Prices open higher on New York Stock Exchange trading
The Dow Jones rose 0.26 to 872.86 after the open as advances outpaced declines in a list of 779 NYSE issues. Volume reached about 1.9 million shares while institutional buyers were cheered by lower rates and a Fed discount rate cut to 11 percent.
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Wellington
Lorain County Farm Bureau grain prices posted
The Lorain County Farm Bureau Cooperative Association reported yesterday's grain close with wheat at 3.64 per bushel, shelled corn 2.50, oats 1.68, and soybeans 5.81 per bushel.
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Lorain County Farm Bureau Cooperative Association, Inc
No tax cut in election year says Kahn
Alfred Kahn, head of the Council on Wage and Price Stability, warns the recession will be deeper and longer than expected and refuses tax-cut pressure. He says any tax-cut move now would spur hasty, consumption-oriented cuts. the earliest possible cut would be 1981. The report also notes Klutznick’s prediction of a rebound in auto production and broader recession context.
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Carter
Alfred Kahn
Kahn
Council On Wage and Price Stability
Congress
Commerce
Philip Klutznick
Klutznick
Cincinnati
Prime time banks cut prime rate to 12.5 percent
Bank of America matched Citibank by trimming the prime rate by half a percentage point to 12.5 percent on Thursday. Several other major banks followed suit in the coordinated move reported by UPI.
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Bank of America
Citibank
UPI
Ford safety chief calls for industry wide recall rules
In Dearborn Ford says government may require recalls for all automakers if transmissions are deemed defective. Ford disputes defect findings, attributing park slip to driver error. Maugh warns a government recall could be the largest in auto history, costing hundreds of millions. He cites 20 Michigan traffic deaths linked to inadvertent vehicle motion, six of them Ford.
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Dearborn, Mich
UPI
Ford Motor Co
Ford Auto Safety
Roger Maugh
National Highway Traffic Safety Administration
Ford
General Motors Corp
U.S
Maugh
Michigan
The Cellar budget store opens at Powers & Dawley Elyria
Gary Taylor showcases budget clothing in The Cellar basement as discounts of about 30 percent are promised on suits sport coats shirts slacks ties and shoes. A-T-O plans Virginia HQ move near Richmond with a $200 million complex and 1 000 acres, driven by Gov Dalton's support and eight months of planning.
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Gary Taylor
Powers & Dawley
Elyria
Jack Cochrane
C-T
Dave Zapotosky
Richmond
Virginia
John Dalton
A-T-O Inc
Ohio
Henrico County
Harry E. Figgie Jr
A-To
Figgie
Virginia Center
Dalton
A-T-O
UAW asks tight import limits
James V. Higgins reports for United Press International that the United Auto Workers union calls for strict import limits to shield domestic auto production. The proposal seeks to curb foreign competition and protect American jobs amid rising car imports.
MENTIONED IN THIS ARTICLE
UAW
UAW seeks five year import curbs on Japanese cars
The United Auto Workers urged the Carter administration and the Trade Commission to restrict imports of Japanese built cars and trucks for five years. The plan would raise duties from 2.9 percent to 20 percent to allow domestic auto plants to retool for small cars. The UAW vows to appeal to the ITC if the administration rejects the request, citing injuries to the U.S. auto industry amid rising Japanese market share and a May record 28 percent of U.S. sales.
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International Carter Administration
Trade Commission
Thurs- United Auto Workers Union
UAW
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ITC
Commission
Douglas Fraser
U.S
Grain price report from Ohio elevators shows mixed values
Ohio grain elevators report cash prices after Thursday close and today open. Northeast Ohio lists No 7 wheat 5.15, No 2 shelled corn 2.65, soybeans 5.05. Norton area shows No 2 wheat 1.61, No 2 shelled corn 2.54, No 2 oats 1.61, No 1 soybean 5.89. Central Ohio reports No 2 wheat 2.67, No 2 shelled corn 2.51, No 2 oats 1.70, No 1 soybeans 5.89 unchanged.
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Oth
Norton Ohio
Central
Ohio
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