Housing starts shrink again in August
August housing starts fell 16.2 percent to an annual 1,002,000 units while building permits dropped 16.6 percent to 886,000. Through eight months the industry produced 650,900 units, 18 percent below last year. Builders and economists warn rates must fall to revive new construction.
MENTIONED IN THIS ARTICLE
Washington
UPI
Commerce Department
Michael Sumichrast
National Association of Home Builders
Sumichrast
Beryl Sprinkel
Treasury
Builders Association
Norfolk
Fred Napolitano
Association
Treasury loosens rules on tax exempt bonds for rental housing
The Treasury Department said tax exempt industrial revenue bonds may be used to finance single family rental homes retroactive to May 26. Builders may refinance unsold subdivisions with bonds issued by cities and states, with no requirement the housing be new. Regan urged regulators to delay further deposit rate deregulation until Congress acts on thrift lending powers.
MENTIONED IN THIS ARTICLE
Washington
UPI
Treasury
Donald Regan
Congress
Regan
Federal Reserve Board
Paul Volcker
Joint venture to create 25 Iowa jobs in tubing firm
Venture announced in Des Moines that Stockton Iowa and West Germany firms will form Tubetechnik to produce steel slotted tubes for farm implements autos and storage displays. Partners Superior Rohrtechnik Osthoff Burgbernheim West Germany will back the project with a new Stockton plant.
MENTIONED IN THIS ARTICLE
DES Moines
Stockton
Iowa
West Germany
Tubetechnik
Superior and
Rohrtechnik Osthoff Gmbh and Co. KG
Burgbernheim
Superior
InterNorth to cut corporate staff up to 10 percent
InterNorth plans a 7 to 10 percent reduction of its 1 091 member corporate staff by December 31. A company spokesman said job functions and services will be examined, not individuals, and about 70 may be reassigned to operating companies to avoid corporate layoffs.
MENTIONED IN THIS ARTICLE
Omaha
Neb
InterNorth
Randa! Blauvelt
Fraser
Bendix Surges Ahead in Bid for Marietta Control
Bendix Corp said it bought a controlling stake in Martin Marietta and demanded resignations to push its plan. Marietta amended by laws to block quick Bendix control while vowing a counter takeover. United Technologies weighs options as antitrust reviews continue.
MENTIONED IN THIS ARTICLE
New York
UPI
Bendix Corp
Martin Marietta Corp
Marietta
Bendix
United Technologies
Martin Marietta
Marietta Board of Directors
Bethesda
Harrison Winter
U.S. Circuit Court of Appeals
Baltimore
Winter
U.S
Joseph Young
Young
United
Hartford
UTX
Crum & Forster
Sears, Roebuck and Co
American Telephone & Telegraph
Sharp stock losses as housing starts plunge hit market
UPI reports a broad stock retreat with the Dow down 10.86 to 916.94 on Friday as profit taking followed housing starts data. Bendix leads takeover chatter with Martin Marietta while United Technologies weighs actions, and Sears and IBM show mixed moves amid a weak NYSE and NASDAQ.
MENTIONED IN THIS ARTICLE
New York
UPI
Bendix
Martin Marietta
United Technologies
Dow Jones
UAW approves Chrysler pact by narrow margin at council
The United Auto Workers Chrysler council narrowly backed a tentative settlement 262 to 249 to send the contract to rank and file, amid anger over limited pay raises and cost of living adjustments. The pact includes an absenteeism crackdown and wage comparisons show Chrysler trails Ford and GM.
MENTIONED IN THIS ARTICLE
Detroit
UPI
United Auto Workers Chrysler Corp
Rank and
UAW
Douglas Fraser
Fraser
Wildcat
Chrysler Assembly
Newark
Del
Twinsburg
Ohio
Ford Motor Co
General Motors Corp
Money supply up as M1 rises 4.3 billion in week
UPI reports the nations M1 money supply increased by 4.3 billion in the latest week. Analysts say the Federal Reserve may resist further rate cuts as M1 growth exceeds targets and reserves tighten. Bank loan demand rose 731 million while M1 averaged 461.2 billion for the week ending September 8.
MENTIONED IN THIS ARTICLE
New York
UPI
Federal Reserve
Fed
InterNorth seeks three wholesale rate hikes in Midwestern gas business
InterNorth Inc. subsidiaries request three wholesale gas rate increases totaling 27 percent for Northern Natural Gas customers in 74 utilities across nine states. A 12 percent pass through starts Monday, a 3 percent rise follows December 27, and a 10 percent hike is planned for October 27 subject to settlement or FERC hearing.
MENTIONED IN THIS ARTICLE
Omaha, Neb
Northern Natural Gas Co
InterNorth Inc
Mount Vernon
Linn County
Iowa
Northern Natural Gas
Howard Sorenson
FERC
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Jjasond Jfmamjjas
Regan Asks
Venture
Standard & Poor
Allis-Chalmers
Dome Petroleum
Champion Home Builders
Gulf Oil of Canada
National Association of Securities Dealers
Chrysler
David M. Jones
Aubrrey G. Lanston & Co
William V. Sullivan Jr
Bank of New York
Washington, D.C
Sorenson
Northern Natural
Nebraska
Texas
Kansas
South Dakota
Minnesota
Wisconsin
Illinois
Michigan
Tom
Tom Underwood
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