Fed offers S and L safety net with liquidity loans
The Federal Reserve Board on Thursday offered liquidity loans to savings and loan associations and credit unions at rates as low as 14 percent, far below the 20.5 percent prime rate, to prevent thrift institutions from failing. Regulators say over half of the nation’s 4,542 thrifts are financially stressed as older mortgages underperform and deposits fall to compete with money market funds, with asset values shrinking as rates rise.
MENTIONED IN THIS ARTICLE
Washington
UPI
Federal Reserve Board
Savings and Loan
Fed
Federal Home Loan Bank Board
Federal Reserve
Congress
Savings associations cheer Fed aid for home financing pullback
The U S League of Savings Association welcomed the Fed decision to open the discount window and cited a plan of 14 percent for 60 days 15 percent for 90 days and 16 percent thereafter as stabilizing. The All-Savers Certificate tax exemption and a new FHMC program to pool mortgages into saleable securities could bring over $20 billion to savings and loans by next year.
MENTIONED IN THIS ARTICLE
Fed
U.S. League of Savings Association
Federal Home Loan Mortgage Corporation
Pan Am Sells Intercontinental Hotels to Grand Metropolitan
Pan American World Airways announces the sale of its Intercontinental Hotels chain to Grand Metropolitan of London for 500 million dollars in cash. The 97-hotel luxury portfolio in 48 nations will operate as a unit within Grand Metropolitan, retaining trade names and management with Paul C. Sheeline as CEO. The deal, approved by Pan Am, aims to reduce debts and fund obligations while preserving Pan Am’s reservations system linkage.
MENTIONED IN THIS ARTICLE
New York
UPI
Pan American World Airways Inc
Intercontinental Hotels
Grand Metropolitan Ltd
London
Grand Metropolitan
Britain
Intercontinental
Pan Am Board of Directors
Pan Am
James Arey
Pan American
Park Avenue
Grand Metropolitan Organization
Paul C. Sheeline
Weak rally fades fast in stock market Friday
New York markets slipped as the prior two session rally faded. The Dow Jones average fell 0.86 to 927.51 in the first half hour while NYSE issues showed a narrow loser lead. Analysts expected a quiet Friday session and noted persistent high rates with no immediate decline. Venezuela said OPEC met in Geneva without agreement on unified pricing. Early volume leaders included Pan American World Airways at unchanged 2 percent, Alcan Aluminium up 0.26 percent, and Boeing down 0.26 percent.
MENTIONED IN THIS ARTICLE
New York
Venezuela
Geneva
Pan American World Airways
Alcan Aluminium
Boeing
Grain price snapshot from Northeast and Northwest Ohio markets
Grain prices across regions show No 2 wheat ranging from 3.46 to 3.52 dollars, No 2 shelled corn near 2.85 to 2.90 dollars, and No 1 soybeans around 72 to 74 dollars per bushel with mixed notes on categories. Local references include Northeast and Northwest Ohio markets and varying tag lines.
MENTIONED IN THIS ARTICLE
Northeast
Unio
Northwest
Ohio
Mullinax Ford Leaves Auto Dealers Association
Ed Mullinax Amherst Ford dealer resigns from Lorain County Auto Dealers Association. Mark Spitzer says Mullinax left due to the group’s hours of operation. Spitzer notes Mullinax objected to staying open until 9 p.m. Mondays and Thursdays and 6 p.m. on other weeknights.
MENTIONED IN THIS ARTICLE
Mullinax
Ford
Ed Mullinax
Amherst
TRW reports higher sales and earnings for Q2 and H1 1981
TRW Inc. announces stronger performance for the quarter and first half ending June 30. Sales rose to 2.72 billion for the six months, with earnings up 12 percent to 118.9 million and fully diluted EPS up 11 percent to 3.19. Chairman Ruben F. Mettler cites growth in energy and defense electronics markets and expresses confidence results will rise for all of 1981.
MENTIONED IN THIS ARTICLE
TRW Inc
Ruben F. Mettler
Parker Hannifin reports 1981 earnings rise to $4.12 per share
Parker Hannifin Corp shows strong fourth quarter results with fiscal 1981 earnings of $4.12 a share on $1.1 billion in sales and $64.1 million net income, a 14 percent gain. Chairman Patrick S. Parker notes ten straight annual growth years despite multiple recessions in the US and Europe and predicts further sales and earnings gains.
MENTIONED IN THIS ARTICLE
Parker Hannifin Corp
Patrick
S. Parker
Europe
Ohio Edison keeps quarterly dividend at 44 cents per share
Ohio Edison Co directors authorize an unchanged 44 cent quarterly dividend payable Sept. 30 to holders of record Sept. 18, pending sufficient unrestricted retained earnings. The firm may write off about 77 million dollars for costs tied to partial ownership of four nuclear units canceled last year, with final determination due after August results.
MENTIONED IN THIS ARTICLE
Ohio Edison Co
Edison
Fisher bids to buy Dominick's Finer Foods unit
Fisher Foods plans to acquire Dominick's Finer Foods 71 store Chicago area subsidiary. The bid will be reviewed at the next Fisher board meeting. Robert Fazio is promoted to vice president real estate construction planning for the Fazio division overseeing Ohio real estate and store expansion.
MENTIONED IN THIS ARTICLE
Dominick DiMatteo, Jr
Fisher Foods
Dominick's
Finer Foods
Chicago
Fisher Board
Robert Fazio
Real Estae
Fazio’s Division
Poultry Prices Reported From Ohio Farms
Butter eggs prices listed for Columbus area with carton sizes Large and Medium and sales to retailers in major Ohio cities. Cartons delivered largely around 80 to 82 cents for large, 72 to 74 for medium. poultry prices at Ohio farms show light type around 11 cents.
MENTIONED IN THIS ARTICLE
Columbus
Ohio
Ohie
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S&l
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League
Intercontinent
Wunion
wendixCp
Westhe
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Bobbie Bris
Alena
The
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Borger
Ar Airlines
CadaPac
Armco
Pierre R. Smith Co
Bellow
Bendix
Lear Siegler
Firstoe
Ford Mt
Parker Hannifits A
Circe Kae #1 oth Galads 2.20 Nh Searle (G.D.)Co
Pitawail Sil
GuMot
Smucker Wre
Southern Co
Yale Corp A Hildrich
Oleds Edison
Ad Gracew
Goodyr
Union Pacific Corp
Great Arp
Woolworth
F.W
Raddick Corp
al HS
Mane Hi Tel Inco Ltd
Atcatar Corp
Attatta
Bitco Corp
Cumtes Cary
Dremer Taal
McNeil
Koreisier
Nabisco
IMA Brvest
Nordea Corp
Portis Canera
Rockwil
Pratt Reed Nh
Oberlin Rd
Elyria
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Minneapolis
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Fisher
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Handy & Harman
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Westcom Audio
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Ieva County
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Fis
Inamar
West Com
Jensen
Jensem System
Cveaig
Craig
Revere
Sporeney & Beable Foder & FM
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Oqpiovell
Broad St
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