Tarrytown Daily News from Tarrytown, New York (2024)

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Tarrytown Daily Newsi

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Tarrytown, New York

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2 Gannett Westchester NewspapersWednesday August 19 1987 Section THE MARKET Dow gets hit hard Activity over the past 30 trading days W9' 1 1 1 II I'1 1 CHANGE Down 4581 MM I I M5O i I 1 1 1 1440 14 I bl I I 14 I 14 2 19 Of Page D1 BUSINESS BRIES Housing construction snaps four month slide Housing construction jolted earlier this year by a sharp jump in mortgage rates edged up 09 percent in July its first monthly increase since ebruary The Commerce Department said new housing was being built at a seasonally adjusted annual rate of 161 million units last month as strength in single family construction offset a further decline in apartment building The modest rebound was led by a 91 percent rise in building in the Northeast where houses were started at an annual rate of 288000 units looks like builders and buyers are over the spring rate said David Berson senior economist at the US League of Savings Institutions Berson predicted improvements in sales will spur further gains in construction in August and September He said the sales gains will come even though mortgage rates will start rising again as well climbing by perhaps one half percentage point by the end of the year ixed rate mortgages dipped to a nine year low of 9 percent at the end of March before investor fears about renewed inflation and a falling dollar sent rates up sharply Mortgages hit a high of 108 percent in late May before starting to fall again dipping to 1033 percent last week according to the ederal Home Loan Mortgage Corp Building permits considered a good sign of future activity edged down 19 percent in July to an annual rate of 149 million units the slowest annual pace since March 1983 However analysts said this level of activity would still support construction at 16 million to 17 million units for the whole year That would be down from a 1986 total of 181 million units but would still be considered a good year Dollar tumbles sharply The dollar fell sharply against all major currencies except the Canadian dollar in domestic trading Tuesday while the ederal Reserve was rumored to have stepped in to stem the decline The dollar tumbled to 14631 yen in New York down from 14933 yen late Monday The drop reflected a prolonged reaction to a government report riday that the nation's trade deficit for June had widened Gold prices rose Republic National Bank in New York quoted a late bid for gold of $459 a troy ounce up $5 from late bid Penney profit up ederated off JC Penney Co reported Tuesday its second quarter income shot up 1242 percent while ederated Department Stores Inc reported earnings fell during the period Penney reported earnings of $103 million or 68 cents a share compared with $46 million or 30 cents a share in the second quarter of 1986 The retailer said its sales totaled $341 billion up 58 percent from $322 billion ederated said its second quarter earnings fell 128 percent to $301 million or 32 cents a share from $345 million or 35 cents a share The company whose holdings include the and Wilshire chains reported sales of $244 billion up 69 percent from $228 billion Citi offering more stock New York based Citicorp Tuesday filed for federal permission to offer an additional 17 million shares of common stock for sale in September board also has approved a 100 percent common stock dividend equivalent to a 2 for stock split to take effect after the offering Citicorp has some 138 million shares now outstanding After the offering and dividend this would rise to 310 million The financial services company plans to strengthen its balance sheet with the $1 billion it hopes to raise through the offering Citicorp stock dropped to 65 Tuesday on the NYSE The Associated Press SELECTED STOCKS Tuesday week ago close close A1W 14 147 34 35 MY 44 437s CMm 43 44 Cttfcocp 657 65 Could 44 457s ederated 54 53 temett 537 53 GM 92 89 IBM 172 169 Urti 45 46 MCI 9 8 MotvXo 827s 82 NYNIX 75 74 PooptooWeet 28 27 PepeiCo 40 40 PMHpMorrie 103 104 Prfrnorfco 46 48 Texaco 427s 45 UfrioeCwtedo 28 28 INTEREST RATES SUnontiiT 6 177 894 Prteterate 8 25 EXCHANGE RATES Tuesday week ago close close tamd 6192 6361 Yen 146 31 151 22 Merk 18443 18945 rowetirane 61625 6 3125 Canada Doffer 13317 13291 HMUnUra 1333 75 1372 50 win ranc 15756 Dutch Golder 20885 21350 iiirtraniDol 13953 14235 tend Shekel 16180 16220 SpnPeoeta 125 50 128 50 Mexican Pooo 1462 00 144400 Sweden Krona 6 4390 6 5940 PRECIOUS METALS Tuesday week ago close close QoM $459 00 $464 00 Sttver $7706 $7824 Exchange prices indicate how much of a currency $1 will buy NEW YORK STOCK EXCHANGE AT THE CLOSE TRADING TUESDAY Dtv Last Div Lad CM Div Last 09 Stock Eaton 8 to JO 29 JO 39 to 4 J2 40 152 25 288 65'4 1 JO 32 47 80 $146 31 38 53 168 63 2 29 to 03 1 JO to 264 to 40 15 15 48 Mi to 95 16'4 21 to to Uto to 120 9 to to 27 to lb to 217 42 to As 50 to 120 25 I Mi to 38 I 3'4 to 67 JO 25 95 64 to to to I6 BTx pO24e 6 40 29' 7 to to 40 to to to 4 to 44 7s 40 40 JO 20 to 12 to to 23 3 15 37 to 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Tarrytown Daily News from Tarrytown, New York (2024)
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