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Waterloo Courier (Newspaper) - May 5, 1980, Waterloo, Iowa Monday May Waterloo Iowa 25 cents Bank reduces prime rate to others to NEW YORK AP Morgan Guaranty Trust the nation's fifth largest bank reduced its prime lending rate a full percentage point to 1714 percent Monday while others lowered their rates to 18 percent The moves from the previous percent level reflect lower short-term interest rates in money markets making it less expensive for banks to raise money for lending Costs of borrowing and demand for loans are the two major factors which banks consider in setting their lending rates Both have been declining recently CHASE MANHATTAN Bank the nation's third largest and No 24 Harris Trust Savings of Chicago both reduced their rates to 18 percent today The nation's major banks only last week cut their prime rates to The prime rate is the rate banks charge their best corporate customers and many businesses must pay a point or two above prime for their loans While it does not directly affect consumer loans the prime is a widely watched indicator of general interest rate trends The prime rate peaked at 20 percent in early April but since then has eased as interest rates in money markets also dropped A SPOKESMAN for Chase Manhattan George Jurkowich said the bank's latest reduction in the prime rate continued to reflect declines in short term interest rates which reduced the cost of acquiring money for loans Chase also announced a reduction in its small business base rate to percent from percent AND IN other economic news an of Petroleum Exporting tries spokesman said in Vienna Monday that the OPEC meeting Wednesday will not decide on immediate oil price in- creases but will review the term strategy on prices and production The spokesman Edward of Nigeria said oil ministers attending the May meeting were expected to dis- cuss a report on OPEC strategy drafted by a group of policy experts in London earlier this year It was believed that the long-range plans provide for automatic price in- creases based on the value of the dollar inflation rates and economic growth statistics in major industrialized tries In theory that system could also lead to future price cuts HOWEVER such a program pre- would require a unified OPEC oil price and the prices currently are in disarray The spokesman said the ministers hoped to fix a standard price at their meeting in Algiers Algeria on June 9 The OPEC secretariat is not in a position to give you an average oil price at this told The Associated Press Another reach a un- ified price will be made in Algiers OPEC prices currently range as high as dollars a barrel and go for even more than that on the international spot market At their last pricing conference in Caracas Venezuela in December the OPEC oil ministers failed to reach ment on a unified oil price Saudi Arabia the largest oil exporter was reported last week to be planning an increase in its current a barrel oil price At the sene time Saudi press reports said Saudi Arabia might press other OPEC members to cut their prices in order to restore order in the pricing system SOME OIL analysts predicted a Saudi increase to 130 dollars for a barrel a hike that would raise U.S gasoline prices by about two cents a Overwrought AP A Cuban woman became overwrought with emotion when she saw her brother emerge from one of the boats returning from Cuba to Key West early Sunday Friends tried to quiet her but she had to be taken away for treatment Story about the Cuban refugees is on page 2 London police rush bodies out Explosions rip Iranian embassy LONDON AP Two tremendous explosions rocked the Iranian Embassy Monday followed by a fusillade of gunfire Smoke poured from the building taken over by terrorists six days ago Earlier police said the body of a dead man was removed from the embassy after sounds of gunfire were heard Three gunmen have been holding some 18 or 19 hostages since Wednesday It was not immediately known if anyone else was killed in the explosion after the explosions dozens of shots were fired outside and inside the embassy Police ordered re- porters about 200 yards away to take cover Thick black smoke poured from the back of building Iranian de- who had been milling around 400 yards down the road started thunderous yells of Long live meini Ayatollah Khomeini's Iranian regime had refused to negotiate on the demands for the release of 91 Arab militants imprisoned in Iran's rich Khuzestan province Three more shots were heard after the explosions and flames poured from a second floor window At least one man presumably a hostage was seen jumping for his life from a second floor balcony to another balcony THE TWO ear-splitting explosions curred at p.m local time Fifteen minutes later police with stretchers raced toward the building and were seen carrying out bodies Police also tore down their barricades to get fire engines through to fight the roaring flames and dense black smoke still ing from the building Firemen cautiously approached in the building as police marksmen covered them It was not clear how many or hostages there were inside the elegant five-story town house in London's smart Kensington district Fire engines poured water onto the fire blazing fiercely from a second story dow about 20 minutes after the explosions A group of eight persons was seen walking out of the building shortly Two persons were brought out on stretchers but it was not known if they wre dead of alive There was no more information im- mediately available MEANWHILE in Iran Iranians said they found a possibly American helicopter abandoned in the desert after four helicopters violated Iranian airspace Sunday the official Pars news agency reported Monday But in Washington Defense Department spokesman Lt Cmdr Gordon Peterson said there was no such violation and the helicopter was the one abandoned during the failed April 25 mission to rescue 53 Americans from Tehran The bodies of the eight U.S servicemen killed in the failed hostage rescue mission in Iran were turned over Monday to a Greek Catholic Archbishop who said he would take them on a flight to Switzerland on Tuesday for transfer to the United States MEANWHILE the Tehran newspaper Kayhan quoted Interior Minister Ayatollah Mahdavi Kani Monday as saying the Iranian parliament would de- cide the hostages fate but that the hostages would probably be tried by an international tribunal if the United States did not meet Iranian demands The bodies of servicemen killed in the aborted rescue mission were handed over Archbishop Hilarion who was accompanied by Swiss Ambassador Eric Lang and the papal representative in Iran Monsignor Annibale Bugnini the radio said said he will fly with the bodies Tuesday to Switzerland where he will turn the remains over to the International Red Cross for transfer to the families in the United States An earlier Tehran Radio broadcast said would deliver the bodies to the Vatican There was no explanation for the change in plans However who spent three years in an Israeli jail for running guns to the Palestinians has not been authorized to act for the Vatican President Titos body is moved to Belgrade The official Yugoslav news agency reported Sunday that President Tito had died He was 87 AP He is shown through the years at left in 1927 in 1948 and in 1976 BELGRADE Yugoslavia AP of dent Josip Broz Tito the World War II hero who forged his own brand of communism and preserved Yugoslavia's in- dependence from the Soviet Union for more than 30 years was being brought to Belgrade Monday to lie in state until funeral services Thursday The last surviving founder of the Third World movement of tries Tito died Sunday afternoon in the hospital in Ljubljana capital of the nian Republic in northwest Yugoslavia where he had been a patient nearly four months Bom on May 7 1892 he would have been 88 on Wednesday THE GOVERNMENT ordered seven days of national mourning and prepared for an influx of foreign leaders for the state funeral The body was being brought to Belgrade by special train and was to lie in state in the Federal Parliament ing Burial was to be near the Museum of the Revolution in a Belgrade suburb Thousands linad the streets of jana as Tito's light brown casket draped in the Yugoslav national flag was taken to the train station and placed aboard the Presidential blue train Tito's two sons were accompanying his body on the train to Belgrade LAZAR the president of the Macedonian Republic was sworn in as president of the pre- a title that will rotate annually among a collective made up of representatives of Yugoslavia's six re- publics two autonomous provinces and the Communist Party Steven 61 a Serb from the autonomous province of Vojvodina was expected to become party president He will share his power with 23 other bers of the party presidium representing the republics and the autonomous vinces BORN JOSIP Broz Tito was the seventh of 12 children of a Croatian peasant He became a waiter and a metal worker in his teens was a sergeant in the Austrian army in World War I and after being taken to Russia as a prisoner of war fought with the communists in the Bolshevik Revolution Returning to Yugoslavia he joined the communist underground and spent five years in prison and then fled to Austria where he became the leader of the Yugoslav Communist Party in exile and took the name of Tito that he used the rest of his life When the Nazis attacked Russia in 1941 Tito used his underground party to what proved to be the most resistance movement in occupied Europe Tne Iron Duke ACORN There is a rapidly growing propaganda and lobbying organization called ACORN although it frequently in local communities under other names ACORN is an acronym for Associated Organizations for Reform Now The basic objective of the founders of this organization appears to be the acquisition of political and economic power The organization is being built on the theory that the way to get people involved as contributing members is to organize them initially in support of a popular local or neighborhood issue ACORN preaches the philosophy that all profit is evil that businesses only reason to exist is to rip off the public and that the present structure of our system of competitive enterprise feeds on Comparison of the standard of living enjoyed by even the Severin poor and middle classes with other countries throughout the world would seem to refute this philosophy but many Americans appear inclined to listen to the siren song of the ACORN folk These propagandists would have people believe that only a few people benefit from our free enterprise system and that the rest are victims of great heartless corporations THEY LOBBY state legislators to impose lifeline utility rates by law They never mention the fact that lifeline rates are a way to transfer money to the poor or elderly from other utility customers If the poor pay less others pay more Common sense would seem to dictate that efforts to aid those in need should be made only through welfare programs established by legislation The money is not transferred from the utility State regulatory boards such as the Iowa Commerce Com- mission are required by law to decide how much revenue a utility needs to continue serving customers reliably Then the Commission decides how much each class of customers must pay Thus profits of a utility are controlled by the state regulatory body but under the general mandate that rates must provide a fair return to investors SO WHO are the A recent survey of Iowa Public Service Company's of whom are residents of primarily homemakers or retired More than over 65 years of age and 85 percent are 50 or older Almost one-half of them are women and two-thirds have incomes less than a year Two-thirds of them own less than 250 shares of IPS stock which at today's market price represents an investment of about These are not wealthy powerful people They are average low and middle-income Americans and the dividends they receive from their modest investment are an important part of their incomes Inside For a look in brief at what's happening in Iowa the nation and the world turn to Quick Look on page 2 Weather Clear to partly cloudy day with high temperature in the 60s Complete weather on page 2 Capitol quips I never realized how sensible our company policy is until the boss uncoiled his bull whip and explained it to me
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