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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 12, 1981
Page
21
The week ending Sept 2 saw the money supply drop by 1.1 billion while money market rates eased, prompting bankers to expect a mid course shift by the Fed. M1B eased to 430.9 billion and M1A to 360.3 billion as banks cut prime rates and discount windows.
Marine Midland Bank of Buffalo trims its prime lending rate for blue chip corporate clients by a half point to 20 percent. State National Bank of Connecticut lowers its rate to 19 percent from 20 percent as major banks respond to lower funding costs.
Stocks rose modestly led by Dow 872.81 after Marine Midland Bank lowered its prime rate 0.5 points to 20 percent. NYSE index up to 70.32, volume on the Big Board at 42.17 million. overall exchange volume 50.05 million. Analysts warned rates remain high and direction uncertain despite the rally. The American Exchange index rose to 331.05, NASDAQ up to 189.81.
Cryovac announces layoff of 10 production workers at its Cedar Rapids Airmold unit as the operation shifts to Riverside California. Eastern market will be served from Roanoke Rapids North Carolina, western from Riverside, with seniority bumps moving staff to other plant areas. Airmold supervisors stay, and first Cedar Rapids machines head to Riverside next week.
Chrysler Corp recalls about 150 000 domestic 1981 cars with cruise control after reports of a sticking resume switch. One accident linked to the defect prompted repairs late in the 1981 run. About 4500 cars may need repair but all will be replaced or repaired. parts to dealers begin in October.
Lehigh Portland Cement Co. sold its Hannibal Missouri plant and related distribution facilities to Cementa Inc. The deal includes river barge fleet and distribution assets in St. Louis and the Midwest and Southeast. No workforce changes are planned at the Hannibal plant.
A federal judge refused to dismiss the government antitrust suit against AT&T and ruled the Bell System violated antitrust laws in multiple ways over a lengthy period. He also tossed three government arguments about market existence, FCC representation, and pricing.
Wilson Foods Corp reports a net loss of 23.7 million for the first seven months of 1981, with an 8.4 million one time charge tied to planned plant closings in Des Moines and Denver. Sales reach 1.3 billion, as factors like hog supplies and weak demand weigh on earnings. Kenneth Griggy notes cost inflation and strategic plant moves aim to improve long term position. The Cedar Rapids operation remains the largest plant.
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