Prime rate dips to 18.5 amid bank rate cuts
Major banks show mixed moves as Continental Illinois undercuts peers with an 18.6 percent rate. AmeriTrust and Continental Illinois signal easing, while Bank of America and Citibank remain at 19.5 percent. Dealers monitor money supply data and funding costs as lenders adjust prime levels.
MENTIONED IN THIS ARTICLE
Marine Midland Bank
Chase Manhattan Bank
Hanover Trust Co
Chemical Bank
Continental Illinois National Bank & Trust Co
AmeriTrust Co
Cleveland
Continental Illinois
No. 1
Bank of America
Citibank
Chicago
Morgan Guaranty Trust Co
First National Bank of Chicago
Continental Illnois
Federal Reserve Board
Roger Anderson
Casinos going electronic
A shift to electronic slot machines gains momentum as Summit Systems moves from retrofit to full electronic conversions. The firm has secured contracts totaling about 2.7 million dollars to convert 800 machines at Las Vegas Four Queens and install new electronics at Atlantic City Playboys Casinos. Summit plans to sell retrofit kits for about 1500 dollars each to update existing machines.
MENTIONED IN THIS ARTICLE
van Nuys
Calif
Summit Systems Inc
Elsinore Corp
Queens
Las Vegas
Playboy
Atlantic City
Elsinore
Summit
Global Markets Digest Notes Dollar Rise and Gold Dip
The dollar strengthens against major currencies in early European trade while gold gains then recedes. Silver falls in London and New York, with price movements tied to bullion dealer fixes. Loans at U.S. banks drop, hinting at potential future rate cuts. Policy actions include a planned import quota delay on Japanese cars and corporate acquisitions by Del Monte.
MENTIONED IN THIS ARTICLE
U.S
Europe
London
Zurich
New York
Handy & Harman
Commodity Exchange
U S Steel Turns Profit On Turnaround In 1980
US Steel reports 1980 earnings of 504.5 million reversing a 293 million loss the prior year. Analysts credit manpower cuts, plant efficiency, and sustained capex as decisive factors while announcing ongoing consolidation and plant closures including 15 idle facilities and 12 500 jobs cut in November 1979 to lift the steel unit.
MENTIONED IN THIS ARTICLE
Agis Salpukas
New York Times
United States Steel Corp
U.S. Steel
David M. Roderick
Bradford
Roderick
Washington
Fairfield
Alabama
Gary and South
Chicago
Beaumont
Tex
Farm loan cuts vary in Reagan plan for FHA
The Reagan administration proposes a 25 percent cut in direct loans by the Farmers Home Administration. The change would not be uniform, with deeper cuts in farm ownership loans and smaller reductions for operating expenses, low-income housing, and rural development loans.
MENTIONED IN THIS ARTICLE
Wastiington
Farmers Home Administration
Reagan
Agriculture Department
Carter
Congress
Agriculture
John R. Block
Gas decontrol feared in study on home bills
An Energy Action study argues immediate natural gas price decontrol would raise the average homeowner's bill by 667 dollars annually and cost the nation 626 billion over five years. It says prices could reach oil parity, while a NG Producers Association economist cites lower potential increases. DOE spokesman notes no recent studies.
MENTIONED IN THIS ARTICLE
Washington
Energy Action
Natural Gas Producers Association
Department of Energy
Phil Keife
DOE
Your Money's Worth: Tax Court backs education deductions
In 1980 the Tax Court ruled twice that education expenses tied to advancement within a current job are not costs for a new trade. Cases involved a supermarket manager, an engineer, and a parochial teacher who pursued courses to improve or maintain duties in their firms. The rulings clarify when education is deductible and when it is not, stressing maintenance of current skills as the key factor.
MENTIONED IN THIS ARTICLE
Tax Court
IRS
Hasic
INS
Third Circuit Court of Appeals
Appeals
Also Mentioned on This Page
Bnks
Federal Funds
Ious
Reagatt
L. June Majors
Dewitt First Federal Credit Union
Samuel Stratton
New York State Credit Union League
Lawkarkers
Peter J. Schuyten
Nevada
Business Digest
The
Federal Reserve
del Monte
del Monte Corp
R.J. Reynolds Industries Inc
Morton Frozen Foods
ITT Continental Baking Co
Florida Tourism Says
Morida
Commerce
Bob Graham
State Cabinet
Florida
Fox
Denver
Marvin Davis
Oakland As
Denver Post
20Th Century-Pox Film Corp
Edward Andersen
National Grange
Andersen
Charles A. Bradford
Merrill Lynch, Pierce, Fenner & Smith Inc
FIHA
By Sylvia Porter
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