November
7, 2001
Headlines---
Feds
Cut Discount Rate
Interpool
Reports Profits after Liquidating Microtech Leasing Portfolio
IKON’s
Lease Chargebacks Are Illegal
Multi-State Tax Up-Date by
Dennis Brown, ELA
Lump of Coal for E-Commerce Predictions
The
eLNA eNetwork Up-Date
Discount Rate Changes from 1972/Round Up
#denotes
press release
November 18---November 19
Eastern
Association of Equipment Leasing Conference
Someone
must have requested that you run another announcement
regarding
the EAEL Expo--which I really appreciate--however, the dates are
incorrect.
The hospitality suite is Sunday, November 18 and Expo 2001
is on
Monday,
November 19. It would be great
if you could reprint the new dates.
Thank
you –Alison
Amfnyc@aol.com
For
the Record:
The
message regarding Roger Gebhart's departure from AMEX Business Finance
is
premature. Roger is still an employee of AMEX. His responsibilities
have
been
altered and he is assisting in the transition of AMEX management.
Redstone
Bank is one of the many financial institutions that have contacted
Roger
regarding his future employment plans since AMEX's acquisition of
Sierracities.com.
Anonymous
(
Leasing News will stick with our originally informed source, and will
wait
for
an official announcement or official denial. editor )
___
Ampent/Liquidity
Sites
Ampent's
site is back up, but from what I found out is none of the
executives
on the web site are working there anymore. So, they are not
being
too truthful about the executive team. Their old landlord is allegedly
sueing
them since they reportedly renigged on their lease, and their VC has
dropped
them
and is perusing legal action against them, I am told..
If
you look at their site, they are operating out of an P.O. Box!
I
hope this helps, but it does not appear they are officially out of
business.
A good number of the dot com aggregate leasing
companies
are out of business.
Federal
Reserve Action
By
Floyd Norris, New York Times
(
Leasing News sent out an “extra” yesterday when the
announcement
was made, and utilized the Associated
Press
story. Here is the New York
Times version.
|
The
Federal Reserve cut interest rates again yesterday, pushing
down short-term rates as far this year as it has usually done
before the economy comes out of a recession. Stock market investors
now seem to believe a recovery will begin by the middle of next
year.
Despite
some hesitation after the announcement of the half-point reduction,
share prices ended the day with a solid rally — making it the
most enthusiastic reaction of the year for any of the cuts that
have come at regularly scheduled meetings of the central bank's
Federal Open Market Committee.
The
cut leaves the rate on overnight loans between banks at 2 percent,
the lowest since 1961.
The
three major market averages, the Dow Jones industrial average,
the Standard & Poor's 500 and the Nasdaq composite index,
ended the day up 1.5 percent or more. They had been mixed to
down after the first five expected moves this year, but rose,
albeit not as strongly as yesterday, after the last move, on
Oct. 2.
Lower
interest rates are expected to stimulate the economy by making
it less expensive for individuals and businesses to borrow money.
One rate the Fed directly controls is now down more than two-thirds
from where it began the year. That is about the same amount
as rates fell before recent recessions ended.
In
part, yesterday's market advance reflected more mystery than
usual surrounding the Fed meeting. While all Fed forecasters
expected a cut, they were split between factions that expected
a quarter-point cut — or 25 basis points — and those that expected
the cut to be twice as much.
"It
means that the Fed is nervous about the economy," said
William C. Dudley, the chief United States economist of Goldman,
Sachs, after the Fed announced the bigger move. "I think
there was probably a big debate about 25 or 50."
A
possible sign of dissent in the Fed was the fact that only one
of the 12 Fed regional banks, the one based in Richmond, Va.,
had asked for a half-point reduction in the discount rate, the
interest on loans by the Fed to banks. On Oct. 2, eight of the
12 banks had requested cuts.
Under
the Fed's rules, the Open Market (news/quote)
Committee has complete discretion over the federal funds rate,
the rate at which banks lend to each other overnight. But moves
in the discount rate must be initiated by regional banks.
If
there was substantial dissent, and that will only become clear
when minutes of yesterday's meeting are released, that may make
a large cut at the next meeting, on Dec. 11, less likely. Many
economists expect a quarter-point cut at that meeting.
The
Fed's only comment yesterday was a terse statement notable largely
for two changes from its October statement. It mentioned that
business is weak overseas and that increased security spending
"may restrain advances in productivity for a time."
While
neither point had been made before by the Fed, both were widely
understood by investors and did not seem to bother traders.
The stock market has rallied since it hit bottom on Sept. 21,
a week after trading resumed following the Sept. 11 attacks,
and those rising prices appear to have both reflected and reinforced
hopes for an economic recovery.
Since
those bottoms, the Dow and S.& P. 500 are up about 16 percent,
while the Nasdaq index has leaped 29 percent.
With
yesterday's cut, the federal funds rate has fallen from a cyclical
peak of 6.5 percent to 2 percent. While previous recessions
have often started when rates were far higher — and therefore
had more percentage points to fall, one way to compare cuts
is by the percentage decline.
Comparing
that to past recessions is a bit tricky, because the Fed did
not always use the federal funds rate as a target, and it tended
to be more volatile. But Robert J. Barbera, the chief economist
of Hoenig & Company, noted that this decline is generally
in line with those of the past.
In
the recessions that ended in 1970, 1975 and 1991, the declines
from the peak monthly average of the federal funds rate to the
low monthly average ranged from 64 percent to 70 percent, he
said. The two exceptions were the mini-recession of 1980 and
the longer one that ended in 1983, when the declines were 49
percent and 55 percent, respectively.
The
Fed has now cut rates 10 times this year — seven at regularly
scheduled meetings and three between meetings. The first two
surprise moves, in January and April, produced market surges
that faded within weeks or months. The third, on Sept. 17, came
the day the market reopened after the attacks, and may have
limited the falls that day.
This
recession — assuming as most economists do that one has begun
— differs from previous downturns in several ways. Normally
recessions begin with weakness in the housing and auto sectors,
as higher interest rates lead to depressed sales. But this time
it was the industrial economy that went first, and consumer
spending held up surprisingly well for most of this year.
The
Fed's aggressive cuts in rates have helped to support housing,
which has only recently begun to weaken, and car sales are now
strong — although that is widely viewed as stemming from aggressive
price cutting by automakers, which are losing money despite
the strong sales.
Paradoxically,
the strength of demand in those two sectors makes it less likely
that they will be able to lead the recovery when it arrives,
since there appears to be little pent- up demand. But, Mr. Dudley
at Goldman, Sachs said, there are other areas that are likely
to provide stimulus, starting with the effect of lower energy
prices and additional production by companies after they finish
reducing inventories that had been too large when the slowdown
began. And, he added, there is the delayed, but still expected,
fiscal stimulus package from Washington.
For
now, anyway, the stock market seems to be confident that the
economy will revive. And while yesterday's decision by the Fed
to go for a bigger cut may be evidence of greater concern about
economic weakness, investors believe it simply makes the eventual
recovery that much more certain.
|
|
|
####
##################################### ################
IKON’s Lease Kickbacks Are Illegal, Announces Thierman Law
Firm
and Hoffmand &
Lazear
SAN
JOSE, Calif.)-- --In a November 1, 2001 tentative decision, San Jose
Superior Court Judge John F. Herlihy affirmed his earlier ruling that
IKON Office Solutions, Inc. (NYSE:IKN) violated California labor law
by "Charging-back" sales commissions for customer defaults
on lease payments.
In
the first of two ten page decisions, the Judge said if the Customer
did not pay cash for the deal, a salesperson earned commission at
the time of lease signing through IKON's subsidiary financing company
and equipment delivery.
In
the second ten page decision, the Judge said that since the salesperson
was not responsible for the decision to extend credit to the customer,
IKON had engaged in unfair competition with respect to all California
salespersons by making the employees bear a business loss of a lease
default.
The
two decisions remain tentative until completion of a third phase of
trial to determine the exact amount of restitution IKON must pay to
its California Sales force on account of charged back commissions
due to customer lease defaults within the last six years. San Francisco
Labor Attorneys Mark Thierman and Carrie Freestone, and Oakland attorney
H. Tim Hoffman represented the Plaintiff employees.
( Courtesy of ELAonline.com
)
###
#############################
Interpool
Reports Profits after Liquidating Microtech Leasing Portfolio
Interpool,
Inc. (NYSE:IPX) today reported results for the third quarter and nine
months ended September 30, 2001.
Income from continuing
operations for the third quarter of 2001 was a record of $11.6 million,
or $0.40 per diluted share, excluding a non-cash charge for the market
value adjustment for derivative instruments and including an after-tax
gain on the retirement of senior unsecured notes, compared to income
from continuing operations in the third quarter of 2000 of $10.7 million,
or $0.38 per diluted share.
Interpool has reclassified
results from Microtech Leasing Corporation and Personal Computer Rentals
(PCR) under discontinued operations. The Company recently entered
into an agreement to sell its 51% ownership stake of PCR for book
value. The Company is currently liquidating the Microtech Leasing
Corporation lease portfolio. Revenue from continuing operations increased
29.3% to $74.9 million in the third quarter of 2001, from $58.0 million
in the third quarter of 2000, primarily due to contributions from
the acquisition of the North American Intermodal Division of Transamerica
Leasing, Inc. in October of 2000.
Operating lease revenue
for the quarter increased 30.3% to $68.8 million over $52.8 million
in the year ago period. Pre-tax profit from operating leases was $13.9
million in the third quarter of 2001, versus $14.9 million in the
third quarter of 2000.
The Company's container
operating lease fleet at the end of the third quarter was approximately
414,000 TEUs (twenty-foot-equivalent units), up from 368,000 TEUs
at the end of the 2000 third quarter and up from 406,000 TEUs at the
end of the previous quarter. The chassis operating lease fleet at
September 30, 2001 was 169,000, up from 96,000 at the end of the third
quarter 2000 and compared to 170,000 at the end of the second quarter
of this year. Utilization of the container fleet for the 2001 third
quarter was 95%, down from 99% in the year ago period and 97% in the
prior quarter. Chassis utilization for the 2001 third quarter was
93%, down from 97% in the 2000 third quarter and 94% in the second
quarter of 2001.
Income from continuing
operations for the first nine months of 2001 was $35.9 million, or
$1.24 per diluted share, excluding non-cash charges for market value
adjustments for derivative instruments and including an after-tax
gain on the retirement of senior unsecured notes. This compares to
income from continuing operations for the first nine months of 2000
of $30.3 million, or $1.10 per diluted share, excluding the cumulative
effect of a change in accounting and including an after-tax gain on
the retirement of senior unsecured notes. Revenue from continuing
operations was $229.1 million for the first nine months of 2001 compared
to $162.8 million in the first nine months of 2000.
Martin Tuchman, Chairman
and Chief Executive Officer of Interpool, commented: "Although
third quarter results reflect a slightly softer worldwide economy,
we are pleased with our overall performance. Once again, we realized
major revenue gains over the year ago period, primarily due to our
acquisition of Transamerica's North American Intermodal Division,
the integration of which is substantially complete. Also, we reached
an agreement to sell our ownership position in PCR. These actions
support our strategic plan to heighten our focus on the Company's
core chassis and container leasing businesses."
Mr. Tuchman concluded,
"We are committed to expanding our business and leadership position
within the industry. The combination of our strong, consistent cash
flow and existing credit facilities ensure that we have adequate capital
to fund our growth. Currently, we are intent on identifying and implementing
new efficiencies and minimizing costs and capital expenditures, all
of which will help to generate additional cash availability. Further,
we are dedicated to building upon existing customer relationships
and offering new value added services to our customers. Going forward,
we will continue to utilize our solid financial standing to capitalize
on profitable opportunities."
Interpool, originally
founded in 1968, is one of the world's leading suppliers of equipment
and services to the transportation industry. It is the largest lessor
of intermodal container chassis in the United States and a world-leading
lessor of cargo containers used in international trade. Interpool
operates from over 90 locations throughout the world.
( courtesy ELAonline.com )
###
############################# ####################
_________________________________________
###
###################### #################################
The
eLNA eNetwork
------------------------------------------------------------------------
eLNA
had opened Priority Registration Waiting Lists for scheduled 2002
Networking
Events.
eLNA's
high profile networking events traditionally limit attendance and
sell
out early, making this the hottest ticket in the eLeasing
community.
eLNA has added a Spring 2002 Networking Hot Shots golf
tournament
to the 2002 event schedule to compliment the Fall 2002
eLeasing
Exhibitor Conference.
The
Spring 2002 Networking Hot Shots will be restricted to Executive
Members
and their guest.
*eLNA
membership is free for Networking Event participants.
For
Details Visit http://www.elessors.com
---------------------------------------------------------------------
eNetwork
(Email Distribution Removals) - http://www.elessors.com
####
################################### ################
Multi-State
Tax Up-Date by Dennis Brown,
ELA
An
official meeting announcement and registration form for the first
Governing States meeting has been posted on the National Conference
of State Legislatures (NCSL) website www.ncsl.org. Click on "Sales Tax Simplification Governing States" in
the upper left corner of the NCSL homepage.
This
meeting is called to begin work on the final terms of an interstate
agreement on sales tax simplification. Governing States will convene at the Salt Lake City Marriott Downtown,
75 SW Temple, Salt Lake City, Utah on Wednesday, November 28 and Thursday,
November 29. NCSL has a room
rate of $99 available if you call the hotel at 801/531-0800. There will be a $175 meeting registration fee.
Dennis Brown
DBROWN@ELAMAIL.COM
|
Lump
of Coal for E-Commerce Predictions
Flying
in the face of research that has predicted a prosperous holiday
season for online retailers, a study by Odyssey has found online
consumers becoming wary of e-commerce.
Odyssey's
"Breadbox Study", which tracks consumer attitudes
and behaviors with regard to commerce, found that online purchasers
are significantly less likely to purchase online again in the
second half of 2001. The semiannual study consists of national
random-sample surveys of 3,000 consumers that are representative
of all U.S. consumers 16 years of age and older.
Among
consumers who bought personal items online in the first half
of 2001, the proportion reporting that they are very likely
to purchase online again in the third and fourth quarters has
dropped from 71 percent one year ago to 54 percent. The study
also found that among consumers who have ever purchased online,
the proportion who have purchased in the last six months has
declined steadily from 95 percent to 82 percent over the last
18 months.
The
findings can be especially disturbing to online retailers who
have been struggling to attain profitability because it is cheaper
for retailers to deal with existing customers and online shoppers
than to acquire new ones. If the results of the study are prophetic,
online retailers may have to pay to convert new online shoppers
this holiday season, and those shoppers tend to spend less than
online shopping veterans.
Adding
to the worries of retailers, both online and offline, is the
economic downturn. According to Odyssey's study, 51 percent
of consumers report they are more likely to pursue bargains
given the current economic environment, and 46 percent report
that products on sale are the only products they are likely
to buy. As of July, 85 percent of consumers planned to spend
as much or more this holiday season as they did in 2000.
"Online
retailers are going to face some very tough sledding this holiday
season. Certainly some of those who have established brand names
and exercise extraordinary discipline in targeting customers
will come through fine, but the data provides ample reason to
believe that many online retailers who expect this holiday season
to be their salvation will find it instead to be their demise,"
said Nick Donatiello, president and CEO of Odyssey. "The
challenge of balancing volume with per sale profitability will
be greater this year than it has ever been before for these
young retailers."
|
Reasons
for Abandoning
Online Shopping Cart
|
|
High shipping prices
|
72%
|
|
Comparison shopping or browsing
|
61%
|
|
Changed mind
|
56%
|
|
Saving items for later purchase
|
51%
|
|
Total cost of items is too high
|
43%
|
|
Checkout process is too long
|
41%
|
|
Checkout requires too much
personal information
|
35%
|
|
Site requires registration
before purchase
|
34%
|
|
Site is unstable or unreliable
|
31%
|
|
Checkout process is confusing
|
27%
|
|
Source:
Vividence
|
The
study also examined the question of online savings. Sixty-five
percent of online purchasers said they feel that shopping online
saves them money and 55 percent of all U.S. consumers believe
that people using PCs and online services for shopping are likely
to be enjoying retail savings through the online channel.
"Consumers,
both on- and offline, have existing perceptions of online retail
as a way to save money and online retailers need to fuel these
perceptions through marketing and communications efforts,"
said Sean Baenen, managing director at Odyssey. "Attracting
consumers with low prices and following through with iron-clad
execution this holiday season can help some online retailers
survive in the short-term, and, more importantly, will position
these sites well when the economy regains momentum."
But
are consumers looking for savings when they shop online? It's
a subject that's been debated by researchers covering the retail
sector from day one. According to research from GartnerG2,
the key to success this holiday season is customer satisfaction.
Given the high-profile customer service failures of holidays
past, Gartner's research told retailers to focus on providing
convenience to consumers.
The
GartnerG2 survey found that 81 percent of online consumers value
convenience when making a purchase online, compared with 33
percent who value price savings. In fact, an examination of
the motivating factors among online buyers by GartnerG2 found
convenience-related issues dominate; only 33 percent of the
respondents feel that getting better prices is an important
driver to buying on the Internet.
The
discussion of what motivates online shoppers is moot if they
aren't going to spend. But the mood of online consumers seems
to be improving as the holidays approach. According to research
from comScore, total domestic
e-commerce sales totaled approximately $974 million during the
week ending Oct. 28, a level only 2 percent below the average
week observed during a benchmark period calculated over the
five months preceding September 2001. Even travel services,
the sector hardest hit in the aftermath of the Sept. 11 attack,
has begun to bounce back.
Meanwhile,
the initial findings of the eSpending Report by Goldman Sachs,
Harris Interactive and Nielsen//NetRatings, which is based upon
a weekly national survey of 500 online shoppers, found that
69 percent of Internet users have not begun shopping for the
holidays. Respondents who have started their holiday shopping
report they choosing their e-commerce destinations based on
prior experience and a traditional retail store presence. Twenty-eight
percent of those surveyed shopped at a site they found through
a portal or search engine. Only five percent said that the Sept.
11 attack would force them to increase their online shopping.
|
Discount
Rate Changes
by
Associated Press
Changes
made this year by the Federal Reserve in its target for the federal
funds rate, the interest that banks charge each other on overnight
loans:
Jan.
3: First one-half-percentage-point cut since July 1992 and first rate
change outside the regular Fed meeting schedule since October 1998.
Federal funds rate: 6 percent.
Jan.
31: Second one-half point reduction, the first time since Alan Greenspan
became Federal Reserve chairman in August 1987 that the federal funds
rate was reduced by a full percentage point in a month. Funds rate:
5.5 percent.
March
20: Third half-point cut. Funds rate: 5 percent.
April
18: Fourth half-point reduction and second rate move this year outside
the regular Fed meeting schedule. Funds rate: 4.5 percent.
May
15: Fifth half-point cut. Funds rate: 4 percent.
June
27: First quarter-point reduction in this cycle, leaving funds rate
2.75 percentage points below the 6.5 percent level it held at the
beginning of the year. Funds rate: 3.75 percent.
Aug.
21: Second quarter-point reduction, pushing the funds rate to the
lowest point since early April 1994. Funds rate: 3.5 percent.
Sept.
17: Sixth half-point cut as the Fed becomes more aggressive following
the Sept. 11 terrorist attacks, pushing the funds rate to its lowest
level since early 1993. Funds rate: 3 percent.
Oct.
2: Seventh half-point cut, to the lowest level since May 1962. Funds
rate: 2.5 percent.
Nov.
6: Eighth half-point cut, to lowest since September 1961. Funds rate:
2 percent.
|
Charge
in Discount Rate from current to 1972
By
Associated Press
. The dates are only
approximate, marking when a rate generally became adopted industrywide,
except where noted.
2001
5.00 percent Nov. 7
5.50 percent Oct. 2
6.00 percent Sept.
17
6.50 percent Aug. 22
6.75 percent June 28
7.00 percent May 16
7.50 percent April
19
8.00 percent March
21
8.50 percent Feb. 1
9.00 percent Jan. 4
2000
9.50 percent May 17
9 percent March 22
8.75 percent Feb. 3
1999
8.50 percent Nov. 16
8.25 percent Aug. 24
8 percent June 30 1998
7.75 percent Nov. 18
8.00 percent Oct. 16
8.25 percent Sept.
30 1997
8.50 percent March
26 1996
8.25 percent Feb. 1
1995
8.50 percent Dec. 20
8.75 percent July 7
9 percent Feb. 1 1994
8.50 percent Nov. 15
7.75 percent Aug. 16
7.25 percent May 17
6.75 percent April
18
6.25 percent March
23 1993
5.5 percent Oct. 18
(Morgan Guaranty first, nobody else significant followed. Morgan
pushed it back up to 6 percent on March 17, 1994) 1992
6 percent July 2
6.25 percent April
20 (Chemical Banking Corp. only, rescinded June 5) 1991
6.5 percent Dec. 20
7.5 percent Nov. 6
8 percent Sept. 13
8.5 percent May 1
9 percent Feb. 1
9.5 percent Jan. 2
1990
10 percent Jan. 8 1989
10.5 percent July 10
and July 31
11 percent June 5
11.5 percent Feb. 24
11 percent Feb. 10
1988
10.5 percent Nov. 28
10.0 percent Aug. 11
9.5 percent July 14
9 percent May 11
8.5 percent Feb. 2
1987
8.75 percent Nov. 5
9.0 percent Oct. 22
9.25 percent Oct. 7
8.75 percent Sept.
4
8.25 percent May 15
8.0 percent May 1
7.75 percent March
31 1986
7.5 percent Aug. 26
8.0 percent July 11
8.5 percent April 21
9.0 percent March 7
1985
9.5 percent June 18
10.0 percent May 20
10.5 percent Jan. 15
1984
10.75 percent Dec.
20
11.25 percent Nov.
28
11.75 percent Nov.
8
12.0 percent Oct. 26
12.25 percent Oct.
16
12.75 percent Sept.
27
13.0 percent June 25
12.5 percent May 8
12.0 percent April
6
11.5 percent March
19 1983
11.0 percent Aug. 8
10.5 percent Feb. 28
11.0 percent Jan. 11
1982
11.5 percent Nov. 22
12.0 percent Oct. 13
13.0 percent Oct. 7
13.5 percent Aug. 20
14.0 percent Aug. 18
14.5 percent Aug. 16
15.0 percent Aug. 2
15.5 percent July 29
16.0 percent July 20
16.5 percent Feb. 23
17.0 percent Feb. 17
16.5 percent Feb. 2
1981
15.75 percent Dec 1
16.0 percent Nov. 24
16.5 percent Nov. 16
17.0 percent Nov. 9
17.5 percent Nov. 2
18.0 percent Oct. 13
19.0 percent Oct. 5
19.5 percent Sept.
22
20.0 percent Sept.
15
20.5 percent July 8
20.0 percent June 2
20.5 percent May 22
20.0 percent May 19
19.5 percent May 11
19.0 percent May 4
18.0 percent April
29
17.5 percent April
21
17.0 percent March
25
17.5 percent March
17
18.0 percent March
10
18.5 percent Feb. 24
19.0 percent Feb. 23
19.5 percent Feb. 3
20.0 percent Jan. 9
1980
21.5 percent Dec. 19
21.0 percent Dec. 16
20.0 percent Dec. 10
19.0 percent Dec. 5
18.5 percent Dec. 2
17.75 percent Nov.
26
17.0 percent Nov. 21
16.25 percent Nov.
17
15.5 percent Nov. 6
14.5 percent Oct. 29
14.0 percent Oct. 17
13.5 percent Oct. 1
13.0 percent Sept.
26
12.5 percent Sept.
19
12.25 percent Sept.
12
12.0 percent Sept.
5
11.0 percent July 24
11.5 percent July 7
12.0 percent June 20
12.5 percent June 13
13.0 percent June 6
14.0 percent May 30
14.5 percent May 27
16.5 percent May 16
17.5 percent May 7
18.5 percent May 2
19.5 percent April
18
20.0 percent April
3
19.5 percent April
1
19.0 percent March
19
18.5 percent March
14
17.75 percent March
7
17.25 percent March
4
16.75 percent Feb.
29
16.5 percent Feb. 26
15.75 percent Feb.
19 1979
15.25 percent Dec.
7
15.5 percent Nov. 30
15.75 percent Nov.
16
15.5 percent Nov. 9
15.25 percent Nov.
1
15.0 percent Oct. 23
14.5 percent Oct. 9
13.5 percent Sept.
28
13.25 percent Sept.
21
13.0 percent Sept.
14
12.75 percent Sept.
7
12.25 percent Aug.
28
12.0 percent Aug. 16
11.75 percent July
27
11.5 percent June 19
1978
11.75 percent Dec.
26
11.5 percent Nov. 24
11.0 percent Nov. 17
10.75 percent Nov.
6
10.5 percent Nov. 1
10.25 percent Oct.
27
10.0 percent Oct. 13
9.75 percent Sept.
28
9.5 percent Sept. 15
9.25 percent Aug. 31
9.0 percent June 30
8.75 percent June 16
8.5 percent May 26
8.25 percent May 5
8.0 percent Jan. 10
1977
7.75 percent Oct. 24
7.5 percent Oct. 7
7.25 percent Sept.
16
7.0 percent Aug. 22
6.75 percent May 31
6.5 percent May 13
1976
6.25 percent Dec. 13
6.5 percent Nov. 1
6.75 percent Oct. 4
7.0 percent Aug. 2
7.25 percent June 7
7.0 percent June 1
6.75 percent Jan. 21
7 percent Jan. 12 1975
7.25 percent Dec. 2
7.5 percent Nov. 5
7.25 percent Oct. 27
8 percent Sept. 15
7.75 percent Aug. 12
7.5 percent July 28
7.25 percent July 18
7 percent June 9
7.25 percent May 20
7.5 percent March 24
7.75 percent March
18
8 percent March 10
8.25 percent March
5
8.5 percent Feb. 24
8.25 percent Feb. 18
9 percent Feb. 10
9.25 percent Feb. 3
9.5 percent Jan 28
9.25 percent Jan. 20
10 percent Jan. 15
10.25 percent Jan.
9 1974
10.5 percent Nov. 25
10.75 percent Nov.
14
11 percent Nov. 4
11.25 percent Oct.
28
11.5 percent Oct. 21
|
