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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Mar 19, 1984
Page
5
The stock market fell as banks raised their prime lending rates from 11 to 11 42 percent triggering a broad selloff. The Dow Jones averaged 1361 points lower, slipping to 1170 75 in early trading, with losers leading gainers on the NYSE as hopes for deficit reduction faded amid higher lending costs.
In Bedford Heights Ohio a four year old Ameritech Inc seeking to challenge the Chicago based Ameritech for the use of the name. Storey, attorney for the smaller firm, says customers confuse the two companies and harms business planning. The case, filed in Cleveland federal court, cites alleged infringement by the larger Ameritech and notes an undisclosed out of court settlement with a Troy based rival.
The United States logged a record current account deficit of 408 billion dollars in 1983, with a merchandise shortfall of 306 billion and a 284 billion services surplus offset by rising unilateral transfers. Analysts blame rapid US growth, dollar strength, and weakness abroad for the widening gap. Banks lifted the prime rate to 11.5 percent, the highest since 1983, amid a sustained rise in business borrowing.
Officials in Anna Ohio population 1100 anticipate 150 new jobs when Honda of America builds a 30 million motorcycle plant near Interstate 75 late next year. The project could trigger tax and water sewer talks while Anna remains within a 900 student school district. Local leaders tout potential growth despite a sizable labor pool. The town’s history notes include incorporation in 1878 and a claim as earthquake capital with tremors since 1875.
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