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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Sep 04, 1979
Page
2
New York stock prices fell after gold surged to a record 325 dollars an ounce in London. The Dow Jones average slipped 2.65 to 844.98 in early trading as losses outweighed gains on the NYSE. Analysts cited inflation fears and rising interest rates, with the prime rate at 12 percent expected to climb further.
Cleveland based Sohio official Charles H King said refineries run at full capacity and the company expects September gasoline supplies to rise 13 percent from a year earlier while heating oil stocks should be adequate for winter. He declined to disclose exact gallon figures.
DETROIT UPI reports union and company bargainers spent Labor Day weekend in talks with little progress on noneconomic issues. Irving Bluestone said there has been no movement at the subcommittee level as contracts for about 750,000 U.S. auto workers near expiration. Fraser hinted at a selective strike possibility against GM if no deal by Sept. 14.
Publisher surveys show print shops easing from a strict shortage as strikes end, but costs surge to 375 per ton with a 30 per ton rise by manufacturers and higher rail freight. UPI notes US buys 41 percent of world demand, with 98 million tons. Editors report tighter pages and more briefs as inventories shrink and margins thin.
The NOW Project on Equal Education Rights ranks the 50 states and Washington D C on female representation in education. Alabama had the worst record while the District of Columbia shows the strongest representation with women over half of administrators and 41 percent of interscholastic athletes.
Kay Lysaght of Les Drage Realty Co. was named Lorain County Board of Realtors Associate of the Year for her sales, community and board work. She and her husband live in Elyria and will be honored Sept. 11 at the Ohio Association of Realtors convention in Cincinnati.
ERA-CRS Realty of Elyria has won the 1979 excellence award for customer relations from the Consumer Research Bureau. Bankers Marjo rie McLeese and general manager Lynn Bierman announced the honor, noting the bureau mails thousands of surveys yearly to recent home buyers to rate service.
Buckeye Power Inc will return over 650000 collected from the Ohio Coal Consumption Tax to its 24 rural electric system members. Firelands Electric Cooperative of New London, a Buckeye Power purchaser, will pass the credit to its member consumers over six months starting September 1 after the Ohio Supreme Court ruled the tax unconstitutional. Gary L Wyckoff of Firelands said credits will appear on bills for about six months.
Directors of Gilford Instrument Laboratories Inc of Oberlin have declared an 8 percent per share dividend on common stock payable September 14 to holders of record September 7. Gilford manufactures spectrophotometric instruments used in medical and biological research.
Lorain National Bank pays a third quarter cash dividend of 35 cents per share to holders of record September 14 with payment on September 28. Total payout totals $133,175.35 to 1,270 shareholders. The bank operates 14 offices in Lorain and nearby cities plus nine 24 hour MoneyMate locations.
In a potential recession Morrison Inc stands out as a defensive stock option in the food sector. Morrison, operating the nation’s largest public cafeterias, shows a history of growth through vertical integration and a 20 percent earnings compounding from 1974 to 1978. A 22 percent rise to 1.35 share is projected, despite a rejected 228.8 million bid from K Mart, as the firm expands mainly in the south.
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