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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Feb 25, 1982
Page
6
Industry leaders weigh capacity cuts and plant modernization to lift profits amid a downturn. Wages remain the core hurdle with steel jobs costing far more than overseas rivals, while smaller mills like Nucor push cheaper electric furnace production and refuse layoffs.
UPI reports 1981 industry losses at 1.34 billion with Chrysler deficit cut to 475.6 million and Q4 loss of 66.9 million. Mid February sales show GM and Ford rising on rebates while Chrysler and VW fall. AM General Motors, Ford, and VW details included.
Charles Kirkpatrick of Kirkpatrick Campbell & Eaton forecasts a broad bear market rout from June to October. He cites prior market cycles since 1962 and warns growth stocks like Federal Express, Teledyne, Wang, Tandy, ROLM, HCA may fall 50 percent or more, with deeper declines possible. He links this to a deflationary credit collapse, high rates, rising bankruptcies, and falling commodity prices.
The market extended Wednesday’s gains as inflation signs cooled. The Dow rose to 829.15 in early trading while NYSE gainers led losers. notable movers included Texas Commerce Bankshares and Haliburton with mixed shifts.
Lorain County Farm Bureau Cooperative Association notes yesterday's market closings for farm grain. Wheat sold at $2.28 per bushel, shelled corn $2.28, oats $2.25, soybeans $5.89 per bushel.
UPI reports average cash grain prices paid to farmers by elevators in Northeast Northwest and Central Ohio after market close. Prices include No 2 wheat ranging around 3.19 to 3.33 in different areas, No 2 shelled corn about 2.36 to 2.44, No 2 oats near 2.27 to 2.15, and No 1 soybeans up to 5.847 with varied regional figures. Trend notes wheat corn and oats steady while soybeans rise in some zones.
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