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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Feb 15, 1983
Page
5
The piece compares bank money market accounts with money market mutual funds, noting many funds require lower minimums or none at all. It highlights access, diversification, and safety, and explains the exchange privilege within mutual fund families. It also discusses costs, liquidity, and long term performance expectations versus banks.
Experts say billions deposited in new money market savings and SuperNOW accounts will not drive near term mortgage rate cuts. Lenders cite a learning curve and monthly rate resets, with funds likely to be loaned mainly as mortgages but not at dollar for dollar rates. Federal approval allows $2500 deposits, earning money market rates.
GM and Toyota announce a joint venture to assemble up to 200000 Toyota designed subcompact cars annually in Fremont California starting late next year. The project will last 12 years with 30 percent ownership for each company and about 3000 local jobs plus 9000 indirect U.S. positions.
The Dow Jones industrial average rose 10.60 to 1,097.10 marking a record closing high as optimism over a continued economic recovery boosted prices. Volume slipped to 72.64 million shares while index leaders IBM and Eastman Kodak drove much of the gains.
U S Treasury weekly auction shows short term bills climbing for the fourth straight week reaching highs not seen since November. About 36.2 billion in three month bills sold at 8256 percent while six month bills averaged 389 percent. Total weekly sale about 121 billion a record for regular auctions. Rates imply actual returns higher at 8.55 percent for三 month and 8.88 percent for six month bills.
Frederick County earned 183520.07 from a 6.8 million tax haul in fiscal 1983’s second quarter. Beer contributed 28496.92, spirits 37294.00, cigarettes 117729.15, lifting six-month total to 355233.99. Tobacco up 8.1 percent, spirits down 3.9 percent, beer unchanged. Nearby counties posted higher halves.
General Business Services Inc announces Washington Alert a monthly tax newsletter for small business owners and professionals at 36 for one year 60 for two years. James D McCarthy editor in chief writes Talking Taxes monthly with views on tax code Tax Court cases and pending legislation. Information on sample copy at GBS Marketing and Sales Group Rockville Md 20850. Suburban merger news notes approvals by State Banking Commissioner involving Suburban Bank Bethesda Thurmont and Frederick and Western Hancock. The Federal Republic of West Germany becomes sovereign on May 5 1955.
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