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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Jun 27, 1977
Page
10
Facing low prices and a wheat surplus, farmers mortgage crops to the government to store them. The Commodity Credit Corp may own grain if prices stay below the 2.25 dollar loan level, with storage costs and interest applied.
The start of the wheat marketing year shows a carryover of over 1.1 billion bushels, more than double yearly food use, with the 2977 crop harvest expected to drop about 2 billion bushels for a third straight year. World oversupply prompts talks among exporters and importers to curb boom or bust cycles. Government loan data arrive mid month as farmers seek harvest cash while markets are surveyed.
New York Attorney General Louis Lefkowitz charged Chrysler Credit Corp with unfair practices in handling defaulted auto loans. He said the firm blocked buyers from legally redeeming their cars before repossession and has agreed to stop the practice and comply with the Motor Vehicle Installment Sales Act by informing buyers they may redeem their vehicles before repossession.
New York trading at midday sees the Dow down 5.4 to 924. Analysts note money shifting from blue chips to broader index stocks as institutions rebalance. NYSE composite slips 0.09 to 36.33. AMEX index falls 0.20 to 114.00. Volume totals about 8.89 million shares by noon.
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