Banks Raise Prime Rate After Fed Move Pushes Markets Down
Stocks drop sharply in early New York trading as banks lift prime lending to 15 percent following the Federal Reserve action. The Fed boosted the discount rate to 13 percent to curb inflation, with wholesale prices up 16 percent in January. Gulf Oil fell to 44.4, Kennecott slid to 40, and AT&T declined to 50.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve
Gulf Oil
Kennecott
At&t
Ow Jones
Chase Manhattan Bank
Chemical Bank
Western Union
Totet Rodi
Hendin American Standart
Mheomalay
Forestune
Servier
Matar & St
CHE International
Ine
Ben Dynamics
We Tno Dba
Parker Hannifin
Ineo
Searle
Ing Dland
Senucker
Can AA
Southern Co Uy
Flarvester
Heron
Hetlogy
Xuterta Petit
Kennett
Union Fac Fie Ern Keolt
Wentworth F
Meath
Steelers
N. Royalton
North & W
Owen
IRS Expands Work Study Tax Break for Special Education
Washington IRS will allow Ohio businesses to claim a tax credit for hiring special education work study students. Rep Don Pease says the change aids placement, with Pease proposing a permanent expansion. Ohio Education officials pressed for a temporary solution to group special education students with general vocational students.
MENTIONED IN THIS ARTICLE
IRS
Washington
Internal Revenue Service
Ohio
Don J. Pease
Oberlin
Pease
Ohio Department of Education
Sandusky Area
Ohio Bureau of Employment
State Department of Education
Master Charge use expands in Ohio in 1979
BancSystems Association reports 1979 retail activity in Ohio grew modestly with a downturn second half. Consumers spent over $977 million using the Master Charge program, up 12.1 percent from 1978. Growth slowed to 7.7 percent in Q3 and 9.3 percent in Q4.
MENTIONED IN THIS ARTICLE
Ohio
BancSystems Association
Ohio Area
Evelyn Davis harassment case reaches SEC claims
Grant Dillman reports Evelyn Davis, known for pushing minority resolutions at meetings, accuses Armco Steel and The El Paso Co. of pressuring firms and being targeted after Armco funded Ford's Theatre board chairman C William Verity. Firms allege retaliation after they cancelled her newsletter.
MENTIONED IN THIS ARTICLE
Washington
UPI
Evelyn ¥. Davis
Securities and Exchange Commission
The
el Paso Co
SEC
American Society of Corporate Secretaries
Davis
Inspector checks every spark plug at Bendix Autolite plant in Fostoria
An inspector at the Bendix Autolite plant in Fostoria, opened 1936, continues batch checks as production hits milestones including four billionth plug. The 20 page 1979 Highlights and Lowlights newsletter sold for 74 dollars with a two copy minimum to corporate leaders, detailing stockholder activity and political forecasts. Armco and El Paso alerted the SEC to Mrs. Davis stock actions linked to resolutions on charitable contributions and nonpartisanship, which she denied as probes into subscription drops.
MENTIONED IN THIS ARTICLE
Bendix-Autolite
Fostoria
Armco
Ford
Verity
Davis
Mid-Continent Telephone reports record 1979 results
Mid-Continent Telephone Corp of Hudson, parent of Elyria Telephone, reports 1979 records with earnings per share at 2.93, up 16 percent. net income 34.4 million, up 21 percent. revenues 218.5 million, up 18 percent, led by dividend growth to 1.68 per share. President Weldon W. Case cites consistent yearly increases since 1960.
MENTIONED IN THIS ARTICLE
Mid-Continent Telephone Corp
Hudson
Elyria Telephone Co
Weldon W. Case
Case
Stanadyne 1979 Sales and Earnings Rise for Elyria Plant
Stanadyne Inc reports record 1979 sales of 415.3 million, up 19 percent from 1978, and earnings of 20.8 million or 4.35 per share, up 20 percent. Company officials note the Elyria manufacturing plant contributed to the gains.
MENTIONED IN THIS ARTICLE
Stanadyne, Inc
Elyria
Burrows to Open North Ridgeville Store March 28
Burrows, a Brooklyn Heights based company with 37 locations, will open a full-service Burrows store in Rini's Plaza on Center Ridge Road, North Ridgeville, on March 28. The firm offers office supplies, books, calculators, furniture, cards and stationery. Directors of Gilford Instrument Laboratories of Oberlin declared an 8 percent dividend per share, payable March 14 to records March 4, for spectrophotometric instruments used in medical and biological research.
MENTIONED IN THIS ARTICLE
Burrows
Rini's
Center Ridge Road
North Ridgeville
Brooklyn Heights
Gilford Instrument Laboratories, Inc
Oberlin
Oakar to speak on Women in Washington at Cleveland meeting
Rep Mary Rose Oakar of Ohio will address the Purchasing Management Association of Cleveland at the Cleveland Engineering Society on Chester Avenue. The event includes a Q and A on Women in Washington and a transportation cost management forum. For details contact the association office in Cleveland.
MENTIONED IN THIS ARTICLE
Mary Rose Oakar
D-Ohio
Purchasing Management Association of Cleveland
Cleveland Engineering Society
Chester Ave
Washington
Association
Cleveland
Ford executive defends Pinto as average car in trial
Ford Vice President Harold MacDonald testifies the Pinto was at least as safe as the average car, citing fuel tank placement. He notes personal family tragedy motivating caution, while prosecutors cite federal data linking Pintos to higher fire risk in rear-end crashes.
MENTIONED IN THIS ARTICLE
Winamac, Ind
UPI
Ford
Harold MacDonald
MacDonald
U.S
Michael Cosentino
National Highway Traffic Safe
Harold Staffeldt
Cosentino
Donald Hueike
University of Michigan
Huelke
Cattlemen vote on beef promotion fund in Kansas drive
Ranchers across the nation vote on a proposed 40 million dollar beef promotion program. Participation requires a 20 cent per hundred dollar contribution, to fund beef research promotion and foreign market development. Eligible cattlemen register at ASCS offices through Friday, with about 287000 of nearly two million registered.
MENTIONED IN THIS ARTICLE
Wichita
Kan
U.S
Bill Amstein
Clifton
U.S. Agriculture Department
Agricultural Stabilization and Conservation Service
Dollar gains across European markets as gold steadies
The dollar rose in European trading with openers in Zurich at 662.50 and London at 663 per ounce, while gold held at 662.50 in Zurich and 663 in London. The pound opened at 2.2865 dollars, and the franc, marks, guilders, lire, and other currencies posted higher dollar equivalents amid rate hike expectations and Iran hostage progress.
MENTIONED IN THIS ARTICLE
London
UPI
Zurich
U.S
Iran
Frankfurt
Paris
Brussels
Amsterdam
Milan
Also Mentioned on This Page
Royfax
Lorain County
Dan Warnee
Royal Business Machines
By Grant Dillman
Area Business News
Stanadyne
N. Ridgeville
Gilford
Rep
Oakar
J.C. Insurance Bail Bonding Agency
Middle Ave
Flyria, Ohio
By Linda Graham
Caleca
By Scott Kraft
Associated Press
Agriculture Department
Richard Demby
G.R.I
CRS Realtor Realtor
Damby
Jean
Deeb
Aencentioen Sane
Atc
Demby
Mid-Ohio Securities Corp
Lyria
Lorain
Clave
Pitzer Park Plaza
Brove St
Eta
Bhu
Elmer Hume, Inc
Cleveland Avenue
Amherst
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