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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Feb 26, 1982
Page
3
Wall Street edged lower in early trading as traders awaited the Federal Reserve weekly money supply figures. The Dow fell 2.48 to 823.34 in the first half hour while NYSE listings showed more losers than gainers. Analysts expect only a small net move after a weeklong decline in rates and bond markets.
Local market closing reports show Wheat at 3.18 per bushel Shelled Corn 2.36 Oats 2.25 Soybeans 5.89 per bushel with Farm Bureau cooperative involvement.
Cash grain prices paid to farmers by elevators in Northeast Northwest and Central Ohio show No 2 wheat ranging from 3.21 to 3.34 per bushel No 2 shelled corn from 2.22 to 2.41 No 2 oats from 2.15 to 2.42 and No 1 soybeans at 5.90 to 5.94 with trends unchanged for wheat corn and oats and soybeans rising.
Kidron market records hay and straw with 81 loads consigned, a new high. Hogs, calves, and beef cattle show steady to rising demand. bred ewes fetch 40 to 72.50 per head. Feeder pigs, cattle by weight, sheep, goats, dairy cattle, and horses all listed with varied prices. Total head 2,092 from 468 consignors. first and second cutting hay and straw also traded.
Murrray Weidenbaum foresees rates falling as inflation slows with the CPI at 282.5 for January and two major price groups dipping. Volcker warns large deficits threaten the recovery while urging deeper budget cuts to support the inflation fight.
In Cleveland area, UAW Local 1250 president James McCracken says his 12 000 member Brook Park engine plant local will vote Saturday to approve the Ford concession contract. Local 425 in Lorain and Local 542 in Canton express optimism. voting spans Friday to Sunday across seven locals totaling about 30 000 members with mixed reactions from those on layoff and senior staff. Local 863 foresees ratification at its Sharonville Batavia and Evendale plants as well.
The peso dropped to 45 per dollar in a week, 14 percent down from Wednesday, with inflation at 30 percent. Hotels quoted 1000 pesos per room now about 22 dollars, while exporters gain from the weaker peso and imports cost more for wage earners.
Marathon Oil Co stockholders plan to use appraisal rights under Ohio law to seek a higher merger price with U S Steel. They must notify Marathon in a registered letter within 10 days of the March 11 vote in Findlay and send the stock certificate within 15 days, or lose the rights.
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