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Ironwood Daily Globe Newspaper Archives Apr 5 1986, Page 4

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Ironwood Daily Globe (Newspaper) - April 5, 1986, Ironwood, Michigan The daily Globe Ironwood my saturday april 5, 1986 Page 4 Market report activity Over the past 30 trading Days a a a r r / 1 r of i 1 t 1,772.87 Low 1,728 45 close 1,739.22 change -27.18 1 ii 1 1 1 1 ii 1 i i 1 1 i 1 1 i 1 1 1 1 1 1 1900 775 750 february  March  april Holiday Dow s decline Breaks record business briefs station manager gains Honor Diana Carpenedo station manager at the . 2 service Center Firestone Dealership on . 2 in Ironwood has received a customer service award of excellence from the Firestone tire and rubber company. Carpenedo qualified for the award which consists of a specially minted Pewter key Chain and a Gold edged Wall certificate when a customer wrote to Firestone and complimented her for providing outstanding service. The certificate is signed by . Mertz Firestone s vice president for dealer operations and . Thibodeau manager consumer affairs department. Firestone has presented More than 17,800 of these awards since the program began in 1972. New York a the Stock Market sold off sharply again Friday leaving the Dow Jones Industrial average with its biggest weekly Point loss Ever. Analysts said concern that Oil prices and interest rates May have bottomed out and started climbing again helped prompt a Rush to sell stocks. They also said the futures related Selling that bedevilled the Market earlier in the week continued. The Dow Jones average of 30 industrials dropped 27.18 to 1,739.22, bringing its loss for the week to 82.50 Points. That exceeded the previous record weekly decline of 59.08 Points set oct. 16-20, 1978, in the midst of what came to be called the october massacre on Wall Street. But. In percentage terms the average s 4.53 percent loss for the week was nowhere near a record. Friday s volume of the new York Stock Exchange came to 147.27 million shares against 148.23 million in the previous session. Sharp Selloff in the Market tuesday thursday and again on Friday were attributed in Large measure to Selling by program traders engaged in multiple transactions involving Index futures contracts and individual stocks. However analysts also said the general Market was weighed Down by rising Oil prices and interest rates. Early this week crude Oil futures on the new York mercantile Exchange Slid below $10 a barrel. By Friday s close the. Con tract for May delivery rebounded to $12.74. Prices of Long term government Bonds after a Brief rally Early in the Day also lost More ground. In the economic news the government reported that the civilian unemployment rate dropped one tenth of a percentage Point to 7.2 percent in March. That was taken As a sign that the Pace of economic growth remained sluggish. Friday s Point plus losers among the Blue chips included Merck Down 6 at 164m International paper Down 2 at 58% Mcdonald a Down 2 /4 at 92w general electric Down 1% at 73%, and International business machines Down 1% at 148v4. American express fell 2% to 64% following word that losses in the tin Market Are expected to reduce the company s earnings for the first Quarter. Despite that situation the company said it expected to report record net income for the period. Airline issues slumped As investors scaled Down their expectations of the benefits the Industry might receive from cheaper fuel. Ual dropped 1% to 53% Amr 1 to 53%, and Delta % to 43w. A a a in the daily tally on the big Board advancing issues outnumbered declines by nearly 3 to l. The Exchange s composite Index dropped 2.12 to 132.29. Nationwide turnover in nose listed issues including trades in those stocks on regional exchanges and in the Over the counter Market totalled 175.12 million shares. Standard & poor s Index of 400 industrials fell 3.92 to 252.66, and up s 500-Stock composite Index was Down 3.78 at228.69. The Nash a composite Index for the Over the counter Market dropped 2.28 to 372.23. At the american Stock Exchange the Market value Index closed at 265.08, Down 1.53. Berg honoured for sales work Bessemer Robert d. Berg Bessemer a District representative for Aid association for lutherans Palhas been recognized by Aal chairman and chief executive officer Henry f. Scheig for his outstanding sales performance during the 1985 marketing year. Berg sold $2.8 million of life insurance in the last marketing year and ranked third among All District representatives in the Ernst a. Heinecke Agency of Aal Wausau wis., and 212th among All 1,955 Aal District representatives nationwide. Trade stance May trigger Battle week s Auto production declines Detroit a . Automakers scheduled the Assembly of 133,699 cars in Domestic factories this week Ward s automotive reports says. The automakers built 133,067 cars last week and 137,360 in the comparable week a year ago the Trade journal said thursday. . Truck production schedules totalled 58,189 for the week compared with 58,506 last week and 55,200 a year ago. Canadian car production for the week was put at 25,670, compared with 20,405 built last week and 16,207 built a year ago. Jeep laying off 750 workers Toledo Ohio a american motors corp. Is indefinitely laying off 750 workers at its jeep Plant Here the second major Layoff at the Plant this year officials said. The layoffs announced Friday Are a result of too Many vehicles on the Market jeep spokeswoman Jan Skunda said. Some employees received notices in their paychecks Friday informing them that they were Laid off and notices were being mailed to others Skunda said. We Are revising our production schedule and will be decreasing our daily rate building 75 fewer vehicles per Day she said. Starting monday production will be Cut to 679 per Day she said. The Plant was shut Down for four Days this week in an attempt to balance inventory with production she said. Before the latest round of layoffs the Plant employed 7,000 workers. About 1,000 employees were Laid off in january when am ended production of the jeep cd. Oil futures Advance Friday by the associated press Oil futures prices advanced strongly Friday. Leaded gasoline was up the 2 cent a gallon limit for daily trading on the new York mercantile Exchange the nearby delivery months of heating Oil were limit up and crude Oil settled near the Day s highs. Crude Oil settled 73 cents to 99 cents higher with the contract for delivery in May at $12.74 a barrel heating Oil was 1.58 cents to 2.54 cents higher with May at 39.92 cents a gallon and leaded gasoline was 2 cents to 2.41 cents higher with May at 41.95 cents a. Gallon. And proposes Gas consortium new York a Are the winds of a Trade War blowing in the Wake of the Reagan administration s announcement of possible new restrictions against european farm imports one analyst says it is too Early to Tell but notes that new proposals to Cut imports of some agricultural products from the european Community also known As the common Market illustrate the administration s harder line in certain Trade areas. My expectation would be the thing would not escalate out of control said William Cline senior economist for the Institute of International economics in Washington. But when it starts there s always the risk of that the . Trade representative s office announced plans on wednesday to Cut common Market imports or raise tariffs on a variety of farm products. The action was labelled As retaliation for restrictions on . Farm exports to Spain and Portugal. The Trade office said the 12-nation common Market of which Spain and Portugal Are the newest members had imposed higher tariffs and other restrictions affecting about $1 billion Worth of . Exports of Corn soybeans and sorghum to the two nations annually. The restrictions were part of the terms under which Spain and Portugal joined the Trade bloc in january. The proposed sanctions which would take effect in May could be halted if the europeans change their policies or otherwise placate the administration. Common Market officials have said that if enacted the . Proposals could invite european reprisals. In other business and economic news of this past week -. Unemployment slipped to 7.2 percent in March from 7.3 percent a month earlier the labor department said As total joblessness continued to hover around 8.4 million americans. Oil prices fluctuated wildly after vice president George Bush said he would express concern Over the world Oil slump during his weekend trip to saudi Arabia. The White House later said Bush s comments were misinterpreted to mean the United states would pressure the influential Oil producer to Cut its output to help boost prices. Sales of new Homes fell 3.8 percent in february despite the lowest mortgage rates of the decade the Commerce department said. The agriculture department said the prices Farmers got for raw products dropped 0.8 percent in March falling 9.7 percent below their level a year earlier. General motors corp. Said it would put More than 5,000 workers on indefinite layoffs and Cut production in an attempt to reduce its huge backlog of unsold autos. Union Carbide was slapped with $1.4 million in fines by the occupational safety and health administration for violations of safety regulations at its Institute w. A. Chemical Plant. The company said it would Appeal. Iacocca gets big Bonus Detroit a Chrysler corp. Chairman Lee Iacocca who once Cut his salary to $1 a year when the automaker was dying received More than $1.6 million in salary and Bonus and Over the past five years made an additional $15.5 million Stock profit. Iacocca s paychecks for 1984 totalled $667,455, up 17 percent from the previous year. His Bonus for that year was $950,000, up 50 percent. Detroit a american natural resources co. Has proposed that a group of companies run a $2 billion Coal Gasi fiction Plant taken Over by the . Government after it defaulted on a Federal loan last year. And on Friday proposed to the . Department of Energy that the consortium of companies operate the great Plains Coal Gasi fiction project in North Dakota the nation s first commercial scale synthetic fuels Plant. We want great Plains to operate on a Long term basis with no additional Cost to the american taxpayer and we want the project s revenues to repay the debt incurred during its construction said s. Kinnie Smith jr., and vice chairman j the Best Way to serve everyone s objectives. Is to ensure the Plant becomes self sufficient As soon As possible and the Only Way to do that a is to ensure it continues to produce revenues steadily and for the Long haul Smith said. The Plant which is designed to produce 137.5 million cubic feet of synthetic Gas per Day from Coal now is controlled by the Energy department and run by an and subsidiary Ang Gasi fiction co., said and spokesman Robert v. Mccormick. We make House Calls the daily Globe pm. 932-2211 see our special insert in monday s daily Globe super Valu. Your sign of the place to save super Yalu i Way "2" super Valu Bessemer Michigan sunday & monday my. 8 00 a.i.-6 00 . Look what t will buy White Cloud bathroom tissue 4 Pak jumbo Sweet Navel oranges 6 puff s facial 250 it. Tissue 0 Baker s Semi Sweet chocolate chips Bakers 12 of. Pkg. Fresh sour Cream 16oz. Swifts Maple Sweet sliced Bacon my. Pkg. Swanson s great Start breakfasts and sandwiches All varieties Totino s pizza 9%oz. Sausage Pepper in or Contin Atim Villa Brand Frozen 16oz. Gn0cchis pkg. Pepsi diet Pepsi 7-up, diet 7-up, a & a or Root Beer 2 her Btl. No Deposit special Price plus a extra 6-pak" Orstrom s Light 30 12���"� Deposit  los Corner us. 51 it Silver is Hurley wis. 561-5195 tips Erspamer s downtown Thrift Market

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