Hopes for rate cuts dampened by faster money growth
New York AP reports that M1 rose 900 million in the last week of August and M2 increased 22.8 billion in August, signaling stronger-than-desired money supply. Economist Maury Harris of Paine Webber says the Fed is unlikely to loosen policy soon, though the rise delays a move to cheaper credit.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve Board
Fed
Maury Harris
New York Investment Company of Paine Webber Inc
Banks approve S and L mergers in New York Illinois
Government regulators approve the merger of Union Federal S&L of New York City into Bayside FSB of Bayside New York and the consolidation of three Illinois S&Ls. Union adds five offices and 147.8 million in assets to Bayside. Vandalia Citizens S&L merges into Fidelity Federal S&L of Galesburg while Investors S&L joins, boosting Fidelity with two offices and 48.5 million in assets plus Vandalia’s single office.
MENTIONED IN THIS ARTICLE
Washington
New York
Union
Bayside
Vandalia Citizens Savings and Loan of
Vandalia
Fidelity Federal Savings and Loan of
Galesburg
Tll
Investors Savings and Loan
Fairview Heights
Ill
S&l
Ilinois Savings and Loan
Fidelity Federal
Vandalia Citizens
States battle to end interest usury ceilings
States move to abolish or raise loan interest caps as Arkansas and Washington voters weigh ballot measures. The trend follows 1980 federal actions on home mortgages with banks arguing ceilings block credit while consumer groups push to restore caps.
MENTIONED IN THIS ARTICLE
Arkansas
Washington
Ilinois
Congress
Delaware
South Dakota
Bruce Stevens
Elyria Savings & Trust National Bank
Stevens
U.S. Treasury
Time critical UAW Chrysler talks near deadline
UAW President Fraser said talks toward a new contract with Chrysler face tight time as the current pact for about 43,200 autoworkers and 40,000 laid off workers nears midnight Tuesday. Chrysler offered a meager economic proposal and seeks savings before wage gains. health care reform is a key battleground. Fraser remained hopeful for a deal by the deadline, while negotiations continue on pensions and COLA. Meanwhile UAW at General Dynamics in St Louis reports ongoing but undisclosed bargaining as a similar midnight Tuesday contract expiry looms for about 5,200 workers.
MENTIONED IN THIS ARTICLE
Highland Park
Mich
Chrysler Corp
United Auto Workers Union
UAW
Douglas A. Fraser
U.S
Chrysler
Fraser
General Motors Corp
Ford Motor Co
General Dynamics Corp
St. Louis
Karl Mantyla
Car stockpile reaches 18-year high in August
Ward's Automotive Reports shows domestic car inventories at an 88 day supply totaling 1,379,000 as imports fell to 388,098 cars for an August end stockpile of 51 days. GM, Ford, Chrysler and others held high days of supply while sales slowed, with August U.S. car sales at 409,411 and imports at 198,900.
MENTIONED IN THIS ARTICLE
Detroit
Auto Industry Journal
Ward
Ward’s
General Motors Corp
Ford Motor Co
Chrysler
American Motors Corp
Volkswagen of America Inc
U.S
Also Mentioned on This Page
Bank Board
Oks
N.Y., Ill
S&l Mergers
Mid-Ohio
Fez
Loran
Cleve
Elyria
Spitzer Pack Plaza
Broad St
Epria
O. Ecurities Corp
C-T
Ohio
House
Jim Wright
Texas
Mittee
Associated Press
Nathan Diggs
Joe Firment
Chevrolet, Inc
Adea
Alcoholics Anonymous
America
Merrill Lynch
CMA
Larry Leafer
Merril Lynch
Bank One of Columbus
Sopateefennet
The
Smithine
Mera Lynch
Oncall
Peetus
Lawrence Holmes
Mer Aceew
Ann Joe Woolley
TC Inaestres
Zsa
Pierre R Smith Co
Mid-Continent
Midland-Ross
AmerMachundry
AmerShip Binding
American Standard
Ohio Farson National Gypsem Bendix
Parker Hanwrifin
Servier Eatle
G.D
Coweland Etec
Southern Co
Excello
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