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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Feb 06, 1981
Page
12
President Reagan urged economic sacrifice but details remain to be announced. The speech framed cuts as a tough battle against Congress and special interests, likening Americans to the enemy from Pogo. An accompanying note highlights a battery powered Ford Escort from Electric Vehicle Associates.
Reagan signals a 10 percent across the board tax cut over three years and business tax incentives while Congress debates how to fold about 50 billion dollars in budget cuts into one vote. GOP sources expect one rescission bill or a parceling of cuts to committees, risking process gridlock.
Detroit based report notes 43,500 workers to be idled next week across 15 plants as demand remains weak. Indefinite layoffs fall slightly to 197,450 but January auto sales are down 20 percent from last year. Ford, GM, AMC plan plant closures and Chrysler cuts transmissions amid strikes. Output projections show cars at 123,538 and trucks at 31,635 for the week.
The Dow Jones average rose on the first trading day after President Reagan warned of an economic crisis unless his tax and spending cuts pass. Airline shares stayed active with United Airlines trading 2344 and American Airlines up, including large block trades as market breadth showed gains.
Four more U S refiners Texaco Atlantic Richfield Phillips Petroleum and Sun raised wholesale gasoline and heating oil prices by up to four cents a gallon in a surge that surprised the Reagan White House which says decontrol is not the direct cause The White House attributes the rise to OPEC price increases and says decontrol will lift prices by 3 to 5 cents per gallon over time analysts note costs are rising faster than anticipated and refiners may need months to recoup them
The Official Motor Freight Guide for Cleveland released its Winter 1980 81 edition as announced by Chicago publisher Jack Kallis. It lists about 50 520 points served nationally from the area with local terminal details and contacts for major motor carriers and airlines. Invacare Corp of Elyria donated 1 000 and five wheelchairs to United Cerebral Palsy noting its Caring is Our Business motto. Invacare also operates a Lodi plant and makes wheelchairs and home health care products. The Bob Pennock Gravely agency in Wellington now sells Hearth Mate stoves and Pro Jet chimney systems via Gatesman Distributing of Litchfield Ohio, including various stoves and safety accessories.
Elyria assistant secretary Lois E. Gunning will preside at a February 18 luncheon of the Western Reserve Chapter of the National Association of Bank Women at Huntington Bank in Burton Ohio. More than 100 northeast Ohio women bankers are expected to attend a program on Women in Stress and How to Cope led by Dr Miriam B Rosenthal Case Western Reserve University assistant physician.
Cedar Point Inc directors have declared a regular quarterly dividend of 34 cents per share of common stock payable March 13 to shareholders of record February 20. The company operates Cedar Point amusement and recreation center in Sandusky and Valleyfair in Minneapolis St Paul, the latter being the only major amusement center in Minnesota.
84 Lumber Co reports sales exceeding half a billion dollars for 1980. CEO Joe Hardy Sr. cites stronger purchasing and bank card acceptance, with plans for 70 new stores in 1981 plus 70 managers 140 assistant managers 400 new associates and new eastern and western divisions to support expansion.
The American Metal Stamping Association hosts its 1st Metal Forming Equipment Symposium March 8-11 at Stouffer's Inn on the Square in Cleveland. More than 100 exhibits and 64 displays will feature leading press builders, stamping equipment manufacturers, and related services. AMSA represents the $20 billion North American metal stamping industry and its suppliers.
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