ARTICLE
Department of the Treasury
U.S
Savings and Loan Associations
Federal Reserve
New York
Los Angeles
Cedar Rapids
the Gazette
Larry Hanson
Norwest Bank
Marion
Gary Peterson
City National Bank
City National
Jack Stevenson
First Trust and Savings Bank
Treasury Department
Treasury
Allen Sinai
Shearson Lehman Brothers
High Tech Jet Prototypes Chosen For Fly Off In 1990s
Los Angeles AP brief notes Lockheed and Northrop selected to design prototypes for a Luke Skywalker style jet. A fly off will determine a $40 to $50 billion production contract for 750 planes. Air Force backs a modified F-16 for 270 air defense fighters at $4 billion. Winterset IN egg plant planned by Rose Acre Farms to create 118 jobs. Houston Texas Air Corp seeks $125 million price cut for People Express, completes $158 million Frontier Airlines purchase. Phoenix Greyhound and Amalgamated Transit Union extend contract at least 10 days amid ongoing talks.
MENTIONED IN THIS ARTICLE
Los Angeles
California
Lockheed
Northrop
Luke Skywalker
Air Force
General Dynamics
Continental
United States
Winterset
Rose Acre Farms
Seymour
Ind
Iowa
Indiana
Houston
Texas Air Corp
People Express
Frontier Airlines
Frontier
Texas Air
Phoenix
Greyhound Lines
Amalgamated Transit Union
Market rally fades as Dow slips fractionally
New York AP The stock market drifted with no clear direction on Friday as energy shares led gains amid speculation that Saudi oil minister changes may push prices higher. Dow Jones fell 0.56 to 1877.81, weekly gain 45.55, NYSE volume 147.21 million, and market breadth showed 893 advances to 670 declines. Composite indexes rose slightly with S and P 400 up 0.38 to 270.90 and Nasdaq down 0.28 to 360.77.
MENTIONED IN THIS ARTICLE
New York
New York Stock Exchange
Exchange
Standard & Poor’s
S&p
Construction up in Cedar Rapids and Iowa City markets
New residential contracts in Cedar Rapids rose sharply in September to 7.92 million while nonresidential activity grew to 4.66 million. Iowa City Johnson County saw 20.73 million nonresidential and 1.81 million residential. total regional building reached 22.54 million. National totals show a 6 percent September drop with housing and public works softening amid steady rates. Switzerland's residents held average deposits of 17 335 dollars in 1985.
MENTIONED IN THIS ARTICLE
George C. Ford
Ltasecuetant Financial Editor
Cedar Rapids
Iowa City
Johnson County
Linn County
New York
F.W. Dodge
George A. Christie
Christie
Geneva
Switzerland
International Savings Bank Institute
Army awards major LOGMARS contract despite protest
SYSCON Corp leads a bidder team from Washington DC to win a key Army LOGMARS inventory control contract valued at $94.2 million, beating Norand and four other bidders. IBIS Corp protests, arguing SYSCON sub contractor MSI Data fails specifications, while Martin Marietta argues neither sub contractor meets the hand held unit specs. no protest filed yet. The army may deny the appeal or reopen bidding as the contract could reach ten times the initial award.
MENTIONED IN THIS ARTICLE
Syscon Corp
Washington, D.C
Norand Corp
Cedar Rapids
Ibis Corp
IBIS
Syscon
MSI Data Corp
MSI
Norand
Martin Marietta Data Systems
Army
Martin Marietta
Harnischfeger cuts Cedar Rapids staff in phaseout
Harnischfeger Corp laid off 125 workers in Cedar Rapids as it phases out operations, leaving 300 employees in the city from a peak of 1,250. The firm had sold its construction equipment division to Kidde Inc and sought buyers for its south side facilities. FTC approval of the sale awaited, with potential six month runway for cranes if approved. Kobe Steel Japan will manufacture P H cranes in Japan, with Kidde Grove Division becoming master distributor in US and Canada.
MENTIONED IN THIS ARTICLE
Harnischfeger Corp
Cedar Rapids
Harnischfeger
Kidde Inc
Federal Trade Commission
FTC
Bob Jones
Human Re
Kidde
Grove
Jones
Kobe Steel
Japan
P&h
United States
Canada
Acura price rise 4.3 percent for 1987 models
American Honda raises prices on the Legend and Integra by 4.3 percent for 1987, adding 636 dollars to the 1986 levels. Base prices: Legend 19,898 dollars, Integra 9,859 dollars. New option package features leather seats and enhanced comfort. About 30,000 Legends and Integras sold since March launch.
MENTIONED IN THIS ARTICLE
Detroit
Honda
Gardena
Calif
Acura
Ford recalls 1,230 1987 Taurus and Sable cars
Ford Motor Co recalls 1,230 vehicles including 600 Taurus and Sable sedans and wagons for possible steering shaft assembly replacement. An additional 630 Taurus and Sable sedans are recalled to replace a rear suspension component that could fail and cause loss of control.
MENTIONED IN THIS ARTICLE
Detroit
Ford Motor Co
Ford
Also Mentioned on This Page
Wire Services and Gazette
Data Resources Inc
Lexington, Mass
Michael Evans
Washington
Massachusetts
Texas
Florida
Illinois
Pennsylvania
Ohio
Michigan
Source
Census Bureau
MONEY
New
Dow
Saudi Arabia
Mobil
Chevron
Amoco
Atlantic Richfield
Exxon
Lear Siegler
Holiday Corp
Donald Trump
Winn-Dixie
Dow Jones
American Stock Exchange
C.R
Norand Group
Oelwein
Yamaha
OLY
Lindale Mall
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