Stocks Slide as Rates Rise and Banks Hike Prime
In early trading in New York the Dow Jones 30 fell 5.29 to 937.80 as declines outpaced advances. Citibank lifted its prime lending rate to 11.5 percent while bond rates rose. President Carters economic plan to be released today targets tax cuts and spending to boost employment.
MENTIONED IN THIS ARTICLE
NEW York
New York Stock Exchange
Citibank
Carter
Ohio
Gulf
Mobil
Newfoundand
Dow Jones
NYSE
American Stock Exchange
HannaStin
Indust
Incoltdia
IntHars
McLaurh
Erin
Washpool
Sy Ilam
Pietre Rmith Co
American Machine
Foundry
American Step
CPC International
Fite
Toteda Heison Sebten
Rao Partie Corp
Oil Imports Plunge Shrinks US Trade Deficit in July
The Commerce Department reports July U S trade deficit at 185 billion down from 228 billion in June as oil imports drop sharply due to recession and conservation. Foreign petroleum imports fell to 5.6 million barrels daily, the lowest since May 1976.
MENTIONED IN THIS ARTICLE
Washington
UPI
United States
Commerce Department
Commerce
Philip Klutznick
SCM Proxy Fight Prompts Broad Internal Probe
SCM Corp prepares an aggressive strategy amid a proxy battle led by Willard Rockwell Jr. The plan includes a thorough review of the dissident slate’s executives, scrutiny of bank loans and perks, and possible filings under the Freedom of Information Act to examine ethics and potential anti boycott violations.
MENTIONED IN THIS ARTICLE
SCM Corp
SCM
Smith Corona Typewriters
Durkee Spices
Procter- Silex
Dresser Industries
Hudson Oil
Joy Mfg. Co
Securities & Exchange Commission
Commerce Department
Dresser
Israel
Santa Claus
Willard Rockwell Jr
Rockwell International
John James
Mary Hudson
J. W. Wilcock
Will Burgess
International Controls
Robert Wilson
Memorex
Rockwell
Robert Anderson
Burson-Marsteller
Chrysler Urges Ohio to Oppose OPIC Tax Plan
Chrysler officials told the Ohio House committee that the OPIC tax plan would shift burdens to businesses and hurt the auto industry in Ohio. They urged a two month sales tax cut on new cars and elimination of tax on trade in value, while warning of potential plant closings and job losses. They cited a $985 million six month loss and forecast a smaller third quarter deficit with a profitable fourth quarter.
MENTIONED IN THIS ARTICLE
Clifford V. Brokaw III
Invail Capital, Inc
New York
SCM
Rockwell Group
Rockwell
Brokaw
Metevier
Kennedy
Ohio
Public Interest
OPIC
Washington
Chrysler
Also Mentioned on This Page
the Chronicle Telegram
Robert Penick
Weeter
Columbus
USDA
Chicago
Mid- West
Lorain County Farm Bureau Cooperative Association, Inc
United Brands
Westvaco Corp
Fearend Lynted Brands
Alleghany Rev
AmMaze Pd Fll
Angelica Cp
Atlantic CityEp
Banca Po, Or
Chase
Collins Food Chittenden Cp
Colorado Nat
Cominco Strahl
Conrocko Inco
Fst
NtlBk Allen
Va Banks
George Wash
Gulf eSources
Health-Mor Inc
Heller, Wale Q
Income Acapli Po
Indianapo
P&l
Key Banks
Kings DeptStrs
Masonite Cp
Hn Cai S&l Us
Pears P&l
Parlo Morris
Porter HK
Quadrex Corp
Mutuals Aneeerr Mutual
Pathe — Puritan
John Hancock
Tneeste
Wellagton
Andrew M. Nibley
Mary Emmons
Durkee
Paul Blicker
George Hall
THE
Chicago Tribune
Dan Dorfman
CHE
By Lee Leonard
Statehouse
Chrysler Corp
Thomas Metevier
Christopher Kennedy
Ohio House
Small and General Business Committee
General Assembly
Handy & Harman
U S
Sen 5
Step Prego
Federal Savings
Stefanski
E. College
Bai
U.S
Rome
Ts Limited
Stu Fairchild
Oberlin
Phone Mart
PhoneBank
Oberin G
GTE
Mickey Mouse Telephone
Sach
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