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Ironwood Daily Globe (Newspaper) - March 8, 1980, Ironwood, Michigan
Stock Market falters Ironwood daily Globe saturday mor. 8, 1980 Page 3 new York apr the Stock Market shows up prominently on the latest list of casualties As the nation s economic problems mount. Less than a month ago several of the leading Market indexes stood at All time highs amid talk that stocks were being rediscovered As a hedge against inflation. Record High interest rates a continuing rout in the Bond Market a none of that seemed to matter. Money was still moving into stocks it was said because investors had few other places to turn for Protection from inflation since mid february however that carefully constructed line of reasoning has begun to fall apart. The Dow Jones average of 30 industrials has fallen More than 80 Points or close to 9 percent in the last 3 2 weeks wiping out All the gains of its rally in january and Early february. The past weeks drop of 42.58 Points to 820 56, was the largest for the average since it took a 58.62-Point plunge last oct. 8-12. Other readings for the week showed the new York Stock Exchange composite Index Down 3.99 at 60.96. And the american Stock Exchange Market value Index off 25.98 at 277.50. Big Board volume averaged 46.56 million shares a Day against 40 94 million the week before. For More than a year the Standard argument on Wall Street has been that an economic slowdown might be Good news for the Market a a temporarily painful but necessary purgative for an Economy beset by inflation. But As that Long postponed recession appears to be drawing nearer Many in the financial Community no longer seem so eager to Welcome its arrival. The prime rate is now a once unthinkable 1734 percent a 18 percent at one Large Chicago Bank Harris Trust. Even at those lofty Levels businesses Are reported to be scrambling to borrow. But the demand appears to Stem largely from a Rush to get Loans lined up before any further Rise in rates. Or a possible imposition of credit controls by president Carter. This borrowing surge a a inevitably has to come to some sort of crashing halt Quot Charles m. Bliss Harris trusts president said on Friday. Mortgage rates ranging from 14 to 17 percent meanwhile Are threatening to Deal the housing Industry and the real estate Market a severe setback. A a the signal for the beginning of every important recession in history has been a slump in the housing Industry leading to a general economic deterioration a said Julian m. Snyder publisher of the investment advisory letter a a International if there is any Bright Side to All this for investors a Small number of analysts suggest that it might be an Early end to the Long upward trek of interest rates. Inflation difficult to Corral says banker new York a Quot inflation is like toothpaste a a West German banking official was quoted As saying recently a a once its out you can hardly get it Back in again so the Best thing is not to squeeze too hard on the tube a while Europe is experiencing some inflation problems the evidence is abundant in the United states that someone has squeezed the tube too much. The organization of Petroleum exporting countries is a popular target to blame for the inflation squeeze. A government analysis of the 13.3 percent inflation rate last year indicates that a Iussa i novices Arthu Revan Klepeck 320 Shelden Houghton a accessories a service a repair a dial 482-0781 a we make House Calls gasoline and Home heating Oil Price increases accounted for 3.4 percentage Points of that. Rising interest rates another frequently cited culprit which shows up in consumer prices largely through higher mortgage rates added another 1.4 percent of last years 13 percent inflation. But that left consumer prices on All other goods rising at a rate of 8.5 percent or close to tile inflation rate on All goods in 1978. So far this year things seem to be getting worse. The consumer Price report for january showed inflation running at an annual rate of More than 18 percent. Producer and wholesale Price reports for january and february showed those prices jumping at close to a 20 percent rate. A there Are still substantial Price increases working their Way through the Economy to the consumer a said Lawrence Chimerine chairman of Chase Econometrics a forecasting a company in suburban Philadelphia. He predicts that inflation in the first half of the year will average 15 percent up from a 13 percent annual rate at the sunday and monday at Erspamer h0-made bratwurst 1 29 Small lean spare ribs 1 19 2% milk Gal. 1 47 mainstay dog food 7 79 banquet Frozen Chicken 21 a a pkg. A 79 Kraft grape Jelly. Jam 2-lb. In 89 from the bakery danish Rolls 6/89 sunday Only valuable Coupon r Quot up i a a Pillsbury Lemon or chocolate bundt cake mix 79 limit 1 Coupon pot customer per week. Good thru monday March 10,1s80 a a a Ltd a Erspamer s super Market a a ii a i f a u to Ltd amp Jesu Erspamer super Market prices effective thru 3-1080 end of last year. White House economic advisors who in january forecaster 10.4 percent inflation for 1980, also clearly Are worried. And. President Carter is in the process of drafting an inflation fighting package that is expected to include Steep budget cuts. Other Steps including credit controls to restrict borrowing Are being reviewed by the administration in other business developments this past week a business borrowing costs continued to soar As the prime lending rate Rose to Between 174 and 18 percent at major Banks. The rate has spiralled from at 154 percent feb. 15, when the Federal Reserve launched its latest Effort to slow inflation and cur economic activity by making Money harder to obtain. Tile Market analysis la Lins a a 3i muslims i Mon Tye wed. Tim Fri i1979i�?ii�?11 so i Al i Sono f m a m i m to present this Coupon Fri. Sun., March 7-9, for 1 off a on any take out Large pizza the place save every Day National supermarkets Ironwood Mich. Open sunday 8 to 5 7-up s0uibt Pepsi 28-32 of. Bottles plus Deposit 3rs1 Coupon freel72f milk regular or 2% with Coupon amp $10 Purchase valid sunday March 9,1980, through tuesday noon March 11,1980 pm Coupon sunday special bananas 4-lbs for of Kempis non Dairy Creamer it bpm j Cartons $ flavor treat Corn Oil Margarine Sweet Rose vegetable Margarine Golden quarters 59. Golden quarters 49. Great pork buys from Wilson Corn King canned Ham $529 Corn King Bacon 3-lb. Ham la. 99 5-lb. Ham 8&Quot store hours mon.-Fri.9-9 saturday.9-6 sunday.12-3 discount Center business . 2 a Aurora St. Ironwood Michigan free parking All sales items limited to in store quantities we accept i credit Caros Good Sun., amp mon., mar. 9,10,1980 Only 2 09 rag. 2.89 Bounce the fabric softener Thor really works in your dryer. 60-count pkg. While i of last limit i 3. �?~1 cat litter keeps your Home Dean and Odo free your cot or Kittens Happy. Limit 3 bags 3�?z1 Reg. 49c each York alcohol the medicinal alcohol Ideal for Home use. Use for aches and pains to clean cuts and bruises. Limit 3 Btl. 1 29 Reg. 1.97 photo albums 10 Page size keeps your favorite photos neat and clean to View time after time. Great values 2.�?T5 twin Flat sheets fancy plaids to choose from. Pillow cases to match. Pillowcases 2 a. 1.50 while Supply lasts Zero ice melt to la. Bag of ice melt for sidewalks Steps. Prevents foiling on ice. While 100 lest eve ready a a cd amp a a do batteries the powerful Little batteries for radios toys clocks whatever. Give lots of Power. Limit 3 2 packs $18 Arvin Heater 1500 Wott Heater Ideal for Good size room. Model 30h-11. Just what you need this Winter. Reg. 23.96 Ramo Coupon 20% off yellow sticker Price All remaining women a amp children a clearance fashions 6ood Sun. 8 mar. 9, to. 1980. Is Pam Tda Coupon free postage stamp with every greeting card purchased 40 and up introducing our new Jujj a. Cards goad Sun. A man., mar. 9,10,1980. Pahoa Coupon tide 49-oz. Pkg. When tide s in your Washer dirt is out limit 1 while 100 last 6ood Sun. A mon., mar. 9,10,1980 pami0a Coupon 1 free Yard fabric with every Yard purchased at regular Price free Yard must be same As original Yard. No split Yards. Limit 2 free Yards is goad Sun. A man., in z mar. 9,10,1980 Safe a a a a a a a i
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