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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jan 03, 1975
Page
3
The FBI reports rising security concerns in the United States. It cites increased investigations into possible Atomic Energy Act violations and notes Communist Party USA efforts to infiltrate unions. It also highlights higher crime figures, including bank robberies and fraud, in fiscal 1974.
Wire reports say Egyptian officials believe a Kremlin power struggle forced Brezhnev to cancel a Middle East trip. Al Nahar cited sources claiming radicals gain ground and Brezhnev faces a Khrushchev like crisis. Cairo and Western diplomats noted illness was not the cause and questioned the timing of the postponement.
Harrisburg AP reports this week’s Baker’s Deton Lottery numbers include 673 for three digits, 54288 for five digits, and 213538 for six digits. The Lucky 7 bonus is 483588. Three digit draw 356 and 482 also appeared. Holiday Double Play six digit 066114 and five digit 26489 are listed.
Detroit area factories edge toward shutdown with Chrysler plan to resume car production next week amid broad industry layoffs. The Elyria Fisher Body plant will idle 107 workers, with Parma and Euclid Fisher units also affected. Across Chrysler, GM, and Ford, about 300000 workers face indefinite layoff by month’s end.
Berea shoppers will face a closing as the Grants department store shuts its Berea location this month amid a national cull of 66 more stores. Edgerton said the 1178 store chain has slowed openings. this year may see six to nine new stores at most. Store manager Tom Stancheck and several employees weighed their uncertain futures as others hoped for transfers within Grants.
New York traders faced a mixed start as prices drifted after adverse economic news. The market halted a two session rally with declines in some sectors while others posted modest gains.
Chessie System Inc. posted its third straight year of record earnings and revenues for 1974, with net income of 95.2 million dollars or 5.33 a share on 1.3 billion dollars in revenue. The company cited strong results despite a coal strike late in the year and a weakening national economy, noting 1973 per share figures were restated for a two-for-one stock split.
Gold fell $11 in Zurich opening, rose in London to $178, and Paris opened at $179 after a drop from $201.40. Zurich fixed at $177 as traders question fair levels and await U S government moves. Washington announced a $350 million gold auction with a $70,000 minimum bid per bidder.
American Ship Building Co of Lorain reports a 15 percent gain in earnings for the year ended Sept 29 with $23 million or $1.09 per share earned last year vs $2 million and 0.10 per share in 1973 Revenue from continuing operations increased from $88.5 million in 1973 to $95.3 million last year Net income for the year was $1.34 million or 55 cents per share due to a $992,160 loss from discontinued operations The loss stemmed mainly from the sale of Great Lakes vessels Tax deferral options under the Merchant Marine Act of 1970 were discussed but proceeds from sales were not deposited in the tax deferred fund reducing 1974 earnings and leading to a lower year overall backlog stood at $200 million at end of fiscal 1974 versus $981 million in 1973.
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