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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Feb 05, 1979
Page
13
The New York stock market opened sharply lower with the Dow Jones Industrial Average down 7.97 to 82.66 in the first half hour. Energy concerns from Iran unsettled traders as liquidity and confidence waned. The dollar fell while London gold rose, and Whirlpool led NYSE volume with shares down.
Informal petitions urging City Manager Richard Lothrop to be considered for the vacant post may be presented at tonight's city council meeting. Organizers keep timing uncertain, but observers expect the motion to surface. Lothrop indicated openness to the job, though applications closed December 1.
The Huey Fong captain Hsu Wen-hsien, 52, denied bail in Hong Kong on charges his ship carrying more than 3,000 Vietnamese refugees violated shipping laws. Prosecutors asked for detention pending evidence of a broader scheme tied to gold payments by would‑be emigrants, with links alleged to Australia and Malaysia.
Pope John Paul II, exhausted by a weeklong Latin America tour, starts a full rest at Castel Gandolfo. The 58 year old pontiff flew to the papal villa by helicopter after delivering his weekly blessing to about 80,000 in St Peter’s Square. He quipped that he still feels as if he is on Mexican time.
The Washington Monthly argues for exporting ethics while others decry overseas bribery. Charles Peters defends leniency if rivals bribe, but critics note U.S. firms have long bribed to win contracts and sales. The piece cites Lockheed and Grumman cases, calls for enforcement of laws like the Foreign Corrupt Practices Act, and warns that bribery harms national security and small exporters alike.
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