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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Jun 01, 1981
Page
14
A Page C-6 piece profiles Joseph A. Porcello highlighting his career milestones and community impact. The article outlines Porcello's early life, professional achievements, and ongoing projects shaping local industry. It notes dates, affiliations, and key roles influencing his public profile.
The dollar weakened against major currencies in European trade after Tokyo’s closing, lifting gold as prices opened higher in London and Zurich. Gold traded around $483 per ounce on NYMEX with slight gains, while silver rose in London to $10.71 per ounce. Economic and regulatory actions included the Reagan administration opposing certain bank and S&L bailout legislation, a Supreme Court stance on antitrust suits involving uranium and beef processing, and farm price dynamics with April data showing a 0.4 percent drop from March. Forecasts from Chase Econometrics project modest U.S. auto purchases due to import limits, with car sales shifts and employment effects noted. A separate federal appeals court move signals steep rate shifts for Bell System WATS customers, benefiting roughly 90 percent of users while potentially raising costs for the top tier customers.
In Washington the Reagan administration extended a retail price regulation for reconstituted milk while cancelling an April dairy price support increase. The plan could save consumers about 186 million annually but faces opposition from consumer groups and a hearing denial. TheCommunity Nutrition Institute and others urged a hearing, while the National Milk Producers Federation pressed for the hearing denial. The actions show intertwined Washington politics as dairy groups push for favorable pricing amid broader anti inflation efforts.
AP analysis notes Thai households saved 9.2 percent in the 1970s while Switzerland reached 31.4 percent and the U.S. 6.8 percent. It explains rising American borrowing as a substitute for traditional saving, including equity loans and second mortgages, as a response to inflation and stagnation in productivity gains.
New York analysts say the credit markets show classic peak fever as major banks cut prime rates and inflation outlook improves. Fed money supply figures fuel expectations of continued rate declines, with overnight federal funds dropping below 18 percent and Treasury yields easing amid cautious investor sentiment.
New York officials announce that Dairylea Cooperative of Pearl River will stamp 25 million milk cartons with a 10 cent coupon over four years, allowing consumers to redeem 10 cent discounts. The company also pays 250 thousand dollars to aid institutional buyers and cooperates with ongoing price fixing probes.
Continental Illinois National Bank Chicago and Morgan Guaranty Trust New York cut prime to 20 percent from 20.5 percent, joining Chase Manhattan and others. Southwest Bank St Louis lowered to 19.5 percent amid talk that rates may have peaked and could ease. Federal Reserve data showing a second weekly drop in the money supply fueled bets on a sustained decline.
International Harvester's Agricultural Equipment Group opened a district office at Syracuse in a North American restructuring. Manager District Operations HO Longer will head the new office at 6710 Brooklawn Pkwy covering western two thirds of New York. The move centralizes sales management and distribution and strengthens dealer support with expanded staff and extensive training for district personnel.
The piece warns that RIFPA allows secret government review of financial records and secret court filings without the subject's knowledge. It argues amendments in 1980 loosen protections, enabling covert dossiers and even sealed statements. The author condemns this as a dangerous erosion of freedoms and urges removal or reform.
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