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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 07, 1983
Page
6
The Washington Post quotes Federal Reserve sources signaling plans to tighten credit to slow rapid money supply growth. Speculation grows that the Fed may raise its discount rate beyond the 84 percent level seen since December.
New York reports yesterday show copper at 04-82 cents per pound, lead 20-23 cents, zinc around 40 cents, tin 676 cents, gold at 11 per troy ounce, silver 11.430 per troy ounce, mercury and platinum cited with limited figures. Domestic delivery and daily quotes provided by Hand & Harman, Harman.
Local grain bids show Wheat 3.17 per bushel Shelled Corn 3.08 Soybeans 5.35 per bushel in Lorain County Farm Bureau area yesterday. Egg price report notes wholesale buying prices down with class sizes and nest run breaks listed.
Housing data show a widening affordability gap of about $20,000 since 1979. The Federal Home Loan Bank Board reports average new mortgage rates up to 13.01 percent in June from 12.99 percent in May, ending a near year long decline.
Big Bite Inc led by Charles L. Rioux defends a 30 second ad undermined by Wendy's trademark suit. Judge Duncan requires clear disclaimers that Big Bite not owned or endorsed by Wendy's KFC McDonald's or Burger King. Trial set for July 22 with hearing pending.
Lorain Central Telephone Co tightens rules on charging long distance calls to a third number. Guests in hotels motels hospitals or coin phones must have approval from someone present to charge a third party. GM Milt Tomasek cites toll fraud reduction and cost cuts as reasons though he would not disclose the fraud cost.
The Federal Reserve likely will tighten credit soon with a discount rate hike from 8 to 9 percent per The Washington Post. Rates on six month Treasuries rose to 9.2 percent, signaling higher borrowing costs as the Open Market Committee prepares its next meeting.
R J Reynolds Tobacco Co will not introduce its Century cigarette in Ohio due to the state's cigarette tax. The ad argues Ohio taxes Century as a 30 cigarette pack, though it has 25. Ohio imposes 7 cents per 10 cigarettes, making a 20 pack 14 cents and a 21 to 30 pack 21 cents.
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