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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Dec 28, 1979
Page
18
Lorain County Commissioners awarded a 7,600 square foot addition contract to Harry Fior of Amherst for 310,900 dollars. The project aims to upgrade the health department facilities on Murray Ridge Road and is part of a 450,000 dollar estimated total.
Robert L. Ratchford Jr. moves from deputy director to director of the State Insurance Department following Harry Jump’s resignation. Jump, 65, exits after open heart surgery, ending a long public service career dating to 1949. Ratchford, 35, native of New Albany, will take the oath and assume Jan. 1 with a salary yet to be decided.
Reliance Electric Co stockholders approve a merger with Exxon Corp giving Exxon control of Reliance assets to accelerate electric motor technology development. Enco Inc will acquire the balance of Reliance, with exchanges of $72 for common stock $201.97 for Series A preferred and $1000 plus accrued dividends for 9 percent preferred stock. Exxon and Reliance say the fusion will boost motor efficiency and save oil daily.
MCA, Inc. offers to purchase 370000 Cedar Point shares at 31 dollars each, about 11 percent of outstanding stock, valuing the stake at 11.5 million. Cedar Point’s CEO says the bid is well below current market price and directors call it inadequate. MCA notes price rose on low volume and says they will wait to see how holders react.
In Europe gold stays above 500 an ounce as a weak dollar and inflation hopes drive prices higher. The Yorkshire Post warns gold may be a speculative bubble, while dollar rates edge up in some markets and slip in others.
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