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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 14, 1978
Page
15
Technician Jacqueline Earhart checks the number and function of touch control panels at a PPG Industries plant in Pennsylvania. The glass keyboards replace knobs and switches on many home appliances and industrial machines.
Lee Iacocca, the Ford executive credited as the Mustang’s father, is fired as president of Ford Motor Co. by William Clay Ford and the board after 32 years with the company. The move ends a volatile leadership era at Ford during its 75th year.
The public in mature Western democracies shows sharper awareness of inflation and policy impacts, pressuring governments and central banks. Analysts note higher wage demands, rising interest rates, and the move toward quantified monetary targets, with debates on credibility and long term goals.
CleveTrust Corp reports second quarter 1978 income before securities transactions of 12.5 million dollars, up 16.1 percent from 1977, with 1.36 dollars per share. After securities, net income rose 12.5 percent to 12.4 million dollars. For six months, income before securities climbed 16 percent to 25.3 million and per share 2.76. Chairman M Brock Weir notes rising loan demand and higher rates likely boosting revenue in H2 1978.
Washington reports the postal workers and the Postal Service received a government directive to keep talking as a strike deadline nears. Federal mediator Wayne Horvitz said the sides are very far apart, despite the Postal Service making its first package offer since April. Union negotiators felt the offer was not large enough.
Brazilians skip cafezinhos as bean costs rise. Supermarket coffee now $1.61 per pound, a luxury for workers earning $86.52 monthly. Brazilian Coffee Institute notes population up 13 percent in four years while consumption falls 7 percent.
Two local women open a branch of Stewart Title Agency of Ohio in Elyria. Danada Staskiews is vice president manager and title officer, joined by Vicki Papp as product marketing director and Catherine Hartman as escrow officer. The office at 319 Middle Ave. adds to Stewart Title Guaranty backed network.
New York stocks opened mixed as investors weighed a 4.9 billion rise in the Fed’s money supply and a steady prime rate. The Dow rose 2.42 to 827.18 while decliners slightly outpaced advancers on the NYSE. Big Board volume was 23.62 million shares.
Fisher Foods Inc reports its highest quarterly income since 1976, 2,520,000 in the 12 weeks ended June 17, up from 350,000 a year earlier. Net income per common share rose to 40 cents from 5 cents, while sales reached 371,611,000, up 4.44 percent.
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