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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Dec 03, 1986
Page
6
U.S. stock prices surged to a record high on Tuesday led by robust Dow gains of 43 points. The Dow closed at 1,955.57 amid high NYSE volume, with buyouts and tech firms among movers as investors weighed economic and political concerns.
A Cuyahoga County probate judge names four lawyers Harley J. McNeal Bernard S. Goldfarb Marvin A. Koblentz and Harry A. Hanna to guard the Horvitz heirs interests as a plan to sell an estate valued at at least 600 million is pursued. The plan creates three independent trusts for the Horvitz brothers with Goldman Sachs guiding asset sales.
Gov. Richard Celeste touts The Limited Inc expansion in Columbus expected to create about 7,000 jobs by 1997, reaching 17,000 total with the 631 acre project across from the company’s distribution center. Robert Morosky notes a $241 million plan of several distribution and office buildings financed internally.
A ten year real estate tax abatement is linked to the project, offering a long term reduction in property taxes to support development. The arrangement centers on lower tax revenue in exchange for the planned investment and job creation, with city oversight.
Asher B. Edelman launches a 27.50 a share tender offer for Ponderosa Inc. stock after the chain rejected his initial takeover proposals. He seeks 75 percent of shares by December 30 and financing, adding to his group’s stake to value the deal above 260 million dollars. Ponderosa CFO James E. Thompson says the board will respond after a planned meeting, while Edelman had disclosed owning about 1.8 million shares or 19 percent.
Akron and Cleveland dispatches report price hikes and cuts across tires steel and food bases. Goodyear raises most tire lines about 1.5 to 25 percent with higher tubes and off road tires cited. LTV Steel cuts base price discounts on several sheet products effective March 29 1887. Sterling Inc reports 1986 third quarter net income of 151000 with 4 cents per share and 44 percent sales rise to 17.9 million. Nestle Holdings plans to acquire L J Minor Corp expanding food service bases business in Cleveland area.
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