Morning rally fades as stock prices dip 2 26
New York stock market closed lower in moderate trading with the Dow down 2.26 at 944.49 after testing 990, as advances slightly led declines among 1 729 NYSE issues. Morgan Guaranty Trust cut its lending rate to 9 percent following First National City's move. Gillette, Continental Oil, Western Union lift, Champion Homes, Texas International rise. dollar strengthens on brighter trade outlook.
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Computerized check processing to speed San Francisco bank deposits
The San Francisco Federal Reserve Bank branch will begin overnight computerized processing of checks from 21 Southern California Arizona and Nevada banks. The system will credit accounts faster than manual processing and handle about seven million checks daily across offices in Portland Seattle and Salt Lake City with Los Angeles handling dodgy or mutilated checks locally.
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Butz says U S can meet world food needs
Agriculture Secretary Karl Butz predicts the United States can supply a substantial share of the world’s food despite a projected population doubling by 2000. He argues expanded farm technology will boost U.S. production and that no food shortage is imminent, with emphasis on efficiency and new methods to feed billions.
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