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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 30, 1991
Page
8
Ford Motor Co. posts a 1991 first quarter loss of 3884.4 million, its largest quarterly loss ever, with earnings per share of 1.88 as Chrysler and GM prepare results and overall Big Three deficits exceed 2.5 billion. The Fed also cuts the discount rate to 5.5 percent, the third such cut since December.
A Baldwin Wallace College panel heard executives claim arts and sports investment fuels economic growth in Cleveland. Thomas Chema of Gateway Project and Randall Eberts of the Federal Reserve noted Payhouse Square's $40 million center now yields $15 million yearly and 1,400 jobs, with regional spillovers.
USX Corp posted a first quarter loss of 237 million dollars or 94 cents a share, citing a weak steel market and restructuring charges. Sales dropped to 4.5 billion, down 4.2 percent, while USS Kobe Steel’s Lorain operations stayed profitable in tubular pipe.
Washington AP reports that short term Treasury rates fell in Monday's auctions. The Treasury sold 8.01 billion in three month bills at 5.60 percent, down from 5.69 percent. An equal 8.01 billion was sold in six month bills at 5.68 percent, down from 5.79 percent. The three month rate marked the lowest since 5.57 percent on April 15.
Lorain councilman William Flynn appeals a potential procedural error in reviving a tax abatement for Johnson Metall. He argues a tie vote cannot yield a decisive result and asks Law Director Kenneth Stumphauzer for guidance while noting an April 15 vote to forgive 50 percent of taxes on a 7.4 million expansion that would create 65 jobs and a 40,000 square foot addition.
Metal prices reported by AP show COMEX gold at 35.10 per troy ounce and silver at 4.915, platinum 391.30, palladium 99.30, with nonferrous metals in spot at aluminum 0.606, copper 1.0750, lead 0.33, zinc 0.62-0.63, tin 3.7515, and mercury 120-145 per 76-pound flask.
Creston Iowa consignors sold 719 head across 307 consignments at the Creston Auction Monday. Prices ranged widely from two beef cows at 510 and 605 dollars to calves, hogs, sheep, and cattle with top steers fetching 74 to 80 dollars and various feeder and heifer classes priced accordingly.
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