Dollar Drops to Postwar Lows as Markets React to Policy Cues
A volatile week in foreign exchange ends with the dollar near wartime lows against major currencies. Traders cite heavy fund flows, central bank interventions, and concerns over the U S trade deficit and fiscal policy. The yen, mark, Swiss franc and pound move on, while Canada and Britain show divergent patterns amid policy signals.
MENTIONED IN THIS ARTICLE
New York
Ernst Brutsche
Citibank
Foreign Exchange
United States
Brutsche
Japan
West Germany
Switzerland
Canada
Britain
Bank of England
Treasury
Arthur F. Burns
Federal Reserve Board
Blumenthal
Record corn crop and strong earnings reports across industry
The Agriculture Department forecasts a 6.3 billion bushel corn crop and 1.65 billion soybean crop with wheat at 2.03 billion, while gains in grain harvest may ease consumer food prices. Earnings reports show IBM up 17.6 percent to 4.66 a share, GE at 1.18, RCA 0.82, and other firms posting improvements.
MENTIONED IN THIS ARTICLE
New York
Department of Agriculture
J.P. Morgan & Co
Chemical New York
Marine Midland
Charter New York
International Business Machines Corp
Eastman Kodak
General Electric
Westinghouse
RCA
Dow Dives to Two-Year Low on Disintermediation Fears
The Dow Jones Industrial Average fell 18.71 to 821.64 as rates concerns fan fears of disintermediation. The S&P 500 slid 2.41 to 93.56 and the NYSE composite dropped 1.35 to 51.24 while Big Board volume averaged 19.03 million shares.
MENTIONED IN THIS ARTICLE
New York
Standard & Poor
Raytheon posts record third quarter earnings per share
Raytheon Co reports a record 0.97 per share for the third quarter, up from 0.76 a year ago after a June 2-for-1 split. Net income $30 million on $696 million sales, driven by government systems and commercial electronics. Worldwide employment at September end was 56,600.
MENTIONED IN THIS ARTICLE
Lexington
Mass
Raytheon Co
Raytheon
Amana Refrigeration
Iowa Manufacturing
Iowa Steel and Iron Works
UPI Group Urges Study of News Service Cost Sharing
A UPI Newspaper Advisory Board proposal calls for a special committee including UPI and AP reps to study reducing rising news service costs. The plan seeks joint action with the American Newspaper Publishers Association and other media groups to limit expenses while preserving two major wire services.
MENTIONED IN THIS ARTICLE
UPI Group
Dorado
Puerto Rico
UPI
United Press International
Associated Press
American Newspaper Publishers Association
Richard G. Capen Jr
Copley Newspapers Inc
Capen
Sory Board
Editors and Publishers
Also Mentioned on This Page
U.S
Ann Crittenden
W. Michael Blumenthal
Washington
N.Y. Times News Service
Kaiser Aluminum and Chemical Corp
Aluminum Company of America
Reynolds Metals
Tennessee Valley Authority
R.F. Coal Company
Ohio
Coca-Cola
Ford Motor
Xerox
Motorola
Egypt
Mideast
Price Waterhouse & Co
Amtrak
Midwest
Railroad Corporation
Postal Thrift
Iowa
Cedar Rapids
Burlington
Clinton
Council Bluffs
22Nd & Broadway
North Main
Davenport
East 3Rd
Des Moines
Merle Hay
Ninth
Mese Securities Postal Thrift
Marshalltowh
West Main
Muscatine
Newton
St St
Ottumwa
Sioux City
Pierce
Sioux
Douglas
Waterloo
Jefferson
Postal Thrift Loans, Inc
Ben Frankhlnbbe
Armco
Larson & Unzeitig, Inc
First Avenue
N.E
Sta
Chile
Guallatiri
Lascar
Chamber of Commerce Consolidated Businesseer
Newcomer Families
Marion
Advi
Auto Mart
LITHO
Moramerica Financial Corporation
Lowa
Morris Plan Securities Company
THE
American Building
Cedar Rapids, Iowa
John R. Ver Hulst
CLU
Washington National Insurance Company
Ver Hulst
Evanston, Illinos
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