Record wheat crop could cut demand for other grains
Chicago AP reports a predicted 2.08 billion bushels of 1980 winter wheat, up 10 percent from last year, potentially lowering prices for corn and soybeans next fall. Analysts warn favorable harvests and weather shifts could still alter the outlook, with drought and frost risks looming in the Plains. wheat prices may slide, affecting livestock feeding choices and export prospects as farmers await harvest conditions.
MENTIONED IN THIS ARTICLE
John Dowling
Chicago
Agriculture Department
Crop Reporting Board
USDA
Chicago Board of Trade
Jim Tometz
Cargill Investor Services
Tometz
Conrad Leslie
Moore
Soviet Union
Fed Board Blocks Money Market Plus Proposal
The Federal Reserve rejected Bank of California’s Money Market Plus plan, deeming it a device to evade U.S. regulations. The bank hoped to offer high yielding accounts via its London branch, with a $10,000 minimum and check privileges, but the Fed amended rules to prevent evasion. Bank officials argued the product was legal and praised deregulation efforts.
MENTIONED IN THIS ARTICLE
James Peltz
New York
California
Federal Reserve Board
Bank of California
Dan Prickett
Fed
U.S
In Brief Digest of Major Business and Financial News
The Federal Reserve reports industrial output rose 0.4 percent last month, with mining strike effects noted. The basic money supply increased $3.1 billion, and credit rates fell as Treasuries and long-term bonds slipped. Labor Secretary Donovan weighs broad changes to minority employment rules and contractor wage rates. Chevrolet and Pontiac price new small cars from $6,966 to $8,452, aiming to compete with imports. Cavalier two-door coupe priced at $6,966, $160 under Honda Accord. Bethlehem Steel raises prices about 6.5 percent effective June 21. US Steel had announced 10 percent hikes that may not hold. The Southern Illinoisan lists unofficial OTC securities quotations.
MENTIONED IN THIS ARTICLE
Federal Reserve
Treasury
Chevrolet
Pontiac
Bethlehem Steel Corp
United States Steel
Contrary opinion theory tests Wall Street guts on bonds
An old investment doctrine that says buy when others avoid and sell when enthusiasm peaks is being tested on Wall Street. In an era of computer models, contrarians still face fear of being wrong when the market moves against the crowd. The bond market draws attention as prices fall to lows amid inflation and confusion, while stocks offer potential inflation protection through rising earnings and dividends.
MENTIONED IN THIS ARTICLE
Chet
New York
Wall Street
M G M moves to acquire United Artists in major deal
The Metro-Goldwyn-Mayer Film Corp plans to buy United Artists from Transamerica for 350 to 400 million dollars. The purchase would include cash and six year notes plus United Artists film library dating to the early days of cinema. The move aims to give M G M full control over marketing and product decisions.
MENTIONED IN THIS ARTICLE
New York Times
New York
Metro-Goldwyn-Mayer Film Corp
United Artists
Transamerica Corp
M-G-M
Fairbanks
Miss Pickford
Chaplin
D. W. Griffith
Heaven’s Gate
Michael Cimino
Kirk Kerkorian
M G-M
Frank E. Rosenfelt
Mg-M
Rosenfelt
James R. Harvey
Transamerica
San Francisco
Occidental Life Insurance Co
Transamerica Airlines
Budget
Warner Brothers
Also Mentioned on This Page
Leslie
Fed Board
London
Prickett
J.M. Simon & Co
NEW York Stock Exchange
West Main
Carbondale
Securities Investors Protection Corporation
Nationwide Life Insurance CO
Ohio
John Uffelman
Curtis F. Downen
Charles J. Lerner
Gayla M. Forby
John C. Hardt
Richard K. Haines
Labor
Raymond J. Donovan
GM Alternatives
Bethlehem
Southern Illinoisan
Amarco Resources
Boatman’s
Brock Exploration
Castle Industries
Comshare
de Beers Consolidated
Energy Reserve
Falstaff
Jerrico
Laclede Steel
Mark Twain
MCIC
New American Fund
Pabst
Welcome Gold
Westmoreland
Wetterau
Beltone
Southern
W. Main West Frankfort
South 19Th St. Murphysboro
Ill
Gms
N.O.W
Sparta
Murphysboro
Steeleville
Fslic Fedares Sevens & Loan Insurance Corp
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