Stocks rebound but weekly loss worst in three years
Wall Street ended Friday with a slight gain as the Dow rose 0.73 to 991.72 but posted a weekly drop of 39.74 points, its steepest weekly slide since March 1980. The day saw mixed moves across major indices and notable activity in Revere Copper, Technicolor, and Procter & Gamble as traders eyed the upcoming elections.
MENTIONED IN THIS ARTICLE
New York
UPI
Wall Street
Dow Jones
Dow
Chester Pado
G. Tsai & Co
Los Angeles
Dollar reachs new highs against mark and lira amid EMU rumors
The dollar rises to fresh peaks versus the German mark and Italian lira with gains against major currencies as markets weigh European Monetary System realignments and Iran Iraq conflict. Gold advances in London and New York while yen and lire stay volatile amid policy signals and austerity doubts.
MENTIONED IN THIS ARTICLE
United Press Imen
Iran
Iraq
France
U.S
London
Martin Schubert
Rosenthal International Ltd
Europe
Treasury
Donald Regan
Tokyo
New York
Paris
Zurich
New York Commodity Exchange
Comex
Penneys to close four Iowa stores in January
J C Penney Co will shut Cresco Dyersville Leon and Waukon stores in the first week of January after a market study found sales did not justify operation. About seven workers per store may be affected, with some moved to nearby Penneys.
MENTIONED IN THIS ARTICLE
Des Moines
J.C. Penney Co
Cresco
Dyersville
Leon
Waukon
William R. Lewis
Lewis
Penney
Iowa Penney
Iowa
Iowa Illinois Gas and Electric Reports Slim Quarter
Davenport based Iowa Illinois Gas and Electric Co reports 97 cents per share for the quarter ended September, down from 98 cents a year earlier. For the year, earnings per share reach 3.80, with electric sales down 2 percent and gas sales up 5 percent due to colder weather. The firm is appealing an Iowa Commerce Commission order that could reduce earnings by 12 cents per share if upheld.
MENTIONED IN THIS ARTICLE
Davenport
Iowa-Illinois Gas and Electric Co
Donald H. Shaw
Illinois
Iowa
Iowa District Court
Iowa Commerce Commission
Shaw
IRS may change ruling on calls
Treasury Secretary Donald Regan agreed to review the planned IRS cutback in taxpayer services as the Treasury offered hope the IRS will continue answering all taxpayer questions on toll-free lines. The cutback, announced in April, would take effect Jan. 3 and would limit staff to directing taxpayers to a department publication for detailed queries.
MENTIONED IN THIS ARTICLE
Washington
UPI
Treasury Department
Internal Revenue Service
Treasury
Donald Regan
IRS
Congress
Marshalltown plant to close spread duties to other plants
Midwest Spring Manufacturing Co of Chicago announced the Marshalltown plant will shut down. General manager Robert Boswell said no closing date yet and the workforce dropped from 30 at year start to six. Duties will be redistributed among five other plants.
MENTIONED IN THIS ARTICLE
Marshalltown
Midwest Spring Manufacturing Co
Chicago
Robert Boswell
Boswell
UAW Loses Second Office Election at GM Pontiac
In Pontiac the clerical group at GM central foundry division voted 21 to 6 against joining the United Auto Workers. GM celebrates a second weekly victory after a Wednesday ballot at the Flint Chevrolet complex also rejected UAW organizers.
MENTIONED IN THIS ARTICLE
Detroit
UPI
General Motors Corp
United Auto Workers
National Labor Relations Board
Central Foundry
Pontiac
Michael J. Tahy
UAW
Chevrolet
Flint
Auto safety group warns DOE failure to publish mileage guide
The Center for Auto Safety says DOE's failure to publish a new gasoline mileage guide could expose 25,000 new car dealers to a $250 million daily fine. A legal analysis argues dealers must provide free copies to consumers regardless of DOE distribution.
MENTIONED IN THIS ARTICLE
Washington
UPI
Department of Energy
Center For Auto Safety
National Automobile Dealers Association
Clarence Ditlow
Environmental Protection Agency
Energy Department
DOE
Enor
Ditlow
Energy Policy and Conservation Act
Ralph Nader
Consumers Union
Bell stock future: Eight Bell stocks after breakup debated
Two opinions on AT&T demerger weigh holding or selling. Analysts differ on whether eight new Bell stocks will rise after the split, with some predicting volatility and growth, others urging investors to wait and pick prefered holdings.
MENTIONED IN THIS ARTICLE
Bell Stock
Ma Bell
At&t
Thrift deposits fall as 36 thrifts close nationwide
The Federal Home Loan Bank Board reports September deposits declined by 1.8 billion with 36 thrift institutions ceasing to exist. Net worth for the thrift industry slipped to 23.6 billion as new accounting rules allow some liabilities to be redefined as deductions.
MENTIONED IN THIS ARTICLE
Washington
UPI
Federal Home Loan Bank Board
Bank Board
Federal Savings and Loan Insurance Corp
Congress
Justice Department blocks Bendix takeover and related merger plans
The Justice Department temporarily blocked Allied Corp.'s plan to buy Bendix Corp. and its 39 percent stake in Martin Marietta Corp. to review antitrust implications. The agencies asked for further information, delaying any action for at least 26 days after satisfactory responses.
Rath recalls 70 workers to restore five day week
Rath Packing Co. recalls 70 employees at its Columbus Junction plant and returns to a five day schedule. spokesman Ray Sheever says normal operation resumes November 1 after prior shift reductions due to alternating slaughter days driven by rising pork demand.
MENTIONED IN THIS ARTICLE
Washington
Rath Packing Co
Columbus Junction Park
Ray Sheever
Rath
Also Mentioned on This Page
Standard & Poor
Revere Copper & Brass
Technicolor
MacAndrews & Forbes
Sterling Drug
Food & Drug Administration
Sterling
Chrysler Corp
Pacific
Manville Corp
Manville
Procter & Gamble Co
Dome Petroleum
National Association of Securities Dealers
Mark
Milan
Frankfurt
International Business Machines Laboratory
Tucson
Ariz
Penney’s
Lowa
Los Angeles Times
Bendix
William F. Baxter
Sheever
Cedar Dar Rapids
33Rd Ave
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