Market Plunges as Prime Rate Hits Record
The New York market fell sharply after the Fed moved to tighten credit over the weekend. The Dow Jones average dropped 10.92 to 873.12 in the first half hour, with declines leading advances 4 to 1 on the NYSE. Volume reached 32.61 million shares, while the NYSE composite index slipped to 82.58 and the AMEX index fell 2.74 to 282.41.
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New York
New York Stock Exchange
Chase Manhattan Bank
Federal Reserve
Fed
NYSE
American Stock Exchange
Lorain County Farm Bureau Grain Prices Listed
Lorain County Farm Bureau Cooperative Association reports yesterday's grain closing: wheat 4.04 per bushel, shelled corn 2.58, oats 1.30, soybeans 6.72 per bushel. Local grain buyers noted steady demand as farmers awaited today’s market.
MENTIONED IN THIS ARTICLE
Lorain County Farm Bureau Cooperative Association, Inc
Elyria to discuss 1980 Community Development Block Grant
Elyria's Community Development Department will hold an informal meeting at 7 30 p m tonight on the second floor of Old City Hall 131 Court St to discuss the city's 1980 Community Development Block Grant application. Information on funds available possible uses and other requirements will be provided at the meeting.
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Elyria
Community Development Department
Old City Hall
Court St
St Amherst Board to Meet Thursday in Executive Session
SOUTH AMHERST The board of education will meet in a closed executive session at 12 30 p m Thursday in the high school to discuss personnel. Supt Lawrence Fallon said he would not comment on specifics. The board met privately Monday on the same matter.
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South Amherst
Board of Education
Lawrence Fallon
Fallon
UAW Ford locals weigh new pact in key step
The 200 member Ford Council of the United Auto Workers will be briefed on the tentative Ford contract and asked to recommend ratification by 197000 Ford workers. Officials expect ratification despite reported opposition among skilled trades. The agreement mirrors the GM settlement and includes about 10000 in extra wages and cost-of-living payments over three years.
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Detroit
UPI
United Auto Workers Council
Ford Motor Co
Ford Council
Ford
UAW
General Motors Corp
U.S
Chrysler Corp
Chrysler
GM Ford
Senate wrestles with oil windfall tax and credits
Union officials and UPI report the Senate Finance Committee faces a $30 billion gap between windfall tax revenue and approved tax credits as it weighs how much Alaskan North Slope oil to exempt. Proposals include using windfall funds to cover Social Security hikes and lifting exemptions on state oil.
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Washington
UPI
Senate Finance Committee
Organization of Petroleum Exporting Countries
Long
Carter
Treasury
William Simon
Herit
Gold Drops Halted by Fed Rate Move Leads to Mixed London Zinc
Gold steadied near 375 amid Fed actions raising the discount rate and reserve requirements. London opened at 375, Zurich at 275.50, with New York closing Monday at 368.35 as analysts weigh a temporary rally against deeper recession risks. European dealers anticipated dollar support but doubted durability while bank funding conditions tighten. The Carter administration faces inflation fights amid market volatility and cautious banker skepticism.
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Guqld
London
Zurich
New York
U.S. Federal Reserve Board
Fed
Carter
Federal Reserve
U.S
James Sinclair
IMF Eyes World Inflation Crisis At Belgrade Meet
At the IMF World Bank gathering in Belgrade Yugoslavia IMF and World Bank officials hear a bleak global inflation forecast. Miller defends Carter's anti inflation policy and vows US will endure austerity while Lavasiere backs action to fight inflation. The conference discusses substitution accounts and SDRs as steps to lessen dollar dependence.
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Belgrade
Yugoslavia
UPI
International Monetary Fund-World Bank
Treasury
G. William Miller
Carter
America
IMF
Jacques de Lavasiere
Miller
United States
Executive Board
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