Variable rate mortgages gain approval from federal bank board
The Federal Home Loan Bank Board approved adjustable rate mortgages allowing unlimited rate rises and frequent adjustments. Bank officials led by Richard T. Pratt say the move supports thrifts, while consumer groups call it risky and lack strong disclosure. Oliver of Seneca Federal foresees offering the product amid mixed industry and public reaction.
MENTIONED IN THIS ARTICLE
Federal Home Loan Bank Board
Robert Oliver
Seneca Federal Savings & Association
Baldwinsgil
Bank Board
Richard T. Pratt
Oliver
S&ls
Day
Treasury
Gold Prices Edge Higher In Mixed Global Markets
The Business Digest notes a cautious rise in gold and silver prices with London fix at 494.50 and Zurich at 492 an ounce, while Hong Kong closed up to 496.10. Auto and corporate earnings show varied results, including Schlumberger, Natomas, Rockwell, Eaton, Curtiss-Wright, and Bristol-Myers reporting gains and losses, and St. Regis planning a 700 million expansion as Homestake Mining faces a quarterly earnings drop.
MENTIONED IN THIS ARTICLE
London
Zurich
Hong Kong
New York
Handy & Harman
Comex
Schlumberger
Natomas
Rockwell International
Eaton
Combustion Engineering
Curtiss-Wright
New Jersey
Johnson & Johnson
Bristol-Myers
Reviow
St. Regis Paper Co
Willam R. Haselton
St. Regis
Homestake Mining Co
SCM Faces Proxy Fight by Willard F. Rockwell Jr
Willard F. Rockwell Jr. launches a second proxy battle to gain control of SCM Corp. He holds about 134,000 shares and says 400,000 holders who backed management last October will switch to him, aiming to win with roughly 200,000 more votes. Rockwell cites a stock price below book value and hints at plans possibly including liquidating parts of the business.
MENTIONED IN THIS ARTICLE
Willard F. Rockwell Jr
SCM Corp
Rockwell
SCM
Syracuse
Smith Typewriter Co
Cortland
Hollings
Paul Erlicker
New York
Rockwell International Corp
N. Norman Muller
Oil profits shrink as U S consumption slips
Exxon Corp and Gulf Oil Corp report first quarter losses in domestic refining and marketing due to lower demand and higher crude costs. Exxon posts a 16.9 percent drop to 1.60 billion dollars, Gulf declines 22 percent to 303 million, while other majors like Occidental and Ashland show varied results amid weaker U S and overseas markets.
MENTIONED IN THIS ARTICLE
New York
Exxon Corp
Gulf Oil Corp
United States
Exxon
No. 1
Gulf
C.C. Garvin
Pittsburgh
Occidental Petroleum
Ashland Oil
Ashland
Revees
American Petroleum Institute
U.S
Amtrak to begin direct Syracuse Toronto service
Amtrak will start Maple Leaf service linking Syracuse and Toronto this Sunday with daily departures from Syracuse at 2 11 p.m. and arrivals in Toronto at 8 30 p.m. The return trip leaves Toronto at 9 05 a.m. and reaches Syracuse by 3 19 p.m. One way fare is 30 50 and 30 day excursion fare 46 00.
MENTIONED IN THIS ARTICLE
Amtrak
Syracuse
Toronto
Niagara Falls
VIA Rail Canada
New York State Department of Transportation
Rochester
Depew
Buffalo
N.Y
Ont
St. Catharines
Grimsby
Hamilton
Burlington
Oakville
VIA
Dick Horstmann
Hugh Carey
Davis
Ontario
New York Dot
Toronto, Hamilton & Buffalo
Coins as investments lure readers with flashy gains
The piece warns that coin investing mirrors a roller coaster with 15-50 percent annual gains touted by promoters. It notes gold and silver coins differ from bullion, outlines risks from misgrading fraud and high markups, cites rising robberies, and advises limiting exposure to 5-10 percent, buying quality, and holding at least 10 years while advocating skepticism toward "investment counselors" and massive speculative purchases.
MENTIONED IN THIS ARTICLE
General Mills
Warner Communications
Franklin
New York
Bache
Jackson Presous Metals
Ghia
Johns Hopkins Lnweraty
Garrett Collec
Tive
American Numismatic Association
Glenn Smedley
ANA
Smedley
Denver
Ganz
Also Mentioned on This Page
S&L’s
Federal Regulatory Agency
Torday
Savings and Loan Associations
Billee Huggard
Reed Paving Co
George C. Wortley
Wilson Harrison
Wortley
New York State
Sinal Business
SBA
Huggard
Business Digest
Jacocca
Chrysler Corp
Lee A. Jacocca
Boston
MADSO
Annomakers Sard
Proxy Fight
Oil Company
EXON
Sohio
Garvin
Toledo, Ohio
Venice
Europe
Yale
South Africa
Canada
Mexico
Austria
Swank Resorts
Qne
David L. Ganz
Legisla
By Sylvia Porter
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