Market slide and contracting profits dot global business news
The dollar edged lower against European currencies while gold and silver prices declined in London and Zurich. In New York gold rose to 514.10 per ounce with Comex futures closing higher, and silver fell to 31.60. Pittsfield backs a city countersuit against Pyramid Co after a housing authority decision. Downtime in auto plants dips as production rises. Counterfeit tape case guilty. Westinghouse and Raytheon post gains. Nestle reports mixed 1980 results.
MENTIONED IN THIS ARTICLE
Zurich
London
U.S
Poland
New York
Commodity Exchange Inc
Republic National Bank
Comex
Charles Smith
Pittsfield, Mass
Smith
Pyramid Co
Pittsfield
Banks Raise Prime Rate to 17.5 Percent in NY
Chase Manhattan Bank led a rise to 17.5 percent in the prime lending rate, followed by Manufacturers Hanover Trust Co. The move comes amid volatile money markets and rising funding costs, with analysts calling it a defensive action as rates swing. The Fed's policy adds to the uncertainty driving lenders.
MENTIONED IN THIS ARTICLE
NEW York
Chase Manhattan Bank
Hanover Trust Co
Chase Manhattan
Ford rejects Chrysler merger talks amid market strain
Ford Motor Co. board rejected a merger or similar arrangement proposed by intermediaries acting for Chrysler. Ford cited not in stockholders best interests and noted a weaker first quarter with higher losses than the prior year. Chrysler denied knowledge of any such proposal as GM raises prices and Ford aims to sustain sales momentum.
MENTIONED IN THIS ARTICLE
Detroit
UPI
Ford Motor Co
Chrysler Corp
Chrysler
Ford
Philip Caldwell
Sively
Caldwell
General Motors Corp
U.S
Securities and Exchange Commission
Ford Motor Credit Co
Chemical and Marine Midland Earnings Rise in 1981 Q1
Marine Midland Banks report first quarter earnings of 20.5 million dollars or 1.07 a share, up from 1980. Chemical New York Corp posts 50.2 million dollars before securities gains or losses, 3.12 a share, up from 32.5 million dollars or 2.06 a share. Additional factors include a 14.1 million gain in trading, Iran-related interest addition, and the sale of Chemical's 20 Pine Street headquarters.
MENTIONED IN THIS ARTICLE
Federal Funds
Federal Reserve Board
Chemical New York Corp
Chemical Bank of Syracuse
Marine Midland
Marine Midland Bank-Central
New York State
Hongkong and Shanghai Banking Corp
Naton
Chemical
United States
Penn Central Transportation Co
Iran
U.S
Pine St
Crouse-Hinds Shareholders Set Thursday Meeting on Merger
Crouse-Hinds Co. shareholders will meet at 10 a.m. Thursday at the Emerson Museum to vote on Cooper Industries of Houston acquiring Crouse-Hinds. Cooper stock closed at 51.4 and Crouse-Hinds at 37.54. The exchange would grant 0.75 Cooper shares per Crouse-Hinds common and 4.026 Cooper shares per Crouse-Hinds preferred. The deal ends a four month bid by InterNorth and makes Crouse-Hinds a subsidiary of Cooper.
MENTIONED IN THIS ARTICLE
Crouse-Hinds Co
Everson Museum
Cooper Industries
Houston
Texas
Cooper
Robert Cizik
Chris J. Witting
Crouse-Hinds
Syracuse
Cooper Common
Crouse-Hinds Common
Cooper’s
InterNorth
Omaha
Crouse-Hids
Interest rates unpredictable by forecasters
Business analyst notes the unpredictability of interest rates with forecasts split and heavily debated evidence. The piece cites $250 investment letters and congressional testimony, showing two humans often reach different conclusions on future rate direction. Home mortgages loom large as buyers wait, builders cut starts, and homeowners delay selling amid high rates.
MENTIONED IN THIS ARTICLE
John Cunniff
Nhe
Federal Home Loan Bank Board
Mortgage rules allow banks to raise loan rates without limit
The Office of the Comptroller of the Currency issued new rules granting national banks broad rights to offer adjustable rate mortgages. Lenders may design loans with payments that rise with rate changes or stay steady while loan balances grow, but borrowers cannot owe more than 110 percent of the original loan. Regulators argue the powers are needed to keep banks in the mortgage market, though critics warn they risk pricing out middle and low income families.
MENTIONED IN THIS ARTICLE
Comptroller of Currency
Comptroller
Federal Savings and Loan Associations
Brooke Shearer
Benjamin S. Rosenthal
D-N.y
House
Commerce, Ransomer and Monetary Affairs
Rosenthal
U.S
Also Mentioned on This Page
Business Digest
At&t
Justice Department
Bell
Defense Department
Sam Goody Corp
Samuel Stolen
Westinghouse
Raytheon
United Telecommunications
Nestle
David Jones
Aubrey G. Lanston & Co
Marine Midland Banks
Treasury
New Orleans
Sylvia Porter
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