Financial Briefs Show Rate Cut and Market Moves
Cleveland Federal Reserve cuts rate from 4 to 3 percent. State Department rejects flotation of 100 million in international settlement bonds. RCA gains relief from earnings filing delay at NYSE. Goodrich lowers tire prices to match Goodyear cut. Mid West Utilities sells 10 million in 4 percent short term notes. Movie earnings dip nationwide due to heat. New bond offerings total 63.76 million this past week, vs 46.77 million prior week. Australia plans a 50 million internal loan.
MENTIONED IN THIS ARTICLE
Cleveland Federal Reserve Bank
State Department
Bank
International Settlement
New York Stock Exchange
Radio Corporation of America
Goodrich Company
Goodyear
Middle West
Associated Press
Waitt & Bond
Walgren War
Breed Oe
Watson Anee Warne Dump Ceapiihts
Wenden
West T & State
Winter
Bend
Tales ‘ Woods
Alabama
Asso
Caro'p&l
Cater
Cudahy P
den &S
Lake És
Duquesne Gas
Elec P & L &S
Emp O&r
Fed Wat
Firestone CM
Con Firestone Tire
Fla Pow & Ltds
Gatineau
Gopalois Aceae
Grand Trunk
Gulf of Pe
Gulf
Houston O Bio A
Inter Sec Am
Inter Pow
Do-Se
BT Niece
Lone Star G Bs
Louis P&l
Stevie
P&l
R F
Shisyilleys
Ox-Wat Oeceesseessesers
Pac
Mont Lh&p
Morris & Co Tis
Narrag Se
Bee
Nat P & L É A
United Wall
Utah Apex
Utlllty
S.a
Crown Zeller
Crucible Steel
Bain
Glee Ae
P & Let Bie
Indep Oil
Indian P&l Be A
Util
Insull Ut Inves
G&c
Lehigh PS
Mass
Iolueee
Neb
Leeesel
Newberry JJ
Eae
New Eng G&e
NY P&l
Sikaes
Ning Shii
Ohio
PG & E
Neon
Phila Bigs
Poor & Co
Potomac Bai Bs
Pow Corp
Pug S P & L
Queens Box
Reliance M
Roc Cent
St. L Gas & C
San A P
Shaw W & P
Sere
SEP & L
Ates South Cal Gas
San Nat Gas
Ito Do
Wbvesssrocesters
Texy
G&e Bs
Staley Miz
P & Lt
Post Sons Swift Co. Fe
Tex
Tex P & Lt
n-Let & Ry
van Sweringen
Webster
West Pa
West Textiles
Belgium
Norway
Brazil
Standard Railroad
U. S
Mo Pac
Niaw Falls
Liberty
Abitibt Po
Pbs
NX Am Ed Sige
Abraham
Senat Nor Pac
Virginia Ry
Kreuger&Toll És
Coe
Marseilles
Wabash RR
Minas Geraes
Western Electric
LacGasSil
LoagasiOay
Brasil
Nat Dairy
Nyc
Hrrf
Ian Do
Imp
NYNH
NY Tell
W & Best
Alleghany Corpus
de Pr Hends
Allis Chalms
Nat
Pac Gas&Elec
Pan-Am P&t
Arm&CoDel
Ata&sf Cvt
Chi & E Ill
Chi Gt West
Saonrendeahntons Mstharee
Bell T&t Bs
Goodrich
Goodyear T & R Bs
Gt North A
Penn Dix
Dogen
Phillips
Bklyn Man Tr
Richard Oil Cal
Buffro&p Con
Stlim&s
Gen Se
Rte
SOB Pac
Chi&ny cv
South Rycon
Chile
CinnGas
Eles
Stan Oil NY
Colon Oil
Colum G&e
Inver
Tonmipwonde Ge
Dilosie Osg Iosig Con Gas
Gaspiy Oe
Danas Ieee Ioe
Duke Price
Dp Tee
Bac Be
DERG
D&rg West Gn
Tran Con Oil
Etassa
Dodge Bros
T Duquesne
Gecomeip
Suse Erierf
Rennee
Utah
Hudson Coal Bs
Inseoremenns
Nor Man Bank
Hu & Marty Bs
Panama
Illinois
Bell Tel
Australia
Dice
Lyons
Nico
Peru
Austria
Noradj
Athise Batavian Pet
Poland
Toch Bs
Ies
Queensland
Southern Regis
West Union
Rio Gr Do Sul
Sax
Rome
Cts Slov &S
Siemens&Hal
Buenos Aires
Colombia
Auto production likely to decline in coming months
Wall Street Journal reports U S auto output may dip over the next sixty to ninety days after a peak in spring production. May sales rose, Chrysler shipments climbed to 40 644 units, and dealers expect some profit gains in the current quarter despite factory cutbacks and planned summer shutdowns.
MENTIONED IN THIS ARTICLE
Wall Street Journal Wire
New York
Hudson
Chrysler
Paris News Curb Heavy Stocks Ahead Of Mixed Session
New York trading ends with more sellers than buyers as bonds slip and call money steadies. Electric Bond and Share drops to 100 before a brief rally. American Gas and Electric dips to 140, United Light and Power A falls to 48. Shenandoah preferred weak, Trans-America improves slightly. Many issues slide, with investment trusts under pressure and Goldman Sachs hitting a new low.
MENTIONED IN THIS ARTICLE
Wall Street Journal Wire
New York
Electric Bond
American Gas and Electric
United Light Ape Power A
American Superpower
Associated Gas
United Gas
Goldman-Sachs
Trans-America
Shenandoah Preferred
Ungerleider
Beveses
Ns Co Nor Am Weed Neeneneee
Rictecinacitronics
Air Invest
Intercoast
Inter
Allied
Br Bov
Fai
Irving Air Chute
Capital B
Isctta Fras
Ital
Amer
Amer Gas & Elec
Cou Wee TD
Fisca Varscossessians
Am Invest B
Perriteteer Ints
Lion Oil
Lt & Trac
Maracaibo
Lone Star
Sit
Louis Isl
cMarr
Ut A. Oe
Marine Midland
Amer Yvette
Anglo Chi C
Marion Steam Show
Mavis
Arctur Radio Ital
Mead Johnson
Ark Nat Gas
Eeeseeeeen
Memphis Nat Gas
Merritta As
Asso el Ind
Asso Gas & Elec
Metro
Asso Asso Laundry
Mid Royal Ev
Mid West St Util
West Util
Atlas Util Atlas Plywood
Do Ev Pr Pt
Avia Corp Am
Montecat Debris
Avia Credit. Nee
Moody's
Mountain P
Babcock & Wilseeereseee Municipal
Bancom
Murphy. Co
Bellan Aire Vte
Bliss
Blue Ridge
Bohack HC
Arized
Newmont
Cen
P & St P
Rio
Aires
Dev
Hud
St. Oon
Chains Corp
Chaih Ph al Nv
Nieg Shares Saeee
Chem Nat As Nv
Niles Bem P
Ches & Oh Rtz
Mines Lee
Am Avia Aw
Seeereeeees
Ng Gee
Aid Ao Nor
Am Lt & Paw
North Ind P S
Pau
Novadel Agene
Cohen & Rosenberg
Ohio
Colombeee
Ohio Oil
Oklo G & E Pf
Edison
Bae Comwich & Swar
Pac
Pac West Oil
Copeland
Paramount Cab
Ennroad
Cosden Oil
Et Corp Wear
Philip Morris
Crocker & Whee
Pitney Bowes
Crown Co & S
Pitts
Plymouth Oil
Curtiss Airports
Nce & Whitely
Daniel Reeves Ateenees
Prudential Investse
Dar' Pet
de Forest Deere & Ne
Eisler
Shettuck Dean
el Bond & Share
Empire Fire
South Cal Ed Bpf
Empl Revisur
Southern Corp Penn Oil Ae Eee
Biay Lake
A. Ae
Southland Royalty
Scam Walle Lead
S’west Gas Util
Ae Holding Ae
Petree Teeeeebens i
Stand Oil Ind
Fageo Motors
Stand Oil Ohio
Falcon Lead
Wee
Stow & Ut Pr
Starrett Sol Ity
Stein
Fokker Aircraft
Stein Cosmetics Aeeeee
Ford Motor
Steinite Radio Seeeeres
Ford Motor France
Bak Alloys
Il Teck Hughes
Tenn P Steeerereeeresee
Lec Ltd Rct
Empire
Il Seeesens Ind
Pete
Todd Shipyards
Seeeweere
Goldman Sachs A
Trunz Pork
Graymurenna Ane Eeeenees Tub Chat Corp B
Atla Pac Nv
Grace St
Oereeseeenenees
Us Union T Steneees
United Carr
United Corp War
United
MOE
Conkisicoalasenad
Wanker Ga
BOD OU. Cancsbenasseces Horn & Ha
Houston Enenseenss Ae
Houston cv Sre G
Sh Pr
Humble
Patel
Us Oas
Proposal to reduce capital and par value of stock
Tobacco Products Corporation proposes to convert Class A and common stock from $20 par to no par and reduce capital to $5 a share. Stockholders vote at the June 25 annual meeting. President F K Morrow cites excess book value of United Cigar Stores Company holdings and large lease value as reasons to avoid dividend impairment.
MENTIONED IN THIS ARTICLE
Wall Street Journal Wire
New York
Tobacco Products Corporation
F. K. Morrow
United Cigar Stores Company of America
American Tobacco Company
Federal Reserve Board Cuts Cleveland Rediscount Rate
The Federal Reserve Board announced that the Federal Reserve Bank of Cleveland reduced its rediscount rate to 84 per cent from 4 per cent on all classes of paper and maturities effective tomorrow. This marks the first break from the 4 per cent rate used by most banks except New York, which held at 3 per cent for the last two months. Ten banks remain on the 4 per cent rate.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve Board
Federal Reserve Bank of Cleveland
Cleveland Bank
New York
New York Bank
Turpentine and Rosin Markets in Savannah
Turpentine and rosin reports from Savannah show firm demand with detailed sales receipts and stock levels. Turpentine receipts total 885 barrels with stock 18 368 barrels, rosin receipts 2 982 barrels and stock 88 263 barrels, while shipments stand at 75 and 3 803 barrels respectively. Quoted prices span from B at 5 25 to WW at 7 10 with multiple grades listed.
MENTIONED IN THIS ARTICLE
Turpentine and
ROSIN
Savannah
Turpentine
Rosin Firm
Chicago Grain Market Rises on Short Covering in Wheat
Wheat opened easier on unresponsive Liverpool cables then turned up finishing near day’s high as shorts covered. Corn rally faded as cash offerings increased while oats slipped slightly. cash grain prices steady to higher with modest export demand. No. 2 red wheat traded around 1.09 and No. 2 yellow hard near 1.04, with a broad range for other grains and fats.
MENTIONED IN THIS ARTICLE
Early & Daniel Company
Liverpool
Canada
Free Press
Shorts
Cvescrises Coss
Osninsdee
Nceranees
Timothy
Alsike
Cincinnati
Ever
Abana
Bond market reacts as Young plan loan timing hinted
Paris reports a Bankers' Committee plenary on June 10 signaling in principle agreement on the first part of the Young plan loan. The issue date may be June 16 with strong public demand anticipated. Prices for varied government and foreign bonds remained firm amid lower money rates and active trading across European and American issues.
MENTIONED IN THIS ARTICLE
Wall Street Journal
New York
Paris
Bankers’ Committee
Bank of International Settlements
Mixed May 1980 U.S. retail, utility profits and orders
The report shows Railroad first quarter earnings at 88 cents a share on par stock, Electric and Light at 2.54 per share for the trailing year, and Chalmers Manufacturing unfilled orders rising to 1 342 000 on May 31. J C Penney and F W Woolworth report May sales changes, while Kresge, American Tobacco, and Penney note varying results in May 1980.
MENTIONED IN THIS ARTICLE
Er and Light Company
Kresge
F. W. Woolworth
Chalmers Manufacturing Pany
J. C. Penney
Cottonseed price fixing probe heard in Washington
R. R. Dupree of Cincinnati urged six to eight states to follow policy purchasing of cottonseed as part of a Federal Trade Commission inquiry. He said his firm bought about 40 percent of its cottonseed through Buckeye Cotton Company and that mills were told top prices could be paid for cottonseed while still securing profit. He noted managers aimed to buy cottonseed as cheaply as possible.
MENTIONED IN THIS ARTICLE
Washington
United
R. R. Dupree
Cincinnati
Del
Dupree
Procter & Ge Cong
Buckeye Cotton Company
Grain and produce markets show firmer tone on week
European crop estimates cut demand and Oklahoma yields dulling sentiment while Can ada weather adds to cautious outlook. July futures rise about a cent with firm corn and eggs. hay and dairy markets hold steady amid light receipts. extensive price lists for wheat corn oats hay seeds feeds and fruits and vegetables follow.
MENTIONED IN THIS ARTICLE
Oklahoma
Canada
Mercanco Exchange
Week's final livestock sale marked by poor quality and weak cattle
Cattle buyers bearish amid low grade consignments and influx from other markets. Steers and heifers sold weak to 25 cents down with many lots carried to Monday. Cows steady to lower. bulls largely unsalable. Hogs mix of gains and steady rates with moderate mid morning clearance. Sheep light demand with lambs bidding around 11 to 12 dollars, common sheep mostly 9 to 10 dollars.
Also Mentioned on This Page
Business IN Brief
Aeronautical
Westheimer & Co
Ask
Aero Marine Klemm Hebereneaeneretene & Sarees Eagle
Stinson
Ste Lincela
Berlin
ONDS
United Founders
Indiana
Kentucky
Cosden
Deere & Co
Harris
Dresser
Cuba
Gelsenkirchen
Siegen
Hamburg
Hanover
City
Helsingfors
Iarco Hydel
Maranhao
Mendoza Pr
Parana Braz
Prussia
Saar Basin
Sante Fe
Santiago Chile
Stinnes
Chicago Grain
NEW York Bonds
Manhat Rycon
Midvale Street
Mileiry&listis
MK & T
Plus
Jdec
W. H. Mosier
North Carolina
Texas
Tennessee
United Fruit
California
Florida
Louisiana
United States
United Star
Bermuda
Triumphs
Tria
Georgia
Cobblers
Southline
Mississippi
Nancy Halls
Florida Dixie Belles
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