Banks Raise Rates on Money Market Certificates Under New Treasury Yields
Financial institutions may pay up to 9.95 percent on six month certificates and 9.57 percent on three month certificates following Treasury bill auctions that raised short term yields. A $2,500 minimum deposit applies to the three and six month instruments. Northwest Energy accepts a 576 million takeover bid led by Allen & Co. at $31 per share.
MENTIONED IN THIS ARTICLE
Treasury
Savings and Loan Associations
Northwest Energy
Allen & Co
Northwest
John G. McMillian
Mortgage rates jump as July hits new high
U S mortgage lenders posted a July rate of 13.24 percent for 25 year conventional fixed mortgages on new homes, the Federal Home Loan Bank Board reported. The figure marks the first rise since last summer and follows a nationwide rise in interest rates. The report also notes a slight drop in lenders offering these loans and cites a 11 percent prime rate for business loans. In housing starts, Dallas Fort Worth led nationwide in April-June with 26 254 added units, a 139 percent year over year rise, with Houston and others trailing.
MENTIONED IN THIS ARTICLE
Federal Home Loan Bank Board
May
Bank Board
Dallas-Fort Worth
F.W. Dodge
McGraw Hill Information Systems Co
Houston
Phoenix
Ariz
Atlanta
Washington, D.C
Tampa-St. Petersburg
Fla
Denver-Boulder
Colo
Austin
Texas
Riverside-San Bernadino
Cal
Los Angeles-Long Beach
Telephone strike slows upstate business networks
The New York Telephone Co. strike disrupts switching for new Bell System networks in upstate New York. Telecom Plus of Upstate New York Inc. reports stalled installations as 2,000 field staff are on strike, leaving 500 managers to handle emergencies and delaying new deployments despite existing systems moving in. Coradian Corp. may lay off staff if the nationwide strike continues, with delays affecting installations, upgrades, and repairs across the region.
MENTIONED IN THIS ARTICLE
Bell System
David Montanaro
Telecom Plus
Upstate New York Inc
Syracuse
Telecom
New York Telephone Co
Ma Bell
Montanaro
New York Telephone
Coradian Corp
New York
Arthur McGuire
Coradian
McGuire
White House blocks fringe benefit tax push in Congress
The White House told the Treasury not to back a House Ways and Means plan to tax certain fringe benefits such as free airline tickets or company cars, citing bad pre election year politics. The proposal would tax selective nonstatutory fringe benefits while preserving many existing exemptions, with supporters warning the move would broaden the tax base and aid deficit reduction.
MENTIONED IN THIS ARTICLE
White House
Treasury
House of Representatives
House
Ways and Means Committee
Tay
The
Congress
Internal Revenue Service
Ways and Means
Rep
Fortney H
Pete) Stark
D-Calif
Tam
Stark
Barber B. Conable
New York
Trans World Airways
TWA
Sears
Allstate Insurance
Allstate
Congressional Budget Office
Interest rise depresses stocks across major banks raise rates
Stocks fell sharply as major banks boosted prime lending rates to 11 percent. The Dow slipped 20.23 to 1,163.06, its lowest close since April 13, with a broad selloff on the New York Stock Exchange. Volume reached 71.5 million shares. The Fed’s weekly money supply rose $1.2 billion to July 27, signaling higher rates and tighter liquidity. Analysts varied on how long the decline would last, with some predicting a sustained dip into September while others expected a rebound as earnings improve. The Nasdaq and S&P also declined, reflecting a broad market weakness.
MENTIONED IN THIS ARTICLE
New York Shock Exchange
Citibank
Chase Manhattan
Chemical Bank
Federal Reserve Board
Ralph J. Acampora
Kidder, Peabody & Co
David M. Polen
Exchange
Standard & Poor
American Stock Exchange
New York Times Service
Earnings upturn forecast for U S corporations in 1983
Dr. Albert F. DePrince Jr of Marine Midland Bank predicts strong earnings increases for U S corporations through 1983. After tax profits are projected to rise 28 percent in Q2, 34 percent for the year, with inflation-adjusted profits up 12 percent in Q2 and 41 percent over the year. He cites improved growth prospects, lower unit labor costs, and reduced phantom profits as factors. He also says cash flow will improve in Q2 and for the year.
MENTIONED IN THIS ARTICLE
U.S
Albert F. DePrince Jr
Marine Midland Bank
Internal Revenue Service
DePrince
Also Mentioned on This Page
Central Foundry
General Motors
Massena
James Frawley
Pettibone
Pettibone Corp
Rome
Fastman Kodak Co
Rochester
Terminal Millwork, Inc
Albany
Job Development Authority
Dox Drug Co
Dynalab Corp
Robert Gutkin
Gutkin
Dox
Federal
Peoples
People Express Airlines
Beverly Burns
Lynn Rippelmeyer
AP Laserphot
United States
Jonathan Fuerbringer
New York Times
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