Savings rates rise on six and three month certificates
Beginning today savings institutions and banks may pay up to 9.78 percent on six month money market certificates and up to 9.28 percent on three month certificates after Treasury bill auctions. The six month rate is at its high since August 15 and the three month rate also marks a peak. About 12.4 billion dollars was issued in new T bills with half in each maturity. Minimum deposits are 2500 dollars for three and six month certificates, none for longer terms.
MENTIONED IN THIS ARTICLE
Treasury Securities
Michael Sumichrast
National Association of Home Builders
Sumichraft
S&L deposits rise as July shows net gain and loans fall
July saw savings and loan associations deposit nearly 60 billion while withdrawals reached about 56 billion, yielding a 6.5 billion total deposit rise. Banks report 3,123 federally insured S&Ls received about 60 billion in new deposits. home loans closed at 12 billion, below the prior month. Timken Co and United Steelworkers sign a three-year labor pact with a temporary 1.25 per hour wage cut, to be restored by 1986. Zumwalt resumes top posts at American Medical Buildings. Brewers and distributors face opposition to exclusive territorial antitrust exemptions amid lobbying.
MENTIONED IN THIS ARTICLE
Federal Home Loan Bank Board
Timken Co
United Steelworkers of America
Canton
Wooster
Columbus
Ohio
Akron Beacon Journal
The
Teamsters
Congress
Justice Department
FTC
Bank Loan Rates and Investment Yields Overview
Bank customer rates vary by institution with approximate figures across several instruments. Prime rate 10.50 percent, discount rate 8.50 percent, federal funds 938 percent, Treasury bills 3-month 9.26 percent, 6-month 9.54 percent. Certificates of deposit 3-month 9.45 to 9.65 percent, 6-month 9.50 to 10.40 percent. Small savers 3.77 percent, Passbook 5.5 percent, savings bonds 8.5 percent, and municipal bonds 10.36 percent.
Home sales fall ends rising run in housing market
New single family home sales dropped 6.5 percent to an annual rate of 620,000 in July from 663,000 in June. Economists cite higher mortgage rates cooling demand, with the median price slipping to 75,000 and inventory rising to 293,000 units, a 5.7 month supply.
MENTIONED IN THIS ARTICLE
Commerce Department
Department of Housing and Urban Development
Mark J. Riedy
Mortgage Bankers Association of America
Robert Ortner
Riedy
Associated Prass
U S trade deficit widens as exports fall in July
The Commerce Department reports a July merchandise trade gap of 6.4 billion dollars, the third highest on record, with exports down 2.2 percent and imports up 4.7 percent. Seven month total reaches 33.6 billion. President Baldrige warns of higher deficits amid a strong dollar and weak export outlook.
MENTIONED IN THIS ARTICLE
United States
U.S
Commerce Department
Malcolm Baldrige
Baldrige
FDIC weighs curbs on state bank service expansions
The FDIC plans a major move this week to limit services by state chartered banks including insurance brokerage real estate development data processing and travel services The measure may curb broadening bank activities and limit approvals already in place It follows contentious push to allow broader operations and faces Fed opposition while some banks continue to impose new fees on Treasury coupon cashing.
MENTIONED IN THIS ARTICLE
Federal Deposit Insurance Corp
FDIC
Federal Reserve Board
Paul A. Volcker
Fed
Congress
Treasury
Federal Reserve
Treasury Department
Washington
Marine Midland Banks reports 39.2 percent quarterly earnings rise
Marine Midland Banks Inc reports a 39.2 percent rise in net income to 23.5 million or 1.09 per share in Q2, with first half earnings at 46.93 million or 2.28 per share. Interest expense fell to 324.61 million from 468.04 million year over year, offsetting lower interest income. The bank also notes a 22 million loan to Mexico and 53 million to three South American countries amid IMF-led debt restructurings, plus 9 million to Argentina, 17 million to Chile, and 27 million to Brazil. A new leadership change is noted with John R. Petty becoming chairman.
MENTIONED IN THIS ARTICLE
Marine Midland Banks Inc
Chrysler Corp
International Monetary Fund
Marine Midland Banks
Mexico
International Monetary
John R. Petty
Edward W. Duffy
Managers and Love in the Executive Suite Sparks Corporate Conflicts
Harvard Business Review editor Eliza Collins argues that executive love affairs disrupt informal networks, damage morale, and threaten company stability. She urges firms to treat such relationships as conflicts of interest, often recommending the less valuable partner leave, and cites examples of women leaving to marry companions amid gossip and tension.
MENTIONED IN THIS ARTICLE
Harvard Business Review
The
Eliza Collins
Collins
Callins
SAGE
Boston
Also Mentioned on This Page
S&l
Elmo R. Zumwalt Jr
American Medical Buildings
Zumwalt
Brewers
U.S. Trade
Associated Press
Margaret Egginton
William Isaac
Marine Midland
Joseph A. Porcello
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