Wednesday, August 17, 1994

Kokomo Tribune

Location: Kokomo, Indiana

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Kokomo Tribune (Newspaper) - August 17, 1994, Kokomo, Indiana 338 KOKOMO 50 cents Fed raises borrowing costs By DAVE PHILLIPS Tribune staff writer Area banks raised their prime lending rates Tuesday and early making credit auto home equity loans and business loans more expensive for the action followed the Federal Reserves highly anticipated move Tuesday to raise the federal funds rate the interest banks charge each other for overnight loans a halfpoint to The Fed also hiked another shortterm the discount rate or what the Fed charges banks for loans to 4 The Fed said attempting to slow the economy enough to prevent inflation from accelerating next First National Bank of National City Bank First of America Nor Star Financial and Society Bank were among banks that raised their prime lending rates from percent to per The prime is the rate banks charge their best customers and often is used to calculate interest on credit cards and other lending The increase puts the prime at its highest level since when banks charged 8 The actions are intended to keep inflationary pressures con and thereby foster sustain able economic the Fed said in a The Fed suggested it would leave rates alone for saying these actions are expected to be at least for a The move sent automotive stocks higher in New York Stock Exchange trading Tuesday GeneralMotors shares rose GM Hughes Electron ics shares rose to and Chrysler shares advanced The Fed is always looking for and any time its makes a move like it almost has a calming affect on the said Patrick director of the Bureau of Business Research at Ball State While they will slow housing and other construction economists believe interestrate hikes will have little immediate impact on other including the automobile that are driving the areas Replacement demand should keep vehicle sales strong for another full said Kenneth chief financial econo mist for Clevelandbased Key the parent of Society Bank Current demand is still consistent and supported by long term income growth and House hold Job growth the key to con sumer confidence is still consis tent enough to keep the economy but at a more reasonable said Mayland said rates paid bank deposits probably wouldnt change appreciably because loan demand at banks remains rela tively The Federal Reuww Board boosted the tadmtf funds rate and flv fcoourt rate a point UN 14 And the band played on Kokomo High School sophomore Kevin Coffey the south campus west parking Band mem takes his baritone to a new height during Kokomo bers are working from 7 to 5 all this High School band camp practice Wednesday at week to prepare themselves for the fall marching band competition KokomoCenter School first day is Tribune photo by Brian Reynolds Clinton scrambles to win crime bill pas bill WASHINGTON AP Momentum is shifting toward issage of a troubled anticrime ill and Vice President Al Gore today promised some compromis es aimed at winning over Republi can support for a vote he said could come as early as this Scrambling to avert a major leg islative President Clinton and House Democratic leaders patched together changes in the billion At least four members said they would consider switching their votes and House Republicans emerged from a White House meeting Tuesday night sounding optimistic about a Clinton willing to is cut with the assault weapons White House Press Secretary Dee Dee Myers said He now recognizes that changes need to be made in die bill that was rejected last and does not intend to try to force another vote on die exact same I dunk were moving in a dif ferent she The president indicated a very strong interest in working with next 48 House Republican whip The president indicated a very strong interest in working with said House Republican Whip Newt Gingrich of who predicted final action on a crime bill before we leave Gingrich said he and other Republicans will work over the hours to reach a gen eral consen sus on a bipartisan Henry said I do get the sense that the president wants a bill and is reaching out to House Speaker Thomas Foley was equally upbeat It will be Gore appeared on CBS and ABC today to press the administrations And while he said weve talked with a lot of members of Congress who have various suggestions on how to change the he insisted there will be no compromise on such issues as new police offi cers and the ban on assaultstyle Asked if he thought the admin istration could win in a new effort to pass the Gore I think I really And were going to ask them to vote again this The bottom line is do they have the guts to vote against the National Rifle Association and vote for the American Gore science scores rise from mediocrity writing skills are another story WASHINGTON AP Stu dents are doing better in math and science a decade after American education was rebuked for a ris ing tide of but their reading and writing skills have remained the Education Department said The findings by the National Assessment of Educational better known as die Nations Report reflect schools increased emphasis on science and The nations commitment to improve learning in and sci ence is suiting to ihffw some Education Secretary Richard Ruey said in remarks pre pared tor a news conference t scheduled for The report said 9and 13year olds in 1992 showed better under standing of mam and science fun damentals dian students in die same age group in the late In both mam and stu dents were taking more advanced In 92 percent of 17 yearolds had taken up from 88 percent in Increases also registered for to 49 percent bom 40 and to 14 per cent from 10 In 76 percent of 17year olds said science should be a required up from 62 per cent in 1 Inside Local Kokomos Seashore Pool up operations for die summer on At Sports Kokomo Pride leaves its mark at world Page AlaolMlde markets BMO Ill BO Entertainment B3 Local news A24 94 A12 A12 A5 Aft11 il2 Black Panther Militia leader Issues warning Blacks wont tolerate racist acts INDIANAPOLIS AP The arson fire that burned a high school in should serve as notice that blacks wont tolerate racist acts against the local leader of thTilack Pan ther Militia Black people continuing to accept secondclass status is Mmoja Ajabu said Tues are tired of and they better wake up to An arsonist destroyed die school just hours after Ajabu organized and addressed a new chapter of die militia The school attracted national attention when its principal Hulond criticized children of interracial He threatened to cancel the prom to prevent interracial Ajabu said he told blacks in who tried unsuccess fully to have Humphries removed from his mat they needed to level the playing But he said he did not know who set die On other Aiabu said a grand jury investigating alleged death threats he made after nis son was arrested on murder charges was a waste of time and taxpayers The special grand jury is decid ing if Aiabu should be charged widi intimidation for statements he made after prosecutors said dtey would seek the death penalty for nis Fleming counters jab from Andrews ByJEFFPARROTT Tribune staff writer The fact that Republican James Fleming has continued to serve as a Howard County public defender while running for prosecutor could cost the county big bucks if Fleming is according to incumbent Democrat James The prosecutor said if Fleming is so concerned about saving county funds as his recent questioning of Andrews discretionary fund spending on office space would indicate he should have resigned as public defender die minute he decided to run for pros As Fleming would come across postconvic tion cases periodically involving defendants he has He would have to remove himself from these because of a con flict of and appoint a spe cial Andrews estimat ed this could cost the county up to during Flemings if he were But Fleming said he has reached verbal agreements with prosecu tors and deputy prosecutors in Carroll and Grant in which they would act as special prosecutor it conflictof interest cases Richard executive direc tor of the Indiana Prosecuting Attorneys said such arrangements between neighbor ing prosecutors are common place in election That comes about every four Good Thats one of the things we suggest at our Newly Elected Prosecutors if theres going to be a lot of conflicts of Fleming said these attorneys have agreed to handle these cases at no charge to Howard County Carroll County Prosecutor Jamas a and his Republican challenger Robert Ives Vance the unopposed incumbent Tipton County prose cutor Lewis Clinton Coun ty prosecutor and Bill Grant County deputy Curtis confirmed hes told Flem ing hed be willing to discuss serv ing as special prosecutor if need ed But he said hes spoken nothing of doing so free of charge to Howard a part time charges fees for his time mat are set by he Carroll County Prosecutor James Huffer said if hes reelect hes agreed to step in as spe cial prosecutor in Howard County if Fleming needs him Also a parttime Huffer said he normally charges fees when he assists other counties in that but has told Fleming he would donate his services because of die special circumstances while not endorsing either Fleming or said a new pmaecutor whos just switched mm pubJk defender will likely run unto flurry of conflict of interest early in his But he said he doesnt feel mat fact should haro such a candidates election 1 dont think mat should be an issue tor voters to make a decision Huffer Ives and Evans confirmed they would serve at no Heck could not be reached tort