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Newspaper
Ottawa Herald
Location
Ottawa, Kansas, United States of America
Date
Oct 14, 1978
Page
5
The Federal Reserve Board raised its bank discount rate to 8.5 percent, the highest on record, signaling further rate increases across loans as inflation remains stubborn and the dollar strengthens.Banks boosted prime lending to 10 percent as inflation persists and recession fears grow.
A ridge of high pressure brings a warming trend across Kansas with clear skies and weekend lows in the 40s to 50s, rising to 70s by Sunday. Meanwhile two House Armed Services Committee members seek a congressional inquiry into the Aug 24 Titan II missile accident near Rock, Kansas that claimed two Air Force lives.
Vatican City AP reports 111 cardinals gather in St. Peter's Basilica to elect the 264th pope under two thirds plus one rule. Freshman elector Cardinal John Wright joins from Boston. 46 to 55 tally favored non Europeans in August. Papabili include Ursi Colombo Pappalardo Poma Poletti Benelli Siri Pironio and Hume. Election secrecy enforced within Sistine Chapel and nearby Vatican apartments.
Negotiators work toward a veto proof 1979 tax cut bill as a plan linking future tax reductions to spending cuts is deemed dead except for a reference. Packwood says the amendment would have allowed 164.5 billion in tax cuts 1980 to 1983 if spending rose no more than 1 percent a year.
Secretary of State Vance says Egypt and Israel may wrap up a historic peace treaty by November 19, the first anniversary of Sadat's Jerusalem visit. He added talks are progressing at Blair House with U.S. leadership guiding the draft, while talks with other regional players continue.
The Senate voted 71 to 13 to end James Abourezk's filibuster and move toward final passage of a watered down energy package. The measure includes a 300 dollar tax credit for home insulation and a fuel-efficient car tax, with natural gas price controls lifted by 1985.
United Way totals released Saturday show advance gifts 9382.50 fair share 385.45 small business and professional 1628 residential 1052 rural 242 totaling 12689.95 toward a goal of 47875.
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