Dollar rises while gold slips and rates climb in 1980s digest
The dollar strengthened against most major currencies in European trade while easing against the pound. Gold prices fell to lows not seen since December 1979, with $460 an ounce in London and $461 in Zurich, and NY futures at $460. The Girard Bank lifted its prime lending rate to 21 percent, the highest since last December, as other big banks quoted 20 percent. Transportation Secretary Drew Lewis backed off Conrail sale plans, extending the railroad’s fate by 18 months following a meeting with Sens. Heinz and others. Three month Treasuries rose to 15.92 percent, six months to 14.86, and one year to 13.68. Dairy price support may face a presidential veto, per Agriculture Secretary Black, amid stock accumulations. The ICO ordered a 14 million bag cut in its 1980-81 coffee quota.
MENTIONED IN THIS ARTICLE
London
Zurich
Hong Kong
Commodity Exchange
New York
Handy & Harmon
Girard Bank
Philadelphia
Girard
D Transportation
Drew Lewis
Conrail
John Heinz
Heinz
Pennsylvania
Lewis
Reagan
Amtrak
Tax reduced on NM bills in Niagara Mohawk area
Niagara Mohawk customers will save about 32 cents monthly on electric bills and 5.04 dollars yearly on gas due to a 1 percent county sales tax cut starting June 1. Syracuse area GM Gerald Currier notes typical usage figures and contrasts heating and water heating scenarios. The second 1 percent tax cut on electricity and gas will be eliminated next January.
MENTIONED IN THIS ARTICLE
Niagara Mohawk Power Corp
Gerald Currier
Syracuse
Exaample
Cleekrie
Silver Dips Below Ten Dollars An Ounce
Silver slipped under the ten dollar mark for the first time in nearly two years as markets faced high rates and a strong dollar. In London the price was 9.99 per ounce and on the Comex in New York it briefly hit 9.95 before settling at 10.10. A government study warned of future spikes in precious metals markets driven by wealthy speculators and foreign governments, though it found no new details on the Hunt brothers.
MENTIONED IN THIS ARTICLE
London
Commodity Exchange
New York
Comex
Commodity Futures Trading Commission
Securities and Exchange Commission
Federal Reserve Board
Fay's Drug Co. increases dividend and outlines gains
Fay's Drug Co. plans higher earnings this year led by northern stores and asset sales. The Liverpool company boosted the quarterly dividend to 8 cents from 7.5 and approved a 10 percent stock dividend. Shareholders were told about a $241,000 pre tax gain from selling southern stores to Rite Aid, debt reduction, and expected lower interest expense. The firm expects to open three more New York stores and two more before next Christmas while expanding its distribution center with a $6.5 million IRB loan.
MENTIONED IN THIS ARTICLE
Joseph A. Porcello
Fay’s Drug Co
Henry A. Panasci Jr
Syracuse
Panasci
Fay
New York
Pennsylvania
South Carolina
Fay's
Rite Aid Corp
Gale
Panas¢i
Fay’s
Liverpool
Onondaga County Industrial Development Agency
Merrill Lynch chair predicts end to Glass Steagall era soon
William A. Schreyer of Merrill Lynch says federal banking and securities rules will reverse, allowing banks to underwrite securities and operate interstate. He foresees a strong bond and stock market late this year into 1982, with the Dan Jones Industrial Average reaching 1500 in two years. Schreyer notes financial supermarkets and a blur between banking types as mergers ease. Merrill Lynch opens a larger Syracuse office in MONY Plaza.
MENTIONED IN THIS ARTICLE
Merrill Lynch
Pierce, Fenner & Smith
William A. Schreyer
Mony Plaza
Schreyer
Buffalo
Dan Jones
America
William Balderston II
Lincoln First Bank
Balderston
United States
Porate Securities
McFadden
Bache
Halsey Stuart
Prudential Insurance Co
U.S
Merrill _Lynch
New
Syracuse
Warren Street
Montgomery Street
Camelot
Callahan to head Colt group at Syracuse HQ shift
Vin cent H Callahan named group vice president and head of Colt Industries Crucible division group based in Syracuse moving from Pittsburgh. He will lead Crucible Alloy and Stainless Crucible Specialty Metals Crucible Magnetic Crucible Spring Trent Tube and more with some Pittsburgh staff relocating. Eugene A March steps down as group VP to retire in about a year and remains Colt vice president.
MENTIONED IN THIS ARTICLE
Colt Industries
Crucible
Trent Tube
Pittsburgh
Syracuse
Vincent H. Callahan
Callahan
Crucible Specialty Metals
Calt
Crucible Magnetics
Elizabethtown, Ky
Colt
Crucible Steel Divison
Colt Industries Ltd
Canada
Crusteel Ltd
Great Britain
Crucible Research Center
Crucible Compaction Metals
New Jersey
Manufacturers Association of
Central New York
Eugene A. March
March
Syracuse Mill
Indiana
Marriage penalty move could end with new tax law
The marriage penalty, long a feature of federal income taxation since 1969, may be phased out or eliminated as lawmakers show little opposition. Reagan administration support and congressional agreement push toward individual taxation, arguing the system unfairly taxes two earner married couples, while historical shifts since 1913 show recurring inequities and reforms. Dr. Alicia Munnell notes three conflicting goals in tax policy, with many nations already adopting individual taxation as the norm.
MENTIONED IN THIS ARTICLE
Lwo
U.S
Alicia Munnell
Federal Reserve Bank of Boston
Also Mentioned on This Page
Business Digest
Tokyo
Threesmonth Treasury
John Black
House Agriculture Committee
Black
International Coffee Organization
Jemamij
Congress
David
Lawrence Bangier
New York City
Gillian McAuliffe
Robert Walters
Warren Wolfson
Munnell
By Sylvia Porter
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