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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 13, 1984
Page
2
The stock market rallied in New York with the Dow Jones average climbing after investors reacted to falling interest rates. Analysts cited improving investor sentiment and brighter earnings prospects as key drivers of the broad advance.
Feeder pigs remain high in volume with over 1600 head consigned and prices easing slightly from 190 to 220 pounds. Calves, cattle, sheep, goats, and dairy cattle also show varying prices, with total head around 2512 and a wide range of bids across weight classes. Additional farm commodities include hay, straw, and corn markets with mixed upticks and declines.
Spot nonferrous metals traded yesterday with copper around 67 cents per pound, lead at 34 to 34.5 cents, zinc at 50 cents, tin near 56.29 cents, and aluminum unavailable. Gold 341.15 per ounce, silver 73.35 per ounce, platinum 342 to 345. Domestic farm bids from Lora County Farm Bureau Cooperative Association show wheat 3.25 per bushel, shelled corn 59, oats 2.40, soybeans 66.2 per bushel.
Lorain County Savings & Trust Co. shareholders vote to form a one bank holding company named LCB Bancorp Inc and officially change the bank’s name to Lorain County Bank. President Robert T. Bowman says independence remains and services will broaden. Board and officers stay the same. Special meeting held Wednesday.
Columbus Ohio utilities overall gained more than 1.5 billion in 1983, up over 20 percent from 1982, with a return on equity between 14 and 25 percent above the national average. Columbia Gas of Ohio fell 12.2 percent due to high gas prices hitting industrial customers. Other utilities posted varied but notable increases led by Columbus & Southern Ohio Electric and Ohio Bell Telephone. Mary Jo Greene of American Electric Power attributes many gains to recovery from 1982 losses, noting AEP’s weaker 1982 revenues prior to the broader rebound.
Orlando Sentinel reports Disney president Ronald Miller sent a shareholders letter detailing unanimous board support for buying out Saul Steinberg to prevent a breakup of Disney assets. The buyout, completed June 11 for about 297.4 million, drew 23 shareholder lawsuits and an injunction limiting Steinberg’s asset disposal pending litigation. The letter emphasizes Disney’s interrelated units create synergy and that selling assets would harm the whole company.
The economy expanded in June with wholesale prices holding steady for a third straight month. The Federal Reserve reported a 0.5 percent rise in output from factories and mines, while Commerce noted an 0.8 percent gain in retail sales. Inflation remained controlled despite earlier growth concerns.
State Sen. Alan Zaleski says at least one investor group shows interest in buying American Ship Building Co. Lorain yard, closed Dec. 1, but he cautions it is too early for optimism. A task force seeks buyers or lessees, with about a dozen expressions of interest over time and no firm offers yet.
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