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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Jun 16, 1981
Page
9
Terry Letterhouse named general merchandise manager for Hess's Department Stores Inc covering men's, children's, domestics and cosmetics. Senior VP Joseph Bigatel and VP Howard Coleman to be considered for broader general merchandise oversight.
The Associated Press reports executives worry new business fiction may fictionalize real figures. Brian Concannon and David Mahoney appear as composite characters in Dell published The Chairman. The piece notes flair for power, boardroom maneuvering, and concerns over likenesses and impact on reputations.
Workers shut Chrysler Belvidere assembly plant for Omni Horizon sub compacts protesting loss of cost of living benefits as union and company face renewed strain. About 1,300 cars would have rolled over two shifts. first shift absenteeism cited. UAW says moratorium on local strikes is over as policy shifts follow board reset of retroactive pay for chairman.
Lewis Rukeyser interviews A Gary Shilling former Merrill Lynch economist now heading his own firm. He argues a Cadillac economy may emerge as tax cuts raise upper income growth, consumer emphasis shifts to higher end goods, housing expands, and inflation falls in 1982. He cites firms like Warner Amex Amex and Federated as examples contributing to the shift.
Utilities and other rate-sensitive issues propelled a busy Monday session with the Dow up 5.71 to a six week high of 101.99. NYSE volume reached 63.53 million shares while Chemical Bank cut its prime lending rate from 20 to 19 percent amid expectations of further cuts after the Fed reported a 2 billion drop in M1B.
C&P Telephone Company of Maryland filed tariffs with the Maryland Public Service Commission to raise some installation costs while offering customers options to install their own inside wiring or have others perform the work. Residential install would rise to 51.25 if C&P does it, or 25 if customers supply and install. Business installs would rise to 7.95, or 31.95 if customers supply wiring. Existing monthly rates unchanged. The changes, effective July 15, 1981, follow an FCC order stressing customer-borne installation costs. The plan permits self installation with standards, and C&P will sell selected materials in Bell Phone Center Stores. Contractors may pre-wire new homes, billed for completion.
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