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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 09, 1980
Page
4
Americans face higher state and local taxes in 1979, while housing slows with 532,000 new homes sold yearly rate and 384,000 unsold. Schultze warns prices may rise faster than wages to curb inflation, with inflation expected to stay high several months. Airlines seek fare hikes and UAW pushes for action to curb imports as domestic automakers struggle against demand for fuel efficient models.
Federal regulators draft an insurance policy style bill to help weak banks weather a recession. It would let healthy institutions absorb faltering ones across classes and allow cross state mergers. FDIC powers would expand to aid troubled lenders, though critics call it a backdoor McFadden Act workaround.
UAW President Douglas Fraser pressed the Carter administration to act quickly to limit imports as the domestic auto industry suffers a deep slump. He warned of permanent damage if not restrained, citing 160000 plus workers on open-ended furlough and imports capturing a record 27 percent market share in early 1980.
Washington AP Ohio petroleum marketers urge government to change pricing rules claiming Sohio benefits from Alaska North Slope entitlement. They allege Sohio undercuts rivals by up to 23 cents on gas and 15 cents on fuel oil, risking survival of small marketers if unresolved. Attorney William Bode expects relief after amended filing. hearing officer Melvin Goldstein hinted a decision within 10 days.
Lorain officials report revived plans for a Western coal blending plant to meet sulfur limits. The Ohio Department of Energy may fund part of a feasibility study to assess site, environmental and economic impacts and marketing options. Amship Division at American Ship Building Co. expects a $4 million dry dock upgrade contract by April 24, with hopes to start in late May after bonds were authorized.
New York,U P I report notes Dr. Phil Launer of Launer & Vistica Associates applied a standard job analysis to the presidency. He argues the White House role demands self starting, heavy public interaction, and constant scrutiny, with affability and promises standing out while promises kept score poorly.
Prices opened higher in active NYSE trading with the Dow up 0.77 to 775.76 shortly after the opening. Advances led declines 329 to 18 percent among 724 issues crossing the tape as early volume reached about 1,270,000 shares.
The Higbee Co reports fourth quarter earnings of 1.55 per share, up 99 percent from a year earlier, with per share net income of 0.36 and a six percent rise in annual sales. Chairman Herbert Strawbridge calls the favorable quarter a solid base for potential first quarter improvements. In other news, grain prices paid to farmers in Ohio show mixed moves across regions, while the dollar weakens and gold advances on global markets amid Iran sanctions and shifting rates.
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