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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Sep 04, 1981
Page
8
Stocks opened with moderate activity as the Dow fell 17.22 points to 865.96 in early trading. Declines led advances across 1,492 NYSE issues with about 13.5 million shares on the tape, while analysts awaited the Fed money supply report for guidance.
A public hearing on September 24 at 8:30 p.m. in Columbia Township Town Hall will review a zoning amendment to set health and safety standards for gas and oil drilling. The plan places drilling under conditional zoning with setback rules for rigs and storage tanks near dwellings, and requires fencing of pits and access roads. Thursday’s zoning board meeting reviewed the proposed changes and may see revisions after the hearing.
The Lorain County Farm Bureau reports closing bids for corn oats and soybeans with prices in Ohio regions. Northeast No 2 wheat 3.60 shelled corn 2.71 oats 2.00 soybeans 6.47. Northwest No 2 wheat 3.63 corn 2.73 oats 2.08 soybeans 6.56. Central No 2 wheat 3.62 shelled corn 2.77 oats 2.22 soybeans 6.47. Trend shows wheat and corn rising oats steady soybeans up sharply.
Cleveland based Standard Oil Co. of Ohio tops Ohio corporate list with $11 billion in 1980 sales, surpassing Procter & Gamble and Kroger. P&G revenue $10.7B, Kroger $10.3B. Sohio profits $1.8B vs $642M for P&G, assets $12.1B. Marathon Oil, Goodyear, Federated, Arraco, TRW follow in top ranks.
Sears chairman Edward R. Telling outlined plans to launch a money market trust investing in government securities this year and to become a major provider of consumer financial services including residential real estate brokerage. Initial individual investments may start at 1000 dollars with deposits by wire or mail and possibly at Sears stores. It would focus on U S Treasury bills and notes maturing in one year or less.
Investors can relax as the IRS confirms the one year all-savers certificates retain tax exempt status if not contractually tied to a high interest bonus. The ruling comes amid widespread bonuses offered to spur early deposits, with rules insisting any bonus not be used to force reinvestment. Some banks say they will honor existing terms while allowing early withdrawals without penalty. The program runs Oct 1 1981 to Dec 31 1982.
Treasury announces air-savers certificates issued in early October yield 12.6 percent annually with a $1000 tax exemption for individuals and $2000 for joint filers. The IRS says investors earning about $24000+ benefit most as the product matches or exceeds six month CDs in after tax value. DIC also allows any denomination above 500 for all-savers to boost thrift funds for mortgages. Tax agencies will notify customers by mail with possible mass advertising.
Washington reports the all-savers certificates created by Congress will be issued by banks savings institutions and credit unions starting Oct 1. They offer government guaranteed returns and tax exempt status for the first 1000 of interest for individuals and 2000 for couples. IRS says investments not tied to all-savers keep tax exemption. One year certificates yield 12.6 percent. initial interest equals 70 percent of the 52 week Treasury bill yield.
Washington bureau reports a UPI Q and A on the new all-savers certificate. Government guaranteed returns and tax exemption aim to attract small savers, with denominations starting at $500 and flexible options for banks. The program runs Oct 1 through Dec 31, 1982, with monthly rate adjustments pegged to 70 percent of the 52-week Treasury bill.
French Ambassador Louis Delamar, 60, was shot multiple times by four gunmen in a white BMW as their ambush targeted his car near his Beirut home in the predominantly Moslem district. He died several hours later in hospital, embassy officials said.
U.S. automakers posted a 23.7 percent rise in August domestic car sales to 601,741, led by GM Ford and Chrysler with promotional discounts and financing offers. Imports slid to 24.7 percent share as promotions run through Sept. 23 amid expectations of a post-sale drop.
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