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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Feb 01, 1980
Page
7
The early NYSE listing shows a broad decline with the Dow Jones average down heavily and losers outnumbering gainers by more than two to one. Analysts cite no clear economic news to explain the abrupt reversal in the market mood.
The dispute centers on Textron payments to foreign officials to win contracts and Miller’s denials to stockholders. The SEC settlement included an injunction and two-year probe findings. Proxmire said bribery seemed corporate policy. Miller faced calls to justify his actions amid talk of his Treasury candidacy.
Gold opened higher in London at 67.50 dollars an ounce and in Zurich at 673, with Hong Kong at 690 as prices surged after Defense Secretary Brown warned of uncertain victory in a superpower Gulf clash. The dollar strengthened globally, except London where it slipped, while various currencies and yen showed gains against the greenback.
The International Fastener Institute, based in Cleveland, charges cheap Indian exports with undermining U.S. industry and asks the Commerce Department to impose countervailing duties over 20 percent. The group cites 400 percent growth in import tonnage from 1975 to 1978 and warns imports now account for half the U.S. fastener market, threatening national security.
The Lake Carriers' Association reports 1979 bulk shipments from Great Lakes ports reached 177.8 million tons, up 5 percent from 1978 and beating the 1966 record. Western mined coal and iron ore drove the gain, with coal at 45.9 million tons and iron ore at 103.1 million tons for the year.
Ford Motor Co faces reckless homicide charges as a Pinto rear end crash killed three Goshen area teens in 1978. Safety expert Byron Bloch testified that current tech could have prevented fuel system rupture. former Ford executive Harley Copp to testify next.
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