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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 22, 1983
Page
5
Markets opened mixed as June rose 0.2 percent while May gained 0.5 and April about 0.6. Commerce data showed inflation adjusted growth at 7 percent annual rate, the strongest in over two years, yet long term rates slipped amid tepid credit trading. Treasury borrowing and rising private credit demand raise rate fears despite inflation gains.
Kidron consignments Thursday were heavier than recent weeks while calves and Holsteins weakened as demand declined. Beef cows topped at 41.50, hogs and feeder pigs posted varied prices. a new Aug 1 regulation bans swine over 180 pounds from direct to slaughter, forcing on farm moves to control disease spread.
Elyria Lorain County Savings & Trust Co. posts a 35 percent rise in net earnings for the first half of 1983, with net income just over $1 million or $2 per share. Assets total $242 million, up $18 million from a year ago. 1982 first-half earnings were $775,394 or $1.48 per share.
The Ohio Civil Service Employees Association says its 2,500 members at the Ohio Department of Transportation voted to ratify a contract negotiated with OCSEA and AFSCME. It is the first Ohio state pact to include binding arbitration for grievances and to establish an appeal procedure for performance evaluations. The deal also funds physical exams for workers exposed to toxic chemicals and forms district health and safety committees.
The National Association of Accountants approved the first code of ethics for its 95 000 members. It aims to guide handling potentially unethical situations by advising staff to consult supervisors and, if needed, escalate to a company's board. Clarence Sampson of the SEC said the code reinforces the instinct to do right.
BancOhio Corp posted $4.1 million in operating earnings for the second quarter, 42 cents per share, down from $5.5 million a year earlier. For six months, earnings fell to $10.2 million from $12.8 million, due to weak loan demand, higher rates, and increased losses. Total assets reached $5.91 billion. deposits $4.4 billion. HUDSON-Mid-Continent reports near $42.5 million year net. Elyria Telephone, a Mid-Continent subsidiary, is merging with Allied Tatenhone as earnings improve for the seventh straight quarter.
Jobless claims reached a two year low as the economy expanded at 8.7 percent annual rate in Q2, spurring optimism from President Reagan and economists. GNP shows vigorous growth while Volcker warns deficits threaten the recovery. unemployment benefits and labor-market figures improved, Chrysler posts record earnings, funds reverse recent declines, Norton Simon deal progresses.
Gerald Greenwald of Chrysler urged a large fuel tax increase to curb demand for gas guzzlers, arguing it would aid recovery and stabilize rates. He cited a potential 25 cent rise reducing the federal deficit by about 25 billion dollars and warned standards could trigger plant cutbacks and job losses.
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