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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jan 12, 1981
Page
7
The stock market rose sharply as traders welcomed signs the Fed may tighten less in coming weeks. Analysts say the apparent success of credit tightening could curb further rate hikes, easing upward pressure on interest rates.
Oil expert Dan Lundberg cites a nationwide survey showing wholesale gasoline at 1.01 per gallon, a first time over the dollar mark. He notes fierce retailer competition cushions consumers, margins shrink, and higher prices reduce consumption as dealers absorb part of the rise.
Detroit UPI Chrysler Corp faces two deadlines as UAW negotiations in Washington seek deeper wage and benefit concessions and bank debt conversions. Officials discuss a possible $400 million loan guarantee and over $600 million in concessions to qualify for federal aid amid plan revisions led by Treasury. Fraser warns of potential strain if loan board rejects Chrysler’s plan while Iacocca endorses different sales projections.
A survey by the Ohio Banker Magazine shows 92 percent expect the prime rate to fall below 15 percent by April 1 and 40 percent predict inflation will decrease. About 48 percent see inflation at 8-10 percent, 37 percent 10-12 percent, while 47 percent foresee no change in Ohio’s economy in 1981.
A fragmentary note references the phrase QEDCE TUT and hints that today or tomorrow a higher price or cost will be charged. The text reads as a garbled song line with uncertain attribution and no clear event or source.
The Port of Cleveland saw an 11 percent drop in tonnage from 1979, with steel shipments off 52 percent and ship traffic down 32 percent. Revenues fell 46 percent and storage fees 44 percent, though iron ore imports rose 11 percent. Officials cite rising Seaway tolls and aim to deepen cooperation with East Coast ports, study a Cleveland Canadian barge link, and solicit a six month plan funded by a 75000 dollar EDA grant.
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