U S Money Supply Eases Dollar. Sterling Rises in Early Trading
U S monetary data show a smaller rise in the money supply, pressuring the dollar downward against major European currencies. The franc weakens, the British pound climbs to $2.0880 as Tokyo closes lower at 221.20 yen. Gold and silver futures slip in Zurich and London while Hong Kong gains. FTC orders Horizon Corp to refund 14.5 million dollars to buyers of undeveloped land. MGM offers to buy United Artists from Transamerica for up to 375 million dollars, aiming to boost its distribution system.
MENTIONED IN THIS ARTICLE
London
U.S
Francois Mitterrand
Tokyo
Europe
Zurich
Hong Kong
U.S. Federal Reserve Board
Wall Street
Washington
Federal Trade Commission
Southwest
FTC
Horizon Corp
Tucson
Ariz
Phoenix
Houston
el Paso
Tex
Albuquerque
N.M
Culver City
Calif
Metro-Goldwyn-Mayer Film Co
United Artists Corp
TransAmerica Corp
MGM
Frank Rosenfelt
TransAmerica
Lock in high rates as peaks may near for 17 percent T-bills
Analysts say rates likely top soon with 26 week T bills yielding 17.09 percent on last week’s auction and six month CDs near 16 percent. Ebinger recommends federal agency securities for 2 3 year lockins while money market funds offer liquidity but no insurance. Inflation and taxes temper gains as investors seek best yields.
MENTIONED IN THIS ARTICLE
Gary Klott
UPI
New York
Treasury
Allen Sinai
Data Resources Forecasting
Richard Ebinger
Cleveland
Ebinger
Fed committee to take look at money growth
Policy makers in the Federal Reserve Open Market Committee met to review the economy and decide appropriate money supply growth. After March 31 they had deemed money growth too fast, with April M1B surging 13.9 percent. Analysts split on whether the April spike signals a stronger economy or a fluke, with rates likely to drift lower as reserves and money supply ease.
MENTIONED IN THIS ARTICLE
Michael Quint
New York Times
New York
Federal Reserve
Open Market Committee
Federal Reserve Bank
Fed
Robert Schwartz
Merrill Lynch, Pierce, Fenner & Smith Inc
Schwartz
Philip Braverman
Chase Manhattan Bank
Income and spending show little growth in April
Americans posted only a 0.6 percent rise in personal income and 0.2 percent in personal consumption in April, the smallest gains since last spring. The Commerce Department data point to a cooling economy with a 5 percent savings rate and higher savings in March, while Fed reports show factory capacity at 80.3 percent in April, aided by auto production.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
U.S
Integrated Steel
Robert Farlow
Ameri
Can
Federal Reserve Board
Marine Midland Bank stockholders to meet at Carrier Dome
About 300 stockholders from Central Northern and Mohawk Valley regions will attend Marine Midland Banks Inc regional meeting at the Carrier Dome. Edward W. Duffy John R. Petty and Robert E. Wehrle will address holders. The event includes a reception luncheon and a review of progress and growth plans. Marine Midland Banks has assets over 18 billion and the subsidiary Marine Midland Bank NA operates 296 offices in New York and 24 abroad.
MENTIONED IN THIS ARTICLE
Marine Midland Banks, Inc
Carrier Dome
Edward W. Duffy
John R. Petty
Marine Midland
Central
Mohawk Valley
New York State
Robert E. Wehrle
Buffalo
Marine Midland Bank
N.A
Banks raise prime to 20 percent amid Fed pressure
Morgan Guaranty Trust Co of New York and First National Bank of Chicago boosted their prime lending rate to 20 percent. The move follows a rise to 19.5 percent last week and comes as the Federal Reserve Open Market Committee meets to consider tighter credit to curb inflation.
MENTIONED IN THIS ARTICLE
Morgan Guaranty Trust Co
New York
First National Bank of Chicago
Federal Reserve Board
Smart vacationer saves money with off season travel tips
A 1981 travel cost guide urges readers to shift to off season travel, mix routes and airlines, seek budget lodging like bed and breakfast and charter yachts, rent RVs, and use travel agents. It notes fuel costs influence choices and that staying home is increasingly appealing amid high gas prices.
Also Mentioned on This Page
Reagan
Money Market
James Barry Jr
Barry
VPI
Charles Herbigan
Atlas
General Electric
North Bergan
N.J
Tess
Manhattan
Brooklyn
Bed & Breakfast
Hawaii
Bed & Breakfast International
Kensington
Bed & Breakfast League
Princeton
Chamber of Commerce
U.S. Park
OPEC
By Sylvia Porter
This is just the beginning! Our collection holds over 300 years of history, including rare newspapers, obituaries, marriage records, birth records, and so much more—most of which you won’t find anywhere else!