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Jacksonville Journal Courier Newspaper Archives May 31 1986, Page 5

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Jacksonville Journal Courier (Newspaper) - May 31, 1986, Jacksonville, Illinois Business Wall Street business trends local news Jacksonville journal courier saturday May 31, 1986 Stock Market slips lower stocks grains report new York apr the Stock Market pulled Back slightly Friday running into sporadic bouts of profit taking after reaching record highs in the two preceding sessions. The Dow Jones average of 30 industrials dropped 5.64 to 1,876.71, trimming its gain for the week to 53.42 Points. Volume on the new York Stock Exchange reached 151.20 million shares up from 135.67 million thursday. The Dow Jones Industrial average finished May with a net gain of 93.73 Points in the process going against a historical Calendar pattern. From 1965 through 1985, according to the Stock traders almanac the average posted 16 losses and Only five gains in May. . Steel Rose a it to 21% in Active trading. Some analysts lately have begun to discuss the company As a possible store of undervalued assets. Losers among the Blue chips included International business machines Down v2 at 152% Chrysler Down 1% at 37% general electric Down 1% at 79�i, and Mcdonald a Down 1% at 102%. Digital equipment which denied rumours that it was contemplating a buyback nevertheless picked up 1% to 91%. In the daily tally on the big Board about eight issues declined in Price for every seven that gained ground. The exchanges composite Index dropped .31 to 142.06. Nationwide turnover in nose listed issues including trades in those stocks on regional exchanges and in the Over the counter Market totalled 176.79 million shares. Standard amp poor a Index of 400 industrials fell .66 to 276.50, and a amp pcs 500-Stock composite Index was Down .63 at 247.35. The Nash a composite Index for the Over the counter Market up 2.19 at 400.16, and the american Stock Exchange Market value Index up 1.36 at 282.60, continued to set new highs. Cattle futures go Down sharply Amr corp 584 excels 52 Mobil 31v Alcan 324 Exxon 597 Motorola 47 Amax 15 fire str 24 nor 56 Aycart 77 forum 80�?T Balco 274 ammo 4�?T Fruehaf 38�?T Nat Dis 404 Amman 734 get 50�?T/ Nav str 944 Amoco 637 Genei 794< Norik so 83 Archon 284 Gomill 77�?T pig 63�?T at4t 25 got 794� Penney 81 atari ctr 55 Mgdrich 414 Procto 777 Beth St 16�?T Goody 31 Roa 66�?T Boeing 58w Sta pc 247 Aispur 70 Borgia 28v� go fast 62�?T/� rockier 467 by Tarth 65�?T icing 46 Sears 474 Burgh 597 it top 484 Staley 26 a print 664 ill powr 244 Tenno 39hi cat rpt 54 a into St 23 Texaco 327 clans 2314 ism 1524 Ual 5944 Cal lips 241 in flav 477 unc Arto 2344 Chrysler 37 int paper 624 Ussi eel 217 Clarke 214 Karl 52�?T Upjohn 99 Cowe 307 Kellog 48 Union 5 4 con saw 12vt Kroger 524, a stage 534 Deere 294 Lewent 27 4 whirl i 80 dated 17 Laland 29�?T Whitla 28 Dowych 56>� Lapac 2744 to Lith 91 Dupont 84>< Mead 52 by Paul a. Driscoll the associated press concern that the nations beef Supply May be crowding the meat counters sent cattle futures prices into a Steep decline Friday. Prices for some deliveries approached the Lucent limit loss allowed for daily trading on the Chicago mercantile Exchange. Live cattle settled .32 cent to .90 cent lower with the contract for delivery in june at 54.07 cents a Pound feeder cattle were .68 cent to i. To cents lower with August at 56.45 cents a Pound live hogs were .35 cent lower to .20 cent higher with june at 49.77 cents a Pound and Frozen pork bellies were .45 cent lower to. To cent higher with july at 66.92 cents a Pound. Petroleum futures skidded again with heating Oil touching the 2 cent a gallon limit decline on the new York mercantile Exchange. The june delivery on which there is no limit settled 2.17 cents lower. Crude Oil settled 24 cents to 27 cents lower with the contract for delivery in july at $14.30 a barrel heating Oil was 1.61 cents to 2.17 cents lower with june at 40.13 cents a gallon and leaded gasoline was .32 cent to 1.56 cents lower with june at 48.44 cents a gallon. Wheat contracts for nearby months were fractionally higher in an otherwise weak Market mainly because of reports the Egypt had bought 300,000 tons of soft red wheat analysts said. Wheat settled 2 cents lower to 1% cents higher with the contract for delivery in july at $2.48% a Bushel Corn was % cent lower to % cent higher with july at $2.37 a Bushel Oats were 1% cents to 2% cents lower with july at $1.02 a Bushel and soybeans were 4 cents to 6 cents lower with july at $5.25% a Bushel. Precious metals prices were higher on the commodity Exchange in new York. Gold settled to cents to $1 higher with the june contract at $344.10 a Troy ounce and Silver was 3.5 cents to 4.3 cents higher with june at $5,239 a Troy ounce. Postal official pleads guilty to charges Washington apr the vice chairman of the . Postal services Board of governors pleaded guilty Friday to taking illegal payoffs in Exchange for trying to steer a $250 million postal contract to a Texas company. Peter Voss a businessman who was co chairman in 1980 of Ronald Reagan s presidential Campaign in Ohio also pleaded guilty in a three count felony information in . District court to embezzling Money from the postal service. Prosecutors said he collected for a first class airline ticket when he actually travelled in coach class. Voss immediately resigned from the eight member Board of governors which is expected to award the $250 million postal contract later this year. He faces up to seven years in prison and $21,000 in fines. He will be sentenced july 24 before . District judge George h. Revercomb. A i m going to stand up As straight As i can a a Voss said in a Telephone interview Friday afternoon. A a it a a new beginning ill be starting All Over Quot Voss was appointed to the Board of governors by Reagan in 1982. He was elected vice chairman in january according to . Attorney Joseph e. Digenova and assistant attorney e. Lawrence Barcella jr., Voss took from $20,000 to $25,000 in illegal payoffs in Cash and free airline tickets in a fee splitting arrangement with a Public relations firm hired by the Texas company recognition equipment inc. Of Dallas to help it win the contract for High Speed address Reading machinery the or firm John Gnau associates of Bloomfield Hills mich., was hired on Voss recommendation said the prosecutors. The firm has a Washington office. Voss also arranged with the for firm operated by Michigan businessman John r. Gnau jr., who was chairman of Reagan s 1980 presidential Campaign in Michigan to receive up to $1.2 million if the Texas company got the contract the prosecutors said. Voss has known Gnau for nearly a decade the prosecutors added. A it was a Complex scheme designed ultimately to steer the contract to Rei a Digenova said in an interview. Step lightly Nev York apr closing stocks meat futures Chicago apr futures trading on the Chicago mercantile Exchange Friday open High Low Settle chg. Cattle 40,000 la. Cant Par la. Jun. 54 82 54 85 53 40 54 07 75 aug. 52 10 52 12 50 85 51 40 -82 of. 51.15 51 15 50 15 50 32 90 dec. 53 00 53 10 52 15 52 32 a 80 Fob 53 00 53 20 52 15 52 70 so Apt 54 25 54 25 53 70 54 20 -40 Jun 55 to 55 10 55 10 55 30 -32 est sales 21.784 thu s sales 15.754 thu s open int 55.339. Up 622 feeder cattle 44,000 him. Cant Par la. Aug 57 40 57 40 56 10 56 45 -1 10 sap. 54 90 54 90 54 00 54 40 �?.75 of 55 15 55 15 420 54 47 68 nov. 56 to 56 35 55.30 55 35 90 Jan. 57 70 57 70 57 20 57 40 a 70 mar. 58 00 58 00 57 30 57 30 -80 apr 57 50 57 50 57 30 57 30 -.80 est sales 1.239 thu s sales 1.147 thu s open int 9.124, up 102 hogs 30,000 Iba. Cant Par la. Jun 49 50 4987 48 95 49 77 20 jul. 4825 48 50 47 80 48 12 13 aug 46 00 46 15 45 20 45 85 35 of 41 60 41 95 41 30 41 80 -07 dec 42 30 42 40 41 so 42 20 -20 feb 4180 42 15 41 72 41 95 apr 38 90 38 90 38 75 38 82 13 Jun 41 of 41 07 40 80 40 85 a 15 jul 41 of 41 20 41 of 41 45 13 up 2 00 2 01 a 1 99� 2oo 0o>� do ,1 93v� 1 94v, 1 92 1 93v, 00w or 2 03 2 04v, 2 02 2 02 too. My 2 08 2 09v, 2 07 2 07v, a 00v, i 2 09 2 09v, 2 08 2 08 up 1 98 i 98 1 97 197�?T�?00v, thu s sales 17.957 thu s open int 113.929. Up 1.283 Oats 5.000 by minimum Dotter per Bushel i 1 03 1 03 1 01v, 1 02 �?01 up 1 09 i 09 1 08 1 08 a 01v, do 1 15 i 15v, 1 14 1 14 02 or 1 16v, 117 1 16 1.18 a Oil my i 16 1 16 1 16 1 16 �?02 thu s sales 2.730 thu s open int 17.020. Up 13.362 soybeans 5.000 by minimum Dozier per Bushel i 5 31 5 31 5 25�?T 5 25 a 05v, a 5 24 5 24�?T 5 20�?T 4 5 20v, a 04�?T up 5 13 5 14�?T 5 10v, 5 10v, a 03�?T� by 5 Ion 5 11�?T 5 07 5 07 a 04v, in 519�?T 5 20 5 16 5 16 �?04 or 5 28 5 28 5 26 5 26�?T 03 my 5 33 5 34�?T 5 31 5 31 03 i 5 36 5 36 5 34 5 34 03�?T thu. S sales 16.253 thu s open int 65.290, up 999 soybean of. 60.000 Ibe Dozier per 100 la. Jul 1777 1783 1750 1751 �?.41 1795 1765 1767 �?37 18 07 17 78 17 60 a 33 17 96 17 65 17 82 30 18 23 1793 1804 a 25 18 35 18 05 18 07 a 28 18 60 18 37 18 37 a 29 1880 1868 1868 �?32 aug .1790 sep 1800 oct .1790 dec 18 17 Jan 18 35 mar 18 60 May 18 80 thu s sales 11.673 thu s open int 54.289. Up 173 soybean meal too Lone dollars Par ton jul 147 80 148 30 147 10 147 20 aug 147 50 148 00 146 80 14680 sep 146 00 146 50 145 50 145 50 ocl 145 00 145 00 144 00 145 00 dec 145 50 146 70 145.20 145 70 Jan 147 00 148 00 146 60 t46 80 mar 149 50 150 00 149 50 149 70 May .153 20 thu s sales 11,536 thu s open int 47,401 of 1 389 -90 -70 a 20 a 20 �?.30 a i 30 National City est sales 6.754 thu s sales 7.939 thu s open int 25.750, up 471 Ronk bellies 36,000 be. Cents per la. Jul 66 85 67 40 65 87 aug 64 60 65 30 63 75 feb 59 50 60 55 59 05 mar 59 07 59 07 58 60 May. Est sales 5.599 thu s sales 8.226 thu s open int 10.657, up 240 66 92 64 72 59 77 58 80 61 to -23 % 10 28 45 Grain futures Chicago apr futures trading on the Chicago Board of Trade Friday open High Low last chg. Wheat 3.000 by minimum dollars per Bushel i 2 46 2 50 2 46 2 48 �?~.01�?T up 248 251�?T 2 48 2 50�?T, soil do .2 56 2 59�?T 2 56 2 58 -.00�?T mr.2 57 2 60 2 57 2 58 ? Soi my 2 50v, 2 51 2 48 2 49�?T a 01 j .2 39 2 40 2 36 2 36 03 thu. S sales 12.923 thu s open int 32.746. Oil i 079 Cohn 5.000 by minimum dollars per Bushel i 2 36 2 36v, 2 35 2 36 National stockyards. Ill a hogs 3.000 Trade moderate Barrows and Gills steady to 50 lower full decline on weights on 260 is and up 1 2 220-260 la 49 25-49 50 1 3 200 260 lbs 49 00-49 25. 2-3 256 270 la 48 50 270-290 la 47 00-48 of sows under 500 lbs steady to 50 lower Over 500 lbs i 00-2 of lower 1 3 300-500 la 42 50-43 of i -3 Over 500 la 42 00-43 of boars Over 300 la 40 50-41 of under 300 lbs 40 of came 25 not enough on Otter to test the Market Peoria livestock Peoria ill apr hogs 2.200trading Laidy Active Barrows and Gills mostly 50 lower 1 2 210-240 la 49 00-49 50 60 Nead at 4s 75. 1 200 250 la 48 50 49 00 2 3 240 260 lbs 47 50 48 50 260 280 lbs 45 50 4 7 50 2 4 280-300 lbs43 50-45 50 sows under 500 lbs steady to 25 Ower Over 500 lbs steady to 50 higher 1 2 350 500 la 43 00-43 25 1 500 650 la 44 00 44 50 boars Over 350 la 41 50 under 350 la 39 00-40 50 cattle 25 not enough or a Market test Joliet livestock Joliet Iii apr cattle none hogs 400 trading moderately Active Barrows and gilts steady 1-2 215 240 la 49 00-49 25 mixed 1-3 250 la 48 50 49 00 sows and boars not enough to quote Gold and Silver new York 1ap1 Handy amp Harman Gold $343 45 up $0 75 Handy amp Harman Silver 5 250 up 0 080 Engelhard Gold $343 60 up $0 50 fabricated $360 78 up so 52 Engelhard Silver $5 260 up 0 175 fabricated $5 628 up 0 180 up Montgomery Ala. A a construction worker gingerly walks the roof braces As he totes a Board and ascends a Geometric sea of parallelograms Friday while working on the construction of a new Church in this City. What lower Oil prices mean by John Cunniff a business analyst new York a americans last year consumed $100 billion of Oil related products. This year while using up at least the same amount of Oil they Are expected to spend 40 percent less or just $60 billion. The savings of roughly $170 for every Man woman and child a or close to $700 for the typical family a suggests the incredible Impact that the sudden fall of Oil prices has had on the Economy the Impact Means lowered mortgage rates greater employment reduced production costs and bigger equities a to say nothing about improved economic Confidence. There have of course been very serious negative consequences too. Lawyer advertising its on the increase % who have advertised had 24% unemployment in Energy states which had been below the National average when Oil prices were rising Are now below the National average. Bankruptcies Are up in Oil states. Housing has vanquished. State budgets Are squeezed. According to estimates by the Merrill Lynch the investment firm the deficit for Texas will be at least $1 billion this year with the deficits for Louisiana and Oklahoma each about half that. Among other states Alaska and Wyoming have been hit hard. But All this will change. A report by the department of Energy suggests in effect that higher prices Are inevitable within the next decade and most Likely Well before that time. And that Means Radical economic changes All Over again. Perhaps the most widely Felt Impact will be in consumer prices. As Oil prices Rise when they do the Impact on the consumer Price Index is Likely to be As immediate As it was when Oil prices declined. That Impact was impressive. By most estimates the United states today would have a consumer products inflation rate of 4 percent or so rather than a barely measurable amount if Oil prices had not fallen about 40 percent. The Energy component accounts for to percent of the Chi. Therefore a 40 percent decline in Oil prices Means a 4 percent decline in the Chi offsetting a 4 percent Rise in other non Energy components of the Index. Almost certainly other great consequences can be expected As Oil prices Rise while much of the United states will feel a negative economic Impact the improvement in Oil dependent states May be spectacular in terms of jobs wages profits and improved state budgets. The Energy departments study shows that if the Price level during 1986 drops to $10 a barrel a it was Between $14 and $14.50 Early on May 28 a the subsequent Price increase would begin next year. If the average Price this year remained at about $15 a barrel the Price rebound could be delayed to 1989. Meanwhile prices conceivably could decline slightly during 1988. Should the Price level be about $20 in 1986, Oil prices could continue to decline through 1989 before the upturn began. Let the giver beware Roanoke a. A almost everyone receives unwanted gifts at one time or another. The problem is what to do with them. One economist Here recommends saving the gifts in their original boxes and later giving them to people for whom you think the present is More suitable. The gifts May be welcomed by carefully selected friends if they Are not part of your lifestyle. Amp take one classified and they will Call you in the morning Call 245-6121 something new bib at the i Way House Casey Avery playing old favourites and gospel on the piano Friday and saturday 6-9 . Dinner features Friday a Catfish Buffet $495 my. Salad and dessert bar saturday prime rib 595 Fried Chicken 495 both include salad and dessert bar so. Main St., Virginia Iii source Kane. Parsons amp associates tor Aba journal the about one Quarter of . Lawyers advertised their services last year a nearly twice the 1984 percentage and eight times the 1978 figure. Wasted Money Chappaqua n y. Apr american business loses millions of dollars each year because Many companies have unproductive accounting relationships according to spa select. The Chappaqua based firm which helps companies evaluate and hire the accounting firm Hest suited to their needs says most companies remain with the accounting firm they be been using because it is familiar with their business or has their records. A most companies Are often afraid to change or simply done to know who to hire As a $7. Al Pierson and americans 1 dance band a june 6, 19 50 per person a 7 30-11 30 86 . P to a i to 11 Capua. Con i n i Ion c i n i i to water Heaters at invoice Cost amp tax Cash amp carry cil u Regas 1100 e. State 243-2514 tent Sale Friday 8-8, saturday 8-4 it Register for Winegard Home to entertainment Giveaway hamburger cookout a drink Friday amp saturday demonstrations daily Winegard offers Complete motorized systems w your Choice of three Antenna sizes Remote receiver a built in actuator rm000 Winegard s High Quality Rf-1000 makes a perfect complement to our Home satellite to systems picketing the most wanted consume it fear uses and the finest satellite in reception possible includes infrared Ion rate control bunt in actuator control sitcom guitar Ormul control scan control to easily locate satellite Mcasy on Alt push Ballon tunable audio tor transponders out of 6 2 or 6 duh Rutx otters sir Ripe up Down Channel select in Antenna coupling cd video tire lure Potung pending Zulauf to amp appliances 1236 s. Main a Jacksonville a 245-6169

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