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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Dec 28, 1983
Page
4
Prices barely moved as the stock market steadied after Tuesday's rally. The Dow Jones industrial average dipped 10 points to 1263.62 in the first half hour while gainers and losers were evenly split on the NYSE. Optimism over a rate outlook faded as signs of slower growth and low inflation cooled Fed rate hike expectations.
New York AP notes spot NONFERROUS METALS with COPPER at 70 cents per pound and LEAD 24 to 27 cents, ZINC 49 cents, TIN 6 2178, ALUMINUM 81 cents, GOLD 380.30, SILVER 87.72, MERCURY 320.00 and 240.00 per 76 lb flask, PLATINUM 385.00. Lorain County Farm Bureau Cooperative Association. two local grain kids report Tuesday market: Wheat 3.38, Shelled Corn 3.50, Oats 1.65, Soybeans 8.07 per bushel.
The Downtrodden Chicago plant once a giant will be largely closed by spring 1984, costing 200 to 300 jobs from about 1,150 workers. The halted $225 million rail mill plan ends hopes for revival. Illinois officials pledge to fight, while workers and longtime neighborhood residents fear the closure's broader damage.
The federal excise tax on passenger car and light-duty tires is eliminated for tires 40 pounds and under effective January 1, with heavy-duty tires facing higher taxes. Prices may drop for cars and light trucks while heavy equipment tires could rise, and twists in dealer pricing from Goodyear and Detroit automakers are expected to shape consumer savings.
Citgo Petroleum Corp. has withdrawn a $1.50 per barrel price reduction for crude oil after other U S refiners did not follow suit. Citgo will revert to its prior $30 per barrel posted price, noting weak demand and prices. Citgo cited the decline in retail demand and prices as the reason for the initial cut.
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