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Newspaper
Ottawa Herald
Location
Ottawa, Kansas, United States of America
Date
Oct 26, 1979
Page
10
Sunday program sees local children canvass Ottawa from 3 to 8 p.m. for UNICEF under adult supervision. Ottawa Ministerial Association sponsors with 13 churches taking part, tying in with Halloween season and 1979 International Year of the Child pledge.
Washington AP report notes most Americans gain an extra hour Sunday as clocks revert to standard time at 2 a.m. Arizona Hawaii and parts of Indiana stay on standard time. Daylight saving applies from late April to late October with a history of semi annual changes and mixed local observances.
Washington reports 1.1 percent price rise for September with food fuel and housing driving inflation. Workers’ pay declined 0.7 percent month over month and 4.4 percent year over year, signaling no relief from rising prices. Texaco posts sharp third quarter earnings gain, boosted by overseas operations and a tax carryforward, reaching 2.25 per share.
The Federal Reserve said a large bank caused a $3 billion overstatement in M1 for early October, contributing to rising rates. It revised figures showing the week ended Oct 10 a $2.8 billion gain, later offset by a $700 million decline for Oct 17, leaving M1 at $479.5 billion.
New York Citibank, the nation's second largest bank, boosted its prime lending rate to 15 percent, surpassing peers who earlier lifted to 15 percent from 14 percent. The move signals expectations the Federal Reserve will hold credit tight.
In Highland Park Michigan the United Auto Workers concede to defer wages and pension payments to aid Chrysler Corp in a $403 million package. Chrysler will nominate UAW president Douglas Fraser for a seat on the board and grant the union influence on pension decisions. Fraser states he will represent autoworkers on the board as discussions extend past the noon deadline over a 25 hour bargaining period. The pact aims to help secure federal loan guarantees, with Chrysler highlighting expected losses for 1980. Weather: 71 high 37 low with no rain. extended forecast shows partial clouds and showers with highs around 70.
Widespread hysteria erupts at Miami Aerospace Academy in Little Havana after a 10th grade hypnosis demonstration. Police report students and teachers rampaged, windows broken, and several fainted amid claims of possession. No serious injuries. owner Evaristo Marina denounces police claims and cites a political motive ahead of a City Council race.
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