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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jan 04, 1978
Page
3
An explosion at U S Steel Lorain Works Basic Oxygen Process shop caused damage estimated as several million dollars. One vessel exploded, another was being relined. no serious injuries, seven weeks to repair, engineers assess the scene.
The dollar plunged to new record lows amid uncertainty over Federal Reserve nominee William Miller. Gold rose to $172.63 an ounce in London with gains across Zurich and Frankfurt. The pound strengthened to $1.9852 as markets priced in policy risks and shifting currency budgets for Americans abroad.
Washington officials announce recall of about 49 000 Volvo 240 models with B20F engines built from August 1974 to May 1975 due to two throttle issues. A plastic sleeve on the throttle cable can break causing idle speed rise, or the cable can fray and stick. Owners should follow recall notices and visit Volvo dealers for repairs.
Photographers overheard President Carter and Egyptian leader Sadat discussing plans that may include a return to Jerusalem. Carter expressed strong support and said consultations with regional leaders would prepare the way, as he wrapped talks in Paris with Giscard and prepared a Normandy D‑Day tribute. He then planned stops in Belgium before returning to Washington.
The Carter administration imposes a 3330 per ton minimum on steel imports based on East Coast port data from 1977. Officials say the measure aims to curb dumping and help domestic mills, though industry leaders say it falls short of needed levels to maximize production and rehiring of workers.
New York, UPD The Commodore Hotel 2,000 rooms contents go on sale including chandeliers doorknobs salt shakers and the silver service as part of a reconstruction plan to transform the 42nd Street building into a 1,400 room Hyatt Regency. National Contents Liquidators Clem Long leads the sale expected to last months and bring about 1 million dollars. The clock sells for 85,000 and a complete bar may go for 75,000 to the first bidder. The Commodore closed in 1975 after Penn Central owed taxes and Donald Trump bought it for 10 million with two years of work ahead.
Brad Bartlome will be celebrated at an eight p m Saturday ceremony in Midway Mall along with winners of three related contests on Awakening of a New Minority. The event honors his courage and sports zeal, with winners advancing to state and national contests. Brad plans for a possible college break before pursuing sportswriting or sportscasting and enjoys strong support from friends and teammates.
DETROIT UPISource reports 1977 output by GM Ford and Chrysler rose 9.3 percent from 1976 to 9,051,873 passenger cars. GM led with 5,259,347 units, Ford 2,555,867, Chrysler 1,236,359. December declines hit all three, GM 384,528, Ford 182,733, Chrysler 69,597 with year 1977 end.
In London housewives paid up to 56 cents less for a four ounce jar of instant coffee as Nestles and General Foods announced major price cuts. Safeways and Samnburys matched quickly and more stores were expected to join by Monday. The move follows lower wholesale prices and strong consumer resistance to prior hikes.
Cleveland Electric Illuminating Co declares a quarterly dividend of 46 cents per share, up after accounting for a 3-for-2 split. Dividends are payable Feb 15 to record holders as of Jan 20. Spokesman says the split-adjusted dividend equals 69 cents per share.
Cleveland reports the Lucky Buck instant lottery returns with a January 12 first drawing. The 50 cent game mirrors the 1975 launch, offering 24 chances per ticket to win prizes from 5,000 to 50,000 plus a 100,000 kicker. The commission will continue sales until stocks run dry as instant ticket distribution ends.
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