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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Feb 27, 1985
Page
2
Egg prices show variability across Chicago area markets with cartons delivering to retailers. Prices noted for large, medium, and small eggs reflect shifts in demand and supply amid wholesale channels influencing consumer costs at prominent city outlets.
A mixed metal price roundup from New York shows slight gains and declines across base metals. Zinc, copper, aluminum, and silver are noted with specific per pound figures and weekly shifts while mercury and platinum appear in brief line items. The data lacks complete clarity but preserves key figures and currency units.
The bulletin lists prices for Wheat at S327 per bushel and Corn at D2 per bushel. Local bidders, including Smurket, circulated offers, with turnout noted as modest amid market chatter.
BankAmerica Corp reorganizes its retail banking arm into Global Consumer Markets, a 40 000 strong unit with 48 billion in assets. Don Mullane, head of two new consumer units, says the move aims for a more aggressive Bank of America. Officials note it is unrelated to recent California mortgage securities losses totaling 45 million pre tax.
Pan Am Airways, facing a strike deadline by its mechanics, reviewed a concessionary settlement with pilots. Some 1,300 members of the Ate Line Pilots Assoc must ratify the deal, while talks with ground workers at Transport Workers Union remain stalled since January 21 with no agreement in sight.
Xonics Inc filed Chapter 11 last February. CFO Gary Saunders says it reached an agreement with Allied Products Corp for an Allied subsidiary to acquire Xomes Photo Chemical Co, the remaining operating unit. Allied offers 54 million to be distributed to creditors and possibly shareholders. A March 12 hearing date is set if the agreement is accepted, with a March 19 hearing to consider the disclosure statement. Saunders aims to circulate information to creditors and shareholders for approval before month end.
The dollar plummeted after Fed Chairman Paul Volcker testified to the House Banking Committee, sliding over 6 pfennigs in a half hour against the West German mark. It traded around 3.408 marks, down from 3.442 earlier, as traders noted potential central bank intervention and Volcker’s warnings on deficits and policy.
Texas investor T Boone Pickens told the New York Society of Securities Analysts the Phillips Petroleum recapitalization plan lacks sufficient votes. He defended himself against greenmail charges over $53 a share for his Phillips holdings and indicated Mesa Partners may consider Unocal options if Phillips fails to win approval.
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