Banks Cut Prime Rates Amid Fed Discount Cut
New York banks moved to lower prime lending rates to 14.5 percent, matching several peers after the Fed reduced the discount rate from 11 to 10.5 percent. Bankers Trust alone cut by a full point to 14 percent, the lowest since October 1980, while major lenders including Citibank and others trimmed to 14.5 percent. Analysts say the Fed action signals concern over the Government securities rally.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve System
Citibank
Bankers Trust Co
Money Center
Bankers Trust
First National Bank of Chicago
Marine Midland Banks of
Buffalo
Irving Trust Co. of
Bank of New York
Manufacturers Hanover
Fed
Banks Cut Prime Amid Optimism In Fixed Income
A broad rally in government securities and a favorable outlook for lower short-term rates from economists at Aubrey G. Lanston & Co and J. Henry Schroder Bank fostered renewed optimism in the fixed-income market. Treasuries rallied with three month bills yielding 8.83 percent and six month bills 9.90 percent, while a 2011 14 percent bond jumped about 2.25 points, lifting prices and signaling anticipated Fed rate cuts.
MENTIONED IN THIS ARTICLE
Wall Street
Federal Reserve Board
Aubrey G. Lanston & Co
Leonard J. Lantow
J. Henry Schroder Bank and Trust Co
Morgan Guaranty Trust Company of
New York
Wayne D. Luski
Cengiz Israfil
Fed
Philip Braverman
Chase Manhattan Bank
Treasury
Dollar Holds Firm as Rates Fall in Europe and U.S. Cuts Discount
The dollar stayed firm in European trading after the Fed lowered the discount rate from 11 to 10.5 percent, triggering a U.S. rate decline. Tokyo closed higher in yen while London and Zurich quoted mixed gold prices and early gold in New York stood at 341.50. US and Canadian auto production for 1982 fell to about 5.7 million vehicles through July, with Ward’s Automotive Reports noting a 22.1 percent drop from 1981. Cities Service draws interest after Gulf Oil spurned, as Occidental’s 4 billion bid stirs potential bidders. Adolph Coors Co. announced a layoff of 500 workers by Oct 1 amid overstaffing.
MENTIONED IN THIS ARTICLE
U.S
Federal Reserve Board
Tokyo
Europe
London
Zurich
Hong Kong
New York
Handy & Harman
Canadian
Auto Industry Journal
U S
Ward's
Canada
Auburn Spark Plug plans to hire 25 to 30 workers
Auburn Spark Plug Co plans to hire at least 25 to 30 workers by late fall or early winter, with aviation jobs expanding to 60 to 65 once the aviation market improves. The firm will use the state Job Service computer to screen applicants and has financed its expansion with $2 million in tax exempt bonds from Cayuga County Industrial Development Agency.
MENTIONED IN THIS ARTICLE
Auburn
SGL
Auburn Spark Plug Co
Charles E. Biffle
York Street
State Labor Department
General Motors
Biffle
Michigan
Cayuga County Industrial Development Agency
Unemployed Auburn workers recall plant shutdown impact
About 300 Columbian Rope Co. workers released last spring gathered at a union event in Auburn to share struggles with joblessness. Many found work at General Products Corp. or through connections while others seek opportunities at Auburn Spark Plug Co. Union leader Mario LoMascolo notes fewer than 20 percent remain employed. Some respondents express frustration with age bias and financial pressures.
MENTIONED IN THIS ARTICLE
Auburn
Columbian Rope Co
Gurtown
Miss
General Products Corp
Union Springs
Mario LoMascolo
Amalgamated Clothing and Textile Workers Union
World Bank study finds poor nations hit hardest
The World Bank reports worsening conditions for the poorest nations, led by Africa, due to high interest rates and low commodity prices. It predicts prolonged sluggish growth amid a stalled global economy, despite gains in education, health, and infrastructure underpinning potential long-term development.
MENTIONED IN THIS ARTICLE
Fudith Miller
New York Times
Washington
International Bank For Reconstruction and Development
Organization
The
World Bank
Bank
Africa
Women push family incomes up in Census study
The U S Census Bureau reports married women entering the labor force is lifting family incomes. By 1980 five percent of married women were in the labor force, up from 4 in 1970. Inflation masked real income changes, with 1980 median household income at 21020 and 1981 at 22390, while aging baby boomers boost future earnings despite lower wage jobs for youth.
MENTIONED IN THIS ARTICLE
Washington
U.S. Census Bureau
Bureau
Lemon woes and the limits of Magnuson Moss Act
Sylvia Porter explains how lemons products that fail and aren’t repaired by sellers bypass warranties. She notes retailers often disclaim implied warranties, leaving buyers to chase remedies via manufacturers, and highlights that enforcement agencies and small claims courts may not help individual consumers.
MENTIONED IN THIS ARTICLE
Magnuson-Moss
Consumer woes in small claims and lemon law loopholes
The text critiques consumer protections in small claims cases, noting limits when manufacturers or out‑of‑state parties appear, the burden of expert witnesses, and the inability to refuse payment under certain warranty gaps. It warns of wage garnishment and ruined credit if buyers cannot pay, and questions progress in consumer advocacy.
MENTIONED IN THIS ARTICLE
Federal Trade Commission
Also Mentioned on This Page
Syra Herald- “Journal
Government Securities Rally
J Asond
Jfmamjja
Joseph A. Porcello
Cities Service Suitors
Cities Service
Gulf Oil
Occidental Petroleum
Occidental
Coors
Adolph Coors Co
Spark Plug Firm
Charlie Allen
Columbus St
SGL Auburn Sparks Plug Co
Allen
Columbian Rope
Barbara Lotonyszyn
Perrine Ave
Climate Control
Mytro
Marta Starczenko
Schapp Road
Jordan
Starczenko
Ukraine
Germany
Joe Farrelly
Jefferson St
Texas
Mike Besner
State Street
Hendricks Oil Co. Inc
Danny Penird
Bradford St
Sandra
General Products
Maynard Oralls
Weed- Sport
Mamuscia
LoMascolo
Genesee Street
Chicago Tribune
World Economic Outlook
By Sylvia Porter
United States
Small Claims Court
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