Surprise money surge sinks bonds and boosts rates
The Fed reported M1 money supply rose to $519.6 billion in the week ending Oct 12, sparking a drop in long term Treasuries and a rise in three month T bill rates from 8.52 to 8.68 percent. Analysts say policy likely unchanged for now with potential easing later in the quarter. The report also notes mixed banking indicators and a small change in the monetary base to $198.0 billion.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve Board
U.S
Fed
Maury Harris
Paine Webber, Jackson & Curtis Inc
Thomas D. Thomson
Crocker National Bank
San Francisco
Treasury
Thomson
Federal Funds
Federal Reserve System
Federal Reserve Bank of St. Louis
Federal Reserve Banks
Second straight decline for stock market week
New York stock market ends a second straight down week as bank stocks lead losses amid debt speculation. Dow Jones falls 2.64 to 1248.88 with a 14.64 point weekly drop. volume 91.64 million. Citicorp and Chase Manhattan slide to 52 week lows while AI and techs rebound. Fed money supply rises sharply by 2.4 billion, sparking cautious trading.
MENTIONED IN THIS ARTICLE
NEW York
New York Stock Exchange
Citicorp
Chase Manhattan
Chemical New York
Manufacturers
Hanover
Federal Reserve
Norwest Corp Earnings Rise On Insurance Settlement
Norwest Corp of Minneapolis operates Norwest Bank in Marion and Cedar Rapids and provides mortgage personal loan and data processing services in the city. Increased nine month earnings were credited to the financial service group and a cash insurance settlement covering damage to its headquarters.
MENTIONED IN THIS ARTICLE
Norwest Corp
Minneapolis
Norwest Bank
Marion
Cedar Rapids
Bank earnings rise as shipments improve and holdings expand
First Bank Net income climbs 75 percent to 77 900 with per share 96 cents amid a 13 percent rise in shipments. Alcoa operates an Iowa plant near Davenport. First Bank System of Minneapolis owns Banks of Iowa and may acquire Merchants National Bank of Cedar Rapids if the deal becomes legal.
MENTIONED IN THIS ARTICLE
Alcoa
Iowa
Davenport
First Bank System of
Minneapolis
Banks of Iowa
Merchants National Bank of
Cedar Rapids
Miracle
Miracle Recreation Equipment Co
Grinnell
Illinois Supreme Court blocks Dow Jones index futures at Chicago Board of Trade
The Illinois Supreme Court ruled the Chicago Board of Trade cannot trade futures based on the Dow Jones industrial average without Dow Jones & Co. permission, citing proprietary rights. The decision leaves room for BOTrade to trade futures on Amex indexes after a CFTC approved pact.
MENTIONED IN THIS ARTICLE
Chicago
Chicago Board of Trade
Dow Jones & Co
Illinois Supreme Court
Board of Trade
American Stock Exchange
Dow Jones
Thomas P. Cunningham
Seymour Simon
Cunningham
Commodity Futures Trading Commission
General Motors expands recall to include 500000 vehicles
GM expands a recall to about 500000 cars and light trucks over five safety related issues. The plan covers 1983 mid size compact and subcompact models plus 1983 84 four wheel drive S 15 and rear drive 1983 diesel engines and other models including Chevrolet Citation Celebrity Cavalier Cimarron Century Skylark Skyhawk Oldsmobile Cutlass Ciera Omega Firenza Pontiac 6000 Phoenix and 2000. No injuries reported.
MENTIONED IN THIS ARTICLE
Detroit
General Motors Corp
Dave Hudgens
Chevrolet
Hudgens
Volkswagen recalls 1.5 million cars 1975 1982 models
Washington AP Volkswagen of America to recall 1.5 million 1975 1982 models to fix braking and electrical defects. NHTSA reports 96 hydraulic brake line and 3,000 electrical complaints. Recalls include 650,000 Rabbits and Sciroccos with brake lines under the carpet and 930,000 other VW and Audi models for electrical failures. Hotline provided for details.
MENTIONED IN THIS ARTICLE
Washington
Volkswagen of American
National Highway Traffic Safety Administration
The
Highway Safety Agency
Volkswagen
West Germany
Audi
Volkswagen of America
NHTSA
Cargill to Expand Cedar Rapids Soy Plant Add-on
Cargill plans a 20 000 square foot expansion to its Cedar Rapids soy protein plant at 1010 10th St SW. The project aims to boost the soybean specialties area and new product development, with completion expected by March next year and unknown new job count. The upgrade will allow flavoring of textured soy products like imitation bacon cheese and ham bits for private label and institutional markets. Plant manager Tony Cahill credited the Economic Development Department of the Chamber of Commerce for facilitating the agreements to build across 12th St SW.
MENTIONED IN THIS ARTICLE
12Th Avenue
Cargill
Cedar Rapids
10Th St
Tony Cahill
Cahill
Economic Development Department
The
Chamber of Commerce
12Th St. SW
Beef prices end year at low but inch up warned
Denver AP reports retail beef prices in 19 cities fall to their yearly low as of Oct 13 with an average five cuts at 2.35 a pound down from September and from a year ago. Ground beef at 1.31 a pound also dipped while prices for round steak sirloin T bone and chuck roast rose in the survey. The association warns higher feed costs and weak cattle numbers could push prices higher later.
MENTIONED IN THIS ARTICLE
Denver
National Cattlemen’s Association
Also Mentioned on This Page
Commerce Department
Federal Reserve Bank of New York
New York City
Rva Muli Cela
Bureau of Labor Statistics
American Telephone & Telegraph
Exchange
Standard & Poor
S&p
Norwest
First Bank
Dow Futures
General Motors
International Harvester
Harvester
C.R
Iowa City
Anamosa
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