Weekend Market Report Shows Broad Gains in Commodities and Stocks
Gold rose sharply as strikes potential in South Africa and the Soviet Union supported prices. Silver and soybean futures climbed while corn and wheat edged mixed. Energy futures mostly fell. The Dow rose near 2 points, volume strong, with big gains in Procter Gamble, Philip Morris, American Express, Merck, and Kodak as investors rotated into recession resistant stocks.
MENTIONED IN THIS ARTICLE
South Africa
Soviet Union
New York
Commodity Exchange
Chicago Board of Trade
New York Mercantile Exchange
West Texas
Wall Street
Procter & Gamble
Philip Morris
American Express
Merck
Eastman Kodak
American Telephone & Telegraph
Hasbro
Housing Bill Advances Large Scale Subsidies and Reforms
The House Banking Committee approved a multi billion housing bill to re authorise federal housing and economic development programs. It proposes a 500 million National Housing Trust Fund for first time buyers earning up to 115 percent of area median income and a 300 million rental housing production program with adjusted rents and income rules. Floyd Flake's amendment would reserve 60 percent of rental units for low income families. The package includes 3.2 billion for the Community Development Block Grant program and mandates 75 percent of funds benefit the poor. The bill also covers HOPE programs, tax deductions for medical expenses, increased dependent care deductions, and resident management training. Committee chair Henry Gonzalez aims to bring it to the floor before the July 4 recess.
MENTIONED IN THIS ARTICLE
House Banking Committee
National Housing Trust Fund
Floyd Flake
D-N.y
Flake
Department of Housing and Urban Development
HUD
Jack Kemp
Henry Gonzalez
Texas
Farm prices edge up but off May highs in June
Washington AP reports farm prices for raw products fell 1.3 percent from May to June yet remain about 2.7 percent above a year earlier. Declines in oranges, wheat, hay, and soybeans led the drop, offset by higher tomato, corn, egg, and grapefruit prices. Milk rose to 13.60 per 100 pounds. cattle and hogs averaged higher year over year.
MENTIONED IN THIS ARTICLE
Washington
Agriculture Department
Department
Agricultural Statistics Board
Fourth Financial boosts loan reserves amid Kansas real estate woes
Wichita based Fourth Financial Corp increases loan loss reserves by 10 million to 30 million due to soft Kansas real estate market and a car leasing debtor in Kansas City. Second quarter earnings expected near 1 million, far below analysts’ forecasts, with July 20 earnings release.
MENTIONED IN THIS ARTICLE
Wichita, Kan
Kansas
Kansas City
Fourth Financial Corp
Ronald L. Baldwin
Fourth Financial
Wichita
S&ls
Bank IV Lenexa
B&g Leasing Inc
Haines
Also Mentioned on This Page
Weekend Market Report
Chicago Mercantile Exchange
American Stock Exchange
Newmont Gold
ASA Ltd
Homestake Mining
Baimco
Keene Corp
Wilshire Associates
NYSE
Standard & Poor
Linsco
Private Ledger
South Main
Ottawa
Jerry Pickett
Mark Sigurdson
Local Forum
W. Tecumseh
Farm Bureau Insurance
Bank IV
TV Banks
Jordan L. Haines
Sutton
Strawder's
Jay Todd
Tempstar
Rempsta
Adamson Bros. Sheet Metal
417 North Main
Salvation Army
Bloomfield Avenue
Verona
New Jersey
Larry J. Matney
D.C
Association of
Michael J. Hiatt
Matney Chiropractic Offices
S. Main
Ottawa, Kansas
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