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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Aug 28, 1979
Page
5
The stock market rose modestly with traders betting rates may peak soon. Chase Manhattan Bank moved to raise its prime lending rate to 12 percent from 11.5 percent, signaling tightening access to credit amid inflation fears.
Nordson Corp of Amherst directors vote to declare a 22 cent per share fourth quarter dividend payable September 15 to holders of record September 1. The dividend matches the third quarter payment. Nordson manufactures paint and adhesive application equipment and packaging machinery for industrial and consumer products.
Grain details from Lorain County Farm Bureau Cooperative Association relate to local grain activities. Mentions of local grain buyers and farmers at the closing of Monday's trading session are noted with references to the cooperative.
Chrysler Corp orders 1800 layoffs because its Supplemental Unemployment Benefit fund is depleted for workers with less than ten years seniority. Reserve funds will still aid workers with over ten years. The Lynch Road plant will idle a full shift by Oct 8 and close Sept 24 to Oct 1, reducing output and forcing temporary job losses for about 4100 employees.
GM and Ford plan contract offers to UAW negotiators after six weeks of preliminary bargaining. UAW could target either company as talks renew contracts for 750,000 workers. Bluestone calls off threatened strikes. local walkouts tied to hiring at southern GM plants amid broader wage and benefit disputes.
Solar energy moves from a dozing giant toward momentum as a Philadelphia conference draws 600+ builders and technicians. Law rence Levy urges rapid commercialization while Heinz advocates 50 percent tax credits and low interest consumer loans. A solar development bank funding and higher federal incentives could boost home adoption, reducing initial costs over 20 years.
In Washington UPI reports Exxon Corp and Reliance Electric face the FTC in a court fight over an MIT developed device described as an alternating current synthesizer. Judge John Pratt weighs licensing and merger terms while considering interim rules.
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