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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 13, 1981
Page
6
The Federal Reserve Board indicated it could tolerate banks charging other banks up to 22 percent in May and June to tighten money conditions after April saw rapid money-supply growth. Minutes from the May 18 Open Market Committee meeting show the board planned another round of tightening to restrain short-run expansion and reserved aggregates behavior.
The minutes describe growth of M1 and reserve aggregates at a low annual pace, with the Fed watching “Mi b” as a key category. They note inflation driven by money supply expansion and warn of funding costs rising toward a 16 to 21 percent federal funds rate, reflecting monetarist pressure and Reagan policy.
Seagram ups cash offer to 85 a share and seeks 51 percent of Conoco, signaling a multibillion dollar takeover clash with DuPont. The move follows Conoco suing for damages after Seagram’s initial approach and threatens to trigger a fierce bidding war amid anti trust scrutiny.
General Electric unveils micrometer scale infrared light sources for fiber optic links. The low cost devices target short haul data transmissions and control systems in jets, cars, robotics, computers, and data networks, with implications for military and commercial tech. UPI.
AFL-CIO President Lane Kirkland told Senate subcommittees that US policy favors free trade in a world that lacks it. He urged import protection and local content rules for essential industries to prevent the US from becoming an assembler of foreign parts, criticizing administration actions on steel, textiles, autos and other sectors.
New York stocks rose early with the Dow down 0.29 to 955.38 in half an hour as gainers led losers 8 to 5 on the NYSE. Analysts cited last Friday's money supply report for optimism ahead of the June retail sales release. Interes t rate sensitive issues moved higher with Great Western Financial up to 15 percent and Beneficial up to 24 1/2.
The Columbus grain market update lists average cash grain prices per bushel paid to farmers by Ohio elevators in principal marketing areas after Friday’s close and ahead of Saturday’s opening. The report covers commonly traded grains and reflects price shifts in the latest trading period.
Acting Archbishop Arturo Rivera y Damas says 27 civilians were fatally wounded by soldiers and 131 civilians were killed last week in El Salvador in what he calls the bloodiest seven days since a January guerrilla offensive. He cites mass casualty events north of San Salvador linked to right wing squads, and reports 76 innocent civilians killed by gunmen after mistreatment. He offered few specifics.
Ohio loses millions of tons of soil to erosion and thousands of acres to development each year. Soil surveys from the Soil Conservation Service help identify erosion prone soils and high productivity lands. There are 49 counties with published surveys, with mapping complete in 14 more and underway in 19, aiming for countywide coverage by 1990.
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