Dow climbs to near 1981 high as late rally sparks buying
The Dow Jones industrial average rose 14.35 to 909.40 amid frantic late-hour buying by institutions, boosting volume and lifting the NYSE to strong gains. The Nasdaq-like optimism spilled into bonds and gold as rumors swirled of Mexico's bank nationalization and Middle East peace moves.
MENTIONED IN THIS ARTICLE
New York
UPI
Wall Street
Mexico
U.S. Middle East
Dow
New York Stock Exchange
William LeFevre
Purcell Graham
Chester Pado
G. Tsai & Co
Los Angeles
Pado
Standard & Poor
General Electric
IBM
Eastman Kodak
General Motors
General Foods
United Technologies
Westinghouse Electric
ASA Ltd
Campbell Red Lake
Dome Mines
Homestake Mining
Cities Service
Occidental Petroleum
Martin Marietta
Mexico nationalizes banks seals branches in capital
In Mexico City police sealed entrances to most banks as President Lopez Portillo issued a nationalization order. Leftist economist Carlos Tello Macias assumed control of the central bank to run the new system while authorities warned of catastrophe and a possible debt default.
MENTIONED IN THIS ARTICLE
Mexico City
UPI
Mexico
José Lopez Portillo
Carlos Tello Macias
Arturo Durazo Moreno
Lopez Portillo
Iowa Workers Compensation rate to drop by average 10.1 percent
Insurers in Iowa seek state approval to reduce workers compensation rates by 10.1 percent on policies issued or renewed after November 1. National Council on Compensation Insurance cites improved Iowa loss experience and notes concurrent rise in maximum weekly benefits. Bruce Foudree to review the proposal with specific class reductions: 6.8 percent for manufacturing, 7.6 percent for contracting, and 12.9 percent for all other classifications.
MENTIONED IN THIS ARTICLE
Des Moines
Iowa
National Council On Compensation Insurance
William L. Clark
11 percent government guaranteed home loans extend in Cedar Rapids
Cedar Rapids lenders offer 11 percent FHA and VA insured mortgages to be paid off in 15 years. Perpetual Savings and Loan notes higher monthly payments but full payoff in 15 years, with example payments of 568.29 on 50 000 versus 476 on 30 years. Banco Mortgage Co led the way, and Dick Abel reports floods of inquiries and a 20 to 25 day qualifying period before issuance in Cedar Rapids.
MENTIONED IN THIS ARTICLE
Cedar Rapids
Veterans Administration
Federal Housing Administra
Phil Kuhn
FHA
Perpetual Savings and Loan
Banco Mortgage Co
Dick Abel
Abel
Safety warning on Safe-Guard Disney squeeze toys
Federal safety officials warn that four plastic Safe-Guard squeeze toys featuring Walt Disney characters may choke or suffocate children. Canara International of South Hackensack New Jersey distributes them. Toys have small handles and bulbous ends and should be removed from use immediately. Call 1 800 638 8326 for more information.
MENTIONED IN THIS ARTICLE
Washington
UPI
Consumer Product Safety Commission
Canara International
South Hackensack
N.J
the Safety Commission
Ford recalls 7,672 1982 F series Bronco and Econoline
Ford Motor Co. recalls 7,672 1982 F series Bronco and Econoline trucks with 4.9 liter engines for a potentially misplaced timing mark that could cause emissions issues and engine damage. Repairs will be free at Ford dealers. 4,656 units are already held for service.
MENTIONED IN THIS ARTICLE
Dearborn
Mich
UPI
Ford Motor Co
Ford
All Savers rate drops to 8.15 percent lowest ever
The Treasury Department sets the next All Savers one year certificate rate at 8.15 percent, the lowest on record, taking effect Sunday while the current 8.96 percent rate remains available. Earlier first issues in October reached 12.61 percent before steadily falling. The 8.15 percent rate equals 70 percent of the latest investment yield of 11.64 percent from Thursday’s Treasury bill auction.
MENTIONED IN THIS ARTICLE
Washington
UPI
Treasury Department
Treasury
Savers Scorecard Highlights Tax Exempt One Year Certificates
The summary reviews savings certificates that lock in funds for one year with a withdrawal penalty. Interest up to 1000 dollars for individuals or 2000 dollars for joint filers may be tax free. Certificates valid for first time or renewal until year end, as of Sept 5 1982. Rates shown for banks and thrifts with various minimums and terms.
MENTIONED IN THIS ARTICLE
Congress
Withholding Tax On Interest And Dividends Draws Fire
The new 10 percent withholding on most interest and dividend payments starts June 30 next year. Exemptions include IRAs, under $150 annual interest, and low tax filers. mutual funds and many savers may alter behavior to avoid withholding. Institutions cite paperwork costs while experts foresee modest impact on saving and possible shift to tax exempt investments.
MENTIONED IN THIS ARTICLE
New York
Congress
Treasury
Coopers & Lybrand
August sales slump hits major retail chains
United Press International reports back to school sales weakness and peso devaluation dampening August results across chains. Sears rose 0.7 percent to 1.53 billion, Kmart fell 4.3 percent to 1.87 billion, J. C. Penney down 1.8 percent to 858 million, while Woolworth gained 1.4 percent to 542 million. Dayton Hudson and Wal-Mart posted strong gains as Zayre and Federated showed mixed results.
MENTIONED IN THIS ARTICLE
Sun Belt
Sears, Roebuck and Co
Kmart Corp
J.C. Penney Co
Texas
California
Florida
Sears
Kmart
J.C. Penney
Woolworth’s
U.S
Equitable Sells Provident Life to United Life
Equitable of Iowa Companies announces United Life Insurance Co will buy Provident Life Insurance Co for 42.125 million. Provident, based in Bismarck North Dakota, serves 31 states with assets of 150.3 million and 1980 revenues of 26.5 million. Proceeds to reduce short term debt.
MENTIONED IN THIS ARTICLE
Equitable
United States
Younkers Inc
Iowa
Peace of Versailles Ends American Revolutionary War
On this date in 1783 Britain France Spain and the United States signed the Peace of Versailles to officially end the American Revolutionary War.
MENTIONED IN THIS ARTICLE
Britain
France
Spain
United States
Versailles
Also Mentioned on This Page
Bendix
Martin-Marietta
Mercantile Stores
Dayton-Hudson
Gap
UPI Photo
General Electric Medical Equipment
New Berlin
Wis
Walt Disney
Certificate Banks
Thrifts
Mae
United Press International
Federated Department Stores
Montgomery Ward Co
Dayton Hudson Corp
Carter Hawley Hale
Zayre Corp
Wal-Mart
Equitable Sells Provident Life
Johnson
Toco Electronics
Mt. Vernon Rd
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