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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Aug 01, 1964
Page
4
At the New York World's Fair the American Economic Foundation runs a pushbutton info machine answering questions on money communism and private capitalism. About 250000 visitors in 45 days used the device, with money and communism among the top queries.
Chevrolet officials announced a preliminary agreement with the city of Warren Ohio for water service to a new Chevrolet and Fisher Body assembly plant near Warren. The company also arranged with Trumbull County for sewer lines and was negotiating Warren sewage treatment access. The decision respected Warren water supply reserve capacity and lower service cost. plant expected in operation by next March at Lordstown, seven miles from Warren.
Inquiries explain that stock splits cut price per share but adjust totals keep market value. Par value is irrelevant to investors. real worth is what the stock trades for on the NYSE. The reader asks about growth and income, with advised moves toward higher yield options.
Kenneth Ward of Hayden, Stone Inc says a major bull market needs periods of minor reaction and indecision after each surge. Indicator Digest sees a normal correction in weakness, not a start of a decline. Leslie M. Pollack remains cautious but says the long term uptrend is not broken. Bache & Co remains optimistic on long term prospects.
Parker Hannifin Corp announced the purchase of Presswork Hydraulics Ltd Watford England a maker of hydraulic power cylinders for an undisclosed cash sum.
The market closed down with reduced volume after five sessions of uneven trading led by the Dow dropping 4.59 points to 841.10 and the S P 500 off 0.28 to 83.18. Rails slid, utilities hit a high, volume declined while auto labor talks loomed in investors’ minds.
The Labor Department reports a 0.2 percent monthly rise in the cost of living led by a 0.7 percent jump in food prices especially fresh fruits and vegetables. Buying power for factory workers improves 12 to 14 percent versus the 1957-59 base, marking a record high.
Borg-Warner Corp. announces a multi million dollar two year expansion for its Ingersoll Steel Division in New Castle Indiana. The project adds a rolling mill for stainless steel and expands preparation finishing and storage facilities at the Inger sell unit.
Federal Judge James C. Connell overruled an owner appeal and ordered the freighter A. and J. Faith sold for 350000. Grace Lines, its top bidder with a 296000 mortgage, plans to deliver cargo to the Far East. The ship has been tied up since a May seizure by the government with 90 percent of the cargo owned by the government.
Lockheed Aircraft Co. secured a Navy production contract valued at 225,952,288 for Polaris missiles. The Navy converted an earlier letter contract to a fixed price award, with production already underway since last May.
Ford Motor Co. wins an Army contract valued at 25,423,983 dollars for delivering 10,000 quarter ton trucks. United Press International reports the award and the total sum.
The article outlines a crowded, low-margin field of about 125 to 160 air freight forwarders under CAB scrutiny. It explains forwarders’ three models high speed, bulk, and individual niche, and notes a forecast of 10 to 15 percent domestic tonnage growth and 25 percent international growth. It highlights CAB moves on the 25 mile rule and the race by airlines to offer door to door service, pressuring forwarders.
A total settlement exceeding $500000 was announced over the Toledo crash of Arctic Pacific airliner that killed 22 people including 17 Cal Poly football players. Lloyds of London will pay $320000 to survivors and relatives while California pays $187500 to the chartered flight claimants. The package covers 41 cases with 22 represented by Richard F. Gerry and 19 others. Individual awards range from 2.5 to 45000 dollars per plaintiff.
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