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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Oct 05, 1981
Page
4
Washington reports the national debt inched past 1 trillion dollars driven by wars, Great Society programs, and numerous projects funded by bonds rather than taxes. The measure rose to about 1,079 billion from 985 billion, aiming to keep the government operating amid ongoing costs.
The article analyzes the national debt distribution with 11 percent rate on payments, government holdings, and foreign ownership. It notes savings bonds at 9 percent rising to 10 percent, war bonds totaling 54 billion with 5 percent outstanding, and no plan to track owners, while inflation erodes debt value and surpluses are rare.
The market surged with the Dow up 8.66 to 869.39 in early trading amid renewed hope for lower rates. Banks trimmed prime lending to 19 percent, echoing a Chicago bank move, while the Fed Money Supply fell 1.9 billion. Regan urged a subtle easing, and IBM, Dresser, and HP gained in early prices.
Ohio cash grain prices by marketing area show No 2 wheat at 3.62 per bushel in Northwest, No 2 shelled corn 2.43, and No 1 soybeans 6.04 in Central regions with trend notes. A New London man, 24, injured when his car hit a tree near Route 303 in Carlisle Township at 2 40 a m. State liquor stores to close Columbus Day. In Cleveland a 76 year old deaf mute perished in a lodging fire. four residents escaped. Fire Arson Squad probing cause.
Ulster Savings Bank told about 50 homeowners last week to pay off or refinance at an average 14.5 percent after five years of 8.5 percent loans made in 1976. Bank President Howard St John defended the move saying banks borrow from depositors and cannot lend at old rates. Some homeowners fear large monthly increases as five year loans mature, while Buffalo Savings backed off a recall after depositor pressure. State Banking Department reviews notice accuracy and terms.
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