10 Oct 1979
Page 1
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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Oct 10, 1979
Page
1
Elyrian officials postponed a vote on raising water rates amid a $1.5 million Lake Avenue project. City leaders including Mayor Marguerite Bowman said funds are unavailable, with the water department needing about $153,000 yearly for 25 years to finance construction. Turn to page A-4.
Akron detectives seek a second suspect after the bullet-riddled bodies of Lawrence Treadwell and Caroline McKinney Treadwell were found in a car on an I-76 exit ramp. Investigators link the case to a drug deal, noting a substantial sum of cash and a small amount of marijuana and a white powder in the vehicle.
In New York the Dow Jones average tumbled in the first hour of trading. The index fell 12.37 to 845.29 as volume reached 20.73 million shares, surpassing the prior first-hour record of 20.13 million shares set in 1978. The day follows Tuesday's 26.45 point drop, the steepest since early 1974.
A proposed 1 million square foot Strongsville mall at Howe Road and Route 82 could open in two to three years, led by Edward J. DeBartolo Corporation and Jacobs Visconsi Jacobs. Plans are in early stages with two major department stores likely and two additional large retailers eyed, names undisclosed.
On page C-7 London gold rose above 400 while U S banks including Cleveland area lenders lifted prime lending rates to 14 percent. The bear market deepened with 1,471 declines and 25 advances among 1,397 issues as 13 minutes late tickers and heavy sell orders overwhelmed brokers. In Europe, gold hit 400 briefly before easing as Paris trading hours were extended amid heavy selling. No total crash expected, but market breadth stunned observers with a 27 to 1 loser to winner ratio.
A Lorain man Phillip Waugh 30 of 4006 Oak Point Rd suffered first and second degree burns to the head and shoulders when his car caught fire on Rt 2 near Middle Ridge Road. A passerby Bon Dan Danylewycz of Parma helped extinguish flames with a blanket. Fire units stopped the blaze after the car sped into the median.
A surprise snowstorm dropped up to eight inches in parts of Virginia and Maryland closing schools and snarling traffic. Snow and rain glazed Washington while New York suburbs faced slushy conditions and up to half a foot fell in parts of New England and upstate New York. Light snow touched Indiana and northern central New Jersey with Morristown and Trenton reporting light accumulations that melted on impact.
Cloudy conditions with a chance of showers late tonight and again Thursday. Lows tonight in the upper 40s. Thursday highs near 50s. Precipitation probability 26 percent this afternoon and tonight, 4 percent Thursday. Winds southwest around 15 to 16 mph tonight.
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