THE BATTALION
THURSDAY, MARCH 20, 1980
Page 9
)il strike nation
More banks up interest rate
on time
won t
back judicial candidates
United Press Inlemalksi
■presentatives of strikitj
y workers met across
Wednesday to resolvefej’
ic 11-week-old 0| M
Atomic Workers Unnsi
the OCAW’s natioiil, t
tors in Denver, tkej| United p ress International
il bargaining committeeWILLIAMSBURG, Va. — A
cl oners from nine oil media conference, criticized for a
ul the strike. ]Ak of minority and non-journalistic
though the bargainenff^ ^presentation, rejected a proposal
L'inent Monday vilf , Tuesday that news groups endorse
cities Service, itliasmi^ judicial candidates sensitive to First
< resolution oftliestrk Amendment rights,
contract instigated ofe®, , Recommendations on special in
companies andrenen terest groups, judicial endorsements
ns over local issues an< | non-journalistic representation
•out 55,000 OCA it ik^ sparked controversy at the two-day
'd oil their jobs Jan ir . conference, which drew more than
over higher wages a., 150 delegates,
ed health and dentalii^ MThe conference rejected a sugges
ts. Ron by Jack Landau of the Reporters
e union earlier had settle,' Committee for Freedom of the Press
dependent companies^ that news organizations endorse
mg an agreementwitli:.,judicial candidates who champion
any to set an indusb. First Amendment rights.
■Arnoldo Torres, congressional
:AW President Roisef, liason for the League of United Latin
Monday that the am American Citizens, complained of a
Gulf should set that sfc, lack of minority representation at the
ne unit of l.SOOwodn-, conference. Others charged that pri
st OCAW district in tkv vajte industry was not properly rep-
rt Arthur —rejected hi resented.
lay. I V p would have liked to have seen
many more people from the public
i^^ffictor, ” said chairman Jean Otto,
Op-Ed editor of the Milwaukee Jour-
Ifial. “That’s what we wanted.”
■The delegates adopted 12 reports
addressing topics ranging from pri
vacy rights, public access and media
ethics and made recommendations
of ways to reverse growing hostility
toward the press.
■The conference primarily focused
on threats posed by the courts and
the proliferation of government reg
ulatory agencies to the First Amend
ment rights of the press and public.
ISlHrhe delegates received a survey
lt of states and i. eftnpiled by pollster George Gallup
tppealing depart™ ’ j r which f ounc ] 75 percent of 1,500
federal courts on gn aRn]^ polled had never heard of the
■s were not followed; jm. s f Amendment, and only 42 per-
.aid four suits navel'.‘ cen j 0 f t] ie college graduates sur-
ar; by Mississippidu
rtment objection toepft,
y law, by the Tei
rthur and Lockhart |
a County, Texas,
\s affected by the regii
* Alabama, Alaska, $
ia, Louisiana, Missif
Carolina, Texas, Virgis
f California, (floras
t, Florida, Havraii, 1
husetts, Michigan,
hire, New York, 1
a, South Dakota anh
XMAC»e pRC>8UEt / '?
FDR JoyRAaRUiSTS?
YA Gotta B£ jokoA
»ns
;ts
United Press International
NEW YORK — The 19 percent
prime lending rate spread through
more of the banking industry
Wednesday with a move to the re
cord level by Citibank of New York.
Citibank, ranked No. 2 in the na
tion, is the largest institution to hike
the rate from I8V2 percent. It was
followed by Chemical Bank and
Manufacturers Hanover Trust Co.
On Tuesday, Chase Manhattan,
No. 3, was the first to move from the
I8V4 percent level to 19 percent, and
it was followed by a handful of major
banks.
Despite requests from the Federal
Reserve Board to resist more in
terest rate hikes, banks contend they
have no choice, given their present
cost of obtaining funds.
Bankers also say there will be new
pressure on rates because of the
Washington economic package
aimed at curbing inflation.
That could push the prime rate —
charged a bank’s most credit-worthy
borrowers on short-term loans — to
20 percent. At the start of the year it
stood at 15A4 percent.
For consumers, each step up the
interest rate ladder makes lending
harder to obtain. Almost all banks
have curtailed consumer loans of ev
ery type.
Chase indicated further rate hikes
were in the pipeline. It said even 19
percent does not cover its current
cost of funds or include the cost of
new Fed rides that make it more
expensive for banks to expand cer
tain types of credit.
IUNSINGWE4R^
tjyQntTslQjfj
veyed understood the amendment’s
purpose.
Gallup also found twice as many
Americans think the nation needs
tighter curbs on the press than those
who think fewer controls are neces
sary.
Another finding showed people
have less confidence in their news
papers than they used to.
(Firestone plans
to close plants
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i rail
ilgh cost of their coil
Yntonio is swil
;as to coal and gets*
i the coal-rich Powbl
in northeast WyooM
v ors ol both cities are«
national legislation t|
a I taxes in Montand
ig to under 12.5 m
g’s coal tax is now M
re which includes Wl
nd ad valorem levies |
severance tax
oblem,” Hersdilei
robleni is freight rata
essional hearingson
g bill begin
ton. Herschlersaii
to send a represent 1 '
to testify because "“I
■n invited yet.”
United Press International
KAKRON, Ohio — The Firestone
Tire & Rubber Co. Wednesday
announced plans to close perma
nently five tire plants and a synthetic
latex plant as part of a restructuring
of its North American tire opera
tions, idling 7,000 employees.
■ The planned action will require an
after-tax charge of $49 million, or 85
cents per share, to second-quarter
earnings, according to Chairman-
Chief Executive Officer Richard A.
Riley.
Personnel at the plants, where
1;500 people now are on indefinite
layoff totals about 5,000 hourly and
salaried people.
■Tire production will be discon
tinued in Dayton and Barberton,
Ohio; Los Angeles and Salinas,
Calif; and Pottstown, Pa. The synth
etic latex plant is in Akron.
■Riley also said employee termina
tion, pension and other costs associ
ated with the actions total an esti
mated $82 million after taxes, but
will be offset somewhat by an esti
mated $33 million gain from liquida
tion of inventory reserves.
“The realignment is intended to
meet changing market conditions by
eliminating unneeded capacity that
has been used mainly for producing
bias-ply tires,” Riley said.
“The planned actions will reduce
Firestone’s manufacturing costs and
improve its ability to meet the needs
of its original equipment customers.
Firestone dealers and stores, and
Dayton (Tire) dealers.”
Production at the plants affected
will be phased out in line with cus
tomer requirements, according to
the company, which said the realign
ment is expected to be completed
before the end of the company’s fis
cal year in October.
Firestone said it is advising its em
ployees, the United Rubber Work
ers Union and government officials
of its intention to carry out the plan
ned actions in accordance with ex
isting union agreements and in a way
that will attempt to minimize the
effects on the people and communi
ties involved.
MSC Arts
Committee
Now accepting
registration for
Spring
Crafts Fairs
April 9-10
[Entries Close April 7]
and April 19
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casRTn
■it
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Call 845-2611
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HERITAGE
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(1) 155-12 B/W
$29.44
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(1) 165-14 B/W
36.80
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38.24
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RALLEY 180 RADIAL
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FASTRAK GLASS BELTED
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TIGER PAW ALLEY CAT
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38.54
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43.36
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