Global markets digest and industry hires highlight 1981 digest
The report notes a July 15 surplus drop of 5.9 billion fueling speculation that the Fed may ease monetary controls, lifting dollar strength. Gold prices shift across London Zurich Hong Kong and New York, while Central New York Coach Lines expands its fleet with two coaches costing over 250000.
MENTIONED IN THIS ARTICLE
Fed
London
Zurich
Europe
Hong Kong
New York
Handy & Harmon
Central New York Coach Lines Inc
Schuyler W. Sweet
Intercity Bus Company
Congressional accord aims to spur productivity growth
A House committee report urges budget and tax cuts to revive productivity, noting a drop in output per worker from 3 percent (1950-1965) to 0.6 percent since 1973. Republicans and Democrats share a common stance on reducing government spending and tax rates, seeking policy action this year.
MENTIONED IN THIS ARTICLE
Reagan
Congress
Area firms report earnings mixed in second quarter
Cooper Industries posted a 37 percent rise in fully diluted quarterly earnings to 1.27 a share, with a 39 percent net income gain on 27 percent revenue growth aided by Crause-Hinds and Kirsch Co. acquisitions. Alcan Aluminium reported 89 million in Q2 net income, 1.08 per share, while Syracuse Supply saw sales rise but income fall. The Raymond Corp. posted 60 cents a share on 21.9 million in sales, down from last year, and Crowley Foods faced higher taxes and one-time items, cutting six month net income despite stronger sales.
MENTIONED IN THIS ARTICLE
Cooper Industries Inc
Alcan Aluminium Ltd
Crowley Foods Inc
Syracuse Supply Co
Raymond Corp
Cooper Industries
Crouse-Hinds Co
Crause-Hinds
Kirsch Co
Robert Cizik
Alcan Aluminium
Fulton
Syracuse Supply
Greene
Syracuse
Consolidated
Raymond
Crowley
Canadian dollar slides to 60 year low amid high rates
The Canadian dollar fell to 62 US cents in New York trading and then closed at 82.156 cents as rates surged. The Bank of Canada raised its discount rate to 19.89 percent, the largest jump in two months, prompting big banks to lift prime rates to 20 percent and push mortgage rates upward toward 20 percent.
MENTIONED IN THIS ARTICLE
New York Times
Ottawa
New York
United States
Bank of Canada
Canada
Marine Midland weighs 5 percent Industrial Valley stake plan
Marine Midland Banks Inc. contemplates buying 4.9 percent of Industrial Bank and Trust Co of Philadelphia and converting $10 million of Industrial Valley capital notes into preferred stock with warrants. A 15 percent stake could arise if interstate banking is legalized. Industrial Valley earnings rose modestly in 1981 while Marine Midland reported $1.09 a share for the quarter.
MENTIONED IN THIS ARTICLE
Marine Midland Banks Inc
Industrial Bank and Trust Co
Marine Midland
Philadelphia Bank
Industrial Valley Capital
New York
Industrial Valley Bank and Trust Co
Joseph A. Gallagher
Industrial Valley
Marine
Hongkong and Shanghai Banking Corp
Solvay Bank awards two $500 scholarships to Solvay High grads
Solvay Bank president Alvain Falso announced two Solvay High School graduates, Douglas Hatch and Mary Beth Luteran, as this year’s scholarship recipients. Hatch will study banking and finance at Syracuse University, while Luteran will pursue accounting at Le Moyne College. Hatch excels in math and art and participates in several school activities. Luteran majors in science and math and earned multiple honors including Regents and the Ami citia Award. The bank’s scholarship supports students entering business related fields.
MENTIONED IN THIS ARTICLE
Alvin D. Falso
Rita
Solvay
Solvay Bank
Alvain D. Falso
Douglas Hatch
Nelson Hatch
Heritage Circle
Mary Beth Luteran
Judith Luteran
Ontario Ave
Hatch
Geddes Savings & Loan Association
Syracuse University
Solvay High
Bank
Balfour
Luteran
LeMoyne College
National Honor Society
Variety Showcase
Music Association
Amicitia
Solvay- Geddes Veterans of
The
Short 1980 recession shocks economy yearlong recovery in progress
The 1980 downturn, though lasting six months, ranks as the shortest NBER recession yet among 127 cycles but delivers severe blows to autos and housing. Prices and wages rose fastest in a recession since 1920 21, amid inflation psychology questions and a wary Fed stance under President Reagan.
MENTIONED IN THIS ARTICLE
National Bureau of Economic Research
NBER
Reagan
Also Mentioned on This Page
Business Digest
Dun & Bradstreet
Sino-Japan
Japan External Trade Organization
China
Japan
Jetro
Nedco
George Stickels
Torrington
Conn
Northeast Dairy Cooperative Federation
Robert Forsythe
Stickels
Yankee Milk Cooperative
Newington
Brogan
Joyce E. Powell
Brogan & Associates
Manlius
SEC
Chicago
Olympia Brewing Co
U.S. District Court
Securities and Exchange Commission
R. Jack Reinhardt
Olympia
Seattle Post-Intelligence
Cox News Service
Washington
House Senate
Eco- Reuss
D-Van
Roger W. Jepsen
Iowa
Issmes
Coo
Soper
New York Stock Exchange
New York Bank
Securites
America
Federal Reserve Board
By Sylvia Porter
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