Slow Wall Street Affects Lunch Crowd and Helicopter Traffic
A quiet week on Wall Street shows reduced trading, with 73.9 million shares daily on average in August and only brief spikes. Traders and brokers adapt by focusing on services like tax shelters and financial planning as activity dips around the Dow and at venues like the Stock Exchange Luncheon Club.
MENTIONED IN THIS ARTICLE
Robert J. Cole
New York Times
New York
Wall Street
Harry’s
Hanover Square
Harry Poulakakos
George Papaspyrou
New York Stock Exchange
Exchange
Stock Exchange
Whitney Travis
Governors Island
Financial District
Mary Lee Skaff
Aetna Life and Casualty Co
Hartford
August unemployment holds at 9.5 percent with teen disparity
U S Labor Department reports unemployment steady at 9.5 percent in August after July drop. Black male teenagers suffer record 56.8 percent joblessness while adult black men ease to 18.4 percent. Labor officials cite racial and geographic factors behind the gap.
MENTIONED IN THIS ARTICLE
Washington
Labor Department
Janet L. Norwood
Commissioner of Labor Statistics
August unemployment in ten largest states steady state
The August job report shows mixed changes in the ten biggest states with California and Illinois up and Florida and Texas down. Payrolls rose by about 300000 nationwide, with 10.7 million unemployed, and the broader rate inching up for the civilian labor force to 9.4 percent in the alternate measure. The AFL-CIO warned no recovery, noting only 36 percent of the 10.7 million jobless receive unemployment benefits.
MENTIONED IN THIS ARTICLE
Washington
Bureau of Labor Statistics
California
Florida
Illinois
Massachusetts
Michigan
New Jersey
New York
Ohio
Pennsylvania
Texas
Maxine Bailey
Jobs For Youth Inc
Bell System
U.S
Deborah Klein
Raymond Donovan
Jerry J. Jasinowski
National Association of Manufacturers
UAW and Chrysler Resume Talks After Iacocca Offer
UAW President Owen Bieber announced steps to reopen negotiations with Chrysler Corp after a call with chairman Lee Iacocca. The company signaled willingness to present a new proposal, while Iacocca had previously indicated he would reopen talks and the union prepared its negotiating teams for swift discussions.
MENTIONED IN THIS ARTICLE
Detroit
United Auto Workers
Owen Bieber
Chrysler Corp
Chrysler
Lee Iacocca
Bieber
Iacocca
UAW
Marc Stepp
Bob White
Canada
Britt Temby
U.S
Porsche Audi prices rise average 2.2 percent
VW of America says 1984 Porsche and Audi models will carry an average price increase of 2.2 percent over 1983. New Audi models join line. 1984 warranty expands to two years with no mileage limit. Notable price changes include Audi 5000S Turbo at 22250 dollars and Porsche 911 Carrera at 31950 dollars.
MENTIONED IN THIS ARTICLE
Porsche
Audi
Troy, Mich
Porsche-Audi
Volkswagen of America Inc
Ted Kade
Kade
Xerox cuts 860 system prices 16 to 19 percent
Xerox Corp lowers domestic sales price of the 860 information processing systems by 16 to 19 percent. The full page model drops to 11,995 and the partial page model to 9,375. The 860 is an advanced information processor usable as a stand-alone unit or as the start of an information network.
MENTIONED IN THIS ARTICLE
Rochester, N.Y
Xerox Corp
Braniff Wins Court OK to Resume Operations
U S Bankruptcy Judge John Flowers approved Braniff International's final reorganization plan allowing flight resumption. Hyatt Corp will invest 20 million dollars in cash and 50 million in loan guarantees for 80 percent of the new airline's stock. Opposition may appeal within 10 days, with settlements expected in 30 days. The carrier, once in May 1982, halted operations with a one billion dollar debt and plans to base at Dallas Fort Worth using 30 Boeing 727 jets.
MENTIONED IN THIS ARTICLE
U.S
John Flowers
Braniff
Hyatt Corp
Dallas-Fort Worth
Defense stocks lead rally as market rebounds after jet downing
The stock market rose on light volume as aerospace and defense shares surged following the downing of a Korean airliner by a Soviet plane. The Dow gained 8.64 to 1215.45, with volume around 59.3 million on the NYSE and notable moves in Rockwell International Raytheon Lockheed Northrop McDonnell Douglas and E Systems. The day also saw a Fed money supply drop and a brief exchange-floor scare due to a smokey briefcase later found harmless.
MENTIONED IN THIS ARTICLE
New York
Wall Street
New York Stock Exchange
Rockwell International
Raytheon
Lockheed
Northrop
McDonnell Douglas
E-Systems
Federal Reserve
Treasury
Big Board
James Grinder
Exchange
Grinder
Paradyne
NYSE
Social Security Administration
Securities and Exchange Commission
New York Exchange
Standard & Poor
S&p
Money supply shrinks and interest rate falls
The Federal Reserve reported a $1.4 billion drop in M1 for the week ending August 24, pushing rates lower as six month T bills fell to 9.40 percent and 30 year bonds rose. Economists noted M1 slipped under the Fed’s growth ceiling, though a larger jump is expected in early September as Social Security checks hit banks.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve Board
Fed
Gerald Zukowski
Paine Webber Inc
Treasury
Zukowski
Also Mentioned on This Page
Mary McDermott
Shearson-American Express
Mary McCue
First Boston Corp
Reagan
Larry Speakes
Afl-Cio
Sondjfmamj JA
Dept. of Labor
General Motors
Ford
United States
Britain
Xerox
Cedar Rapids
Marion
Fort Worth, Texas
Braniff International
W.D. McTavish
Tommy Tucker
Iowa City
Anamosa
Elsewhere
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