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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Aug 26, 1977
Page
3
Two 1978 cars unveiled to attract economy buyers AMC Concord replaces Hornet with new styling and fuel efficiency. Ford Fiesta aims to compete with Chevy Chevette and Volkswagen Rabbit. Cars are at area dealerships and a full preview appears in the Sunday Chronicle-Telegram finance section.
A CT Blossom Night feature recounts how a midnight big band show was assigned to the wrong host after a spelling error. Glenn Miller records were diverted to a skeet team, and a correspondent recalls being asked if his name was really Glenn Miller and if his plane crashed.
Miller and Halsey outline budget options including a Title IV grant and anticipated back taxes from Penn Central Railroad to keep Monroeville schools open through Oct 7. Officials warn that without a new operating levy on the November ballot, schools will not open next fall after two prior defeats.
A New York market report warned of a coming mini-recession prompting broad selling on the New York Stock Exchange. The Dow Jones industrial average fell 875 points to 854.12, hitting its lowest since December 31, 1975. The gloom was issued by Tucker, Anthony & RL. Day’s strategy group, which advised reducing holdings in machinery, electrical, and oil shares, with the recession seen arriving in six to nine months.
Acme-Cleveland Corp increased its quarterly dividend to 13 cents from 12 cents a share, payable Sept 14 to holders of record Sept 7. The stock topped the Leaders by nearly 3 to 1 on the Big Board with 194 million shares traded. S&P's composite of 400 manufacturers slid 1B to 1G.5.
Bendix Corp. promoted O Lee Henry of Elyria to corporate vice president, elevating him from group VP in Bendix Heavy Vehicle Systems Group, with duties expanding to greater corporate input while remaining based in Elyria. Thomas J. Busch also named corporate VP. Henry joined Bendix in 1974 after leading HVSG marketing.
The Federal Communications Commission approved the sale of Cleveland station WWWE for about 81 million to Combined Communications Corporation of Phoenix. The basic sports format will remain, and current staff and leadership, including John Wasylik who was elected VFW commander, are noted in the surrounding items.
Prices opened lower on the New York Stock Exchange amid active trading as the market absorbed news of corporate leadership changes. The report notes Bendix declared a quarterly dividend, and outlines a December sales agreement between Ohio Communications Inc and Pacific and Southern Broadcasting Co, with owners Nick J Milet and Joseph T Zingale having purchased the station for 5.5 million in November 1972 from NBC.
First Lady Rosalynn Carter tells Vancouver reporters that public distaste toward mental illness is slowing advances in mental healthcare and support services in Canada. The remark highlights stigma as a barrier to treatment. She urged education and outreach to improve attitudes and access.
William and wife plan a Hawaii vacation funded by winnings of 92 100 to start their spending plan. Pari s will help their two children finish college. Lyle Kearsley won 85 000 for his mother last night appearing on the televised drawing in place of Amelia Kearsley. The winning ticket holder was too excited and in too delicate health to appear.
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