Opening stocks drift lower amid mixed early trading
New York stocks opened mostly down as downtick in aerospace chemical telecom and oil shares led major indices lower. The Dow slipped 1.00 to 1,204.06 in the first half hour while traders awaited third quarter results amid uncertain interest rate inflation outlook.
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New York
New York Stock Exchange
Creston livestock sale totals reach 374 consignors
Creston Auction Report lists 374 consignors selling 1 143 head Monday. Prices span calves 15 to 185, sheep 12 75 to 15 50, hogs up to 44 85, cattle including choice steers 63 to 55 50, holsteins 43 to 56, and feeders 40 to 63 with varied lots across cattle, sheep, hogs, goats, ponies, and bulls.
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Creston
T-Bill yields fall for 3rd straight week
Yields on short-term Treasury securities slipped again marking the third consecutive weekly decline. The Treasury sold 13.2 billion dollars of new securities split between three month bills at 10.27 percent and six month bills at 10.39 percent in Monday auctions. The rates are the lowest since mid July for three month bills and late May for six month bills, with actual returns showing 10.69 percent and 11.12 percent respectively.
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Washington
Treasury
Not everyone is for lower rates in Tax Reform Act 1984
New York AP reports mixed reactions to proposed federal rule changes on seller financing. Critics warn imputed prevailing rates would raise reported income and taxes, potentially stopping buyers from obtaining affordable financing. Supporters say creative financing kept housing activity alive during recessions and remains vital for some buyers.
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New York
Uncle Sam
Congress
Aberdeen older logger links hard money to hard times
In Aberdeen Washington Martell Mayr a 70 year old former logging mill operator describes how high interest rates raise the dollar and hurt exports to Japan dampen housing demand and devalue timber reserves. He says bankers will not extend credit, blaming a national mood of hard money for the downturn and arguing lower rates would revive real asset investment.
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Bill Neikirk
Martell Mayr
Mayr
Japan
Canada
Pacific
Maya
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