Word: frb
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From the Federal Reserve Board came more bullish news in a survey of consumer buying. Despite the recession in the first half of the year, FRB found that few consumers had curtailed buying plans. FRB also noted that consumers were, by & large, counting on a continued high level of income-and with good reason. Personal income for the first eight months of the year, the Department of Commerce reported last week, was at a record rate of $212.6 billion, some $3.2 billion more than in the same period last year...
...Federal Reserve Board's antitrust hearings in San Francisco against Transamerica Corp. last week entered their second year. For the past year, FRB has been trying to do two things: i) prove that Transamerica is a monopoly, and 2) force it to sell its holdings in Bank...
With no warning to FRB, Transamerica President Sam Husbands announced a sale of 1,199,554 Bank of America shares on the open market, to lower Bank of America holdings from 22.8% to 11.1%. The stock sale, said Husbands, would bring in some $50 million which would be used "to liquidate loans" that were necessary to buy the stock originally "and to provide working capital...
...Federal Reserve Board hauled down a storm signal last week. Ever since last November its production index, one of the barometers of U.S. business, had been skittering down. It had dropped 33 points to 162 in July, indicating a 17% fall in overall U.S. production. Last week FRB reckoned that production was bouncing up again and that the index for August had risen, probably back to the June level...
...latest week, said the Labor Department, new claims for jobless benefits totaled only 251,000, the lowest for any week since last November. Department store sales, hard hit by the hot summer, had also perked up a bit; retailers saw better business ahead. At the end of July, said FRB, 296 of the largest department stores had ordered $401 million in new goods, v. $286 million at the end of June...