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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Aug 11, 1975
Page
6
A terse stock market note records ES 12a i and Pi related trade activity on the New York Stock Exchange, noting concise movements without detailed context. United States securities firms appear in implied roles as buyers or sellers in a brief ledger-like entry.
New York reports a moderate market slide as 20 major banks raise prime rates to 7 percent, bankers caution waiting, and the NYSE composite index falls about 10 points. Gold and grain prices ease, while mining shares falter and overall trading shows cautious sentiment.
New York. Chase Manhattan Bank, the nation’s third-largest commercial lender, raises its prime lending rate to 7.8 percent from 7.0 percent today, signaling tighter credit conditions as financial markets adjust.
A Southern California research executive urges an import surcharge on volumes of cars sold in protest of U S industry. David Power of Power-Roherdaun & Co. cites a recent survey, reporting about one of every five imports affected by the proposed tax.
Economists in Economic Outlook USA say the U S may be entering a expansion phase though growth could be uneven. Prof Raymond Sailnier notes European recovery may come this year with Britain facing a deeper downturn into 1977. The Michigan survey also points to a shift in auto sales with foreign models rising as wealthier buyers finance new cars amid cautious spending.
SEC may cite if bond data is withheld as Sommer of the Securities and Exchange Commission warns on municipal bonds. He told a New York convention that if issuers, dealers, or states fail to disclose crucial financial details, the SEC could directly pursue issuers to ensure transparency.
BANDIGO AP The sale of Fed-Mart Corp share in West German retailer Hugo Mayu has been approved by shareholders. The move gives Hugo Mayu 845,015 shares, 64 percent of Fed-Mart’s out standing stock, at 25 dollars per share. Shareholders also approved cutting Fed-Mart board from nine to five members and allowing directors to adopt bylaws without shareholder approval.
Ann Arbor report cites increasing US spending and a push from economic advisers including Paul Wy Metrneken and McCistoken. They warn rapid expansion could delay long term stabilization and sharpen focus on fundamental economic issues.
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