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This newspaper page contains 9 articles. Subscribers can read the full text of each article.
Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Feb 25, 1983
Page
9
Financial updates from Frederick show stocks edging higher as traders await earnings data. Local investors monitor small caps and real estate trusts amid mixed sector performance and cautious volatility. Industrial firms report steady demand while consumer goods face inflation pressures.
New York stocks surged to record highs as the Dow Jones Industrial Average closes at 1121.81, aided by optimism over economic recovery, anticipated rate cuts, and lower oil prices. The broader market also hits fresh highs with the S&P indices and Nasdaq up, and heavy trading volume.
Federal Reserve Chairman Paul Volcker told a Senate panel that bank lending rates remain high even as inflation declines. He urged reducing the federal deficit and restrained monetary growth to pressure rates downward, while warning against jawboning banks without aligning policy. He noted banks must decide actual lending rates, not him.
John Conniff argues that Reagan's balanced budget pledge was a poor political move, even after considering all explanations, highlighting flawed calculations and questionable feasibility. The piece examines the implications for economic policy and political optics.
The article reviews the 1984 deficit, noting a shortfall near 200 billion dollars and unprecedented borrowing of about 180 billion for the year. It examines miscalculations, policy choices, and the impact on private sector and economy, arguing recovery rises from a weak base amid ongoing recession.
New York City scrapped its Staten Island coal port project valued at about 500 million dollars. Deputy Mayor Kenneth Lipper warned the venture risked bankruptcy given the weak economy. Wheelabrator-Frye Inc of New Hampshire withdrew from the construction consortium in a February 11 letter.
A Baltimore highway contractor Asphalt Service Co. Inc. and its president Donald A. Kary were charged in U S District Court in Baltimore with bid rigging on two Maryland highway projects. One charge covers Maryland Route 648E awarded Feb 6 1979 and Maryland Business Route 3 awarded Dec 26 1978. A plea agreement was reportedly reached though terms were not disclosed.
Rep Heverly Byron Maryland co sponsors legislation to repeal last year s automatic ten percent tax withholding on dividend and interest income citing reduced saving incentive and added paperwork for low income and senior citizens. She calls the measure simple and aims for prompt action in Congress.
Sen. Ernest Hollings, seeking AFL-CIO labor endorsement for 1984, said President Reagan is out and running for a second term. He charged Reagan’s moves to broaden appeal harm Democrats and questioned rivals’ ability to win the South against a Republican.
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