New money-market accounts to roll out December 14
The new accounts will let banks, savings and loans, and credit unions offer a combined product with both money market features and insured savings. Minimum deposit is $2,500, with interest rates expected near current Wall Street fund levels around 9 percent. The shift could disrupt hundreds of small institutions and siphon billions from money-market funds, potentially nudging rates higher across the economy.
MENTIONED IN THIS ARTICLE
Wall Street Money Funds
Money Market
S&ls
Jim West
Bank
Federal Deposit Insurance
West
Federal Reserve Bank of
Bank officials tout early success of new money market account
Officials from Peoples Bank and Trust Co in Cedar Rapids report strong local interest after introducing a money market program tied to a certificate of deposit and a repurchase agreement. They note deposits come from money market funds, other banks, and consumer accounts, while analysts debate cannibalization risks and potential loan rate effects.
MENTIONED IN THIS ARTICLE
Peoples Bank and Trust Co
Cedar Rapids
Peoples
John Sayers
S&ls
C. Bernstein & Co
Gray
Treasury
Chrysler Seeks to Move Production to U S Amid Talks
Chrysler proposes shifting some Canadian output to U S plants to keep American facilities running through December. UAW opposes the move arguing it would undercut Canadian workers and escalate tensions as contract talks resume in Highland Park and Toronto.
MENTIONED IN THIS ARTICLE
United States
U.S
United Auto Workers Union
UAW
Chrysler Canada Ltd
Thomas Miner
Chrysler
Miner
Highland Park
Toronto
Perway
Marc Stepp
United Auto Workers
Chrysler Department
Canada
Stepp
General Motors
Defense
Dow Dips Below 1000 For First Time In Three Weeks
The Dow Jones average fell under 1000 in a grim session as October durable goods orders slid 49 percent and October consumer prices rose 0.5 percent. The Dow ended at 990.99, its lowest close since October 25, with large declines across major indexes and heavy trading in Exxon Texaco and IBM.
MENTIONED IN THIS ARTICLE
Dow
New York
UPI
Wall Street
IRS guidance on rollovers and establishing IRAs and Keogh plans
A reader asks about rolling over untaxed portions of tax sheltered annuity payments into an IRA. The answer: rollovers are only allowed from lump sum distributions. ongoing annuity payments should not be rolled over. For IRA or Keogh plan approval, you can model after IRS plan templates by filing Form 5305 or 5305A, or file Form 5306 with an IRS opinion. Publication 590 provides full details.
MENTIONED IN THIS ARTICLE
IRS
Secretary of the Treasury
Factory orders fall 4.9 percent in October
UPI reports a 4.9 percent drop in durable manufactured goods orders in October, the largest monthly decline since October last year. Officials call the report disappointing but note defense capital gains and September's upturn, with cautious hopes for improvement in coming months.
MENTIONED IN THIS ARTICLE
Washington
UPI
Commerce Department
Corporate earnings mix shows growth in Trizec portfolio
Calgary based Trizec's nine months ending July 31 report rising revenues 15.4 percent to 302.9 million and net income up 27.8 percent to 25.7 million. Per share income rose 44 percent to 48.4 cents as Harold Milavsky cites mature properties and a strong financial structure. Hahn subsidiary adds centers totaling 34 million square feet with three new openings this year and a fourth in 1985.
MENTIONED IN THIS ARTICLE
Hanover
N.H
Amca International
Cherry-Burrell
Cedar Rapids
Giddings & Lewis
Vinton Bank Merger Approved by Federal Reserve
The Federal Reserve System approved Hawkeye Bancorporation of Des Moines to acquire the State Bank of Vinton, which holds about $45 million in assets and will become Hawkeye’s 34th affiliate. The bank operates a main office in Vinton and a branch in Garrison.
MENTIONED IN THIS ARTICLE
Des Moines
State Bank of
Vinton
Hawkeye Bancorporation of
Federal Reserve System
Hawkeye
Garrison
Comptroller of the Currency
State Bank
Centerville National Bank
Mobil recalls 175000 gallons of oil in six midwest states
Mobil Oil Corp recalls 175000 gallons of Mobil Super 10w40 from distributors and retailers in Illinois Wisconsin Michigan Indiana Ohio and eastern Iowa. The defective oil manufactured in July at Cicero Illinois prompted free replacement and dealer service. No other Mobil oils affected.
MENTIONED IN THIS ARTICLE
Schaumburg, Ill
Illinois
Wisconsin
Michigan
Indiana
Ohio
Iowa
Cicero, Ill
Mobil
Also Mentioned on This Page
C.R
Federal Home Loan Bank Board
Aia
Hase-Schannen Research Associates
Greenwich, Conn
Jonathan E. Gray
S&l
Sanford
Donald K. Crowley
San Francisco
Keefe, Bruyette & Woods Inc
Crowley
Marc
Standard & Poor
Exxon
Texaco
IBM
Citicorp
Dome Petroleum
Ranger Oil
CMI Corp
National Association of Securities Dealers
Ira
Los Angeles Times
Department
Robert Dederick
Calgary
Alberta
Harold P. Milavsky
Trizec
Hahn
Harnischfeger
Milwaukee
Harnischfeger Corp
Henry
Raytheon
Lexington, Mass
Raytheon Co
Thomas L. Phillips
Boston Security Analysts Association
Beech Aircraft Corp
AMCA
Vinton Bank
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