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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jun 02, 1981
Page
7
The Dow drops 3.06 to 994.90 as banks join rate cuts with Citibank and others lowering prime lending rates to 20 percent from 21 percent. Market had briefly topped 1,000 earlier in Monday trading amid rate-cut hopes while other rates edge higher.
The dollar surged to new peak values in early trading as expectations of slower U.S. rate cuts supported the eurodollar market. Gold slipped $8 to $475.50 in London and Zurich, with traders selling bullion to exploit high eurodollar rates. A Barclay's Bank dealer cited funds trading up to 21 percent in New York overnight.
At Creston Livestock Auction on Monday, 331 consigners sold 1083 head including five goats and two ponies and horses. Calves, hogs, sheep and cattle posted varied prices with cattle showing a range from feeders to utilities and bulls, and hogs trading from sows to pigs by the head.
Lorain County Farm Bureau Cooperative Association reports yesterday's market close with wheat at 3.32 per bushel shelled corn 3.17 oats 2.60 and soybeans 7.16 per bushel.
Ohio retailers receive deliveries with large eggs in the 76 to 85 cent range and Cincinnati and Cleveland quotes around 39 to 44 cents. Chicago wholesale prices hold, with Class 1 large at 54 cents and Class 2 large 52 cents, mediums 45, smalls 37.
Spot nonferrous metal prices list copper at 45 87 cents, lead 6 38 cents, zinc 46 cents, tin 5.00 29 per pound, aluminum 76 cents, gold 443.25 per troy ounce, silver 10.86, mercury 428 per flask, platinum 439 per troy ounce, with delivery and daily quotes provided by agencies Handy & Harman and others.
About 2,000 delegates attended the Teamsters convention in Las Vegas as interim President Roy Williams defended himself against a Chicago indictment. The union proposed constitutional changes including a higher president salary a loyalty oath and a new presidential succession plan in case of conviction. Williams warned the government sought to influence union affairs and could face up to 55 years in prison and fines if convicted on 11 counts.
A union amendment would shift presidential authority to the secretary treasurer during temporary unavailability for six months and set a board appointment if vacancy becomes permanent. Proposals also raise the president’s salary and require a loyalty pledge. Delegates memorialized Frank Fitzsimmons and heard President Reagan urge unity to beat inflation.
SJC Corp and parent Smith-Jones Inc report progress under Chapter 11 filed March 23. Joe Rulli says creditors meeting soon, layoffs reversed, and business aims to stay open. May 12 sale of Collect-A-Ray unit to Mor-Flo aligns with focus on residential and light commercial HVAC. Employment at Elyria plant sits around 400-500 as operations continue.
Amtrak reports gains in on time performance systemwide to 87.2 percent for March up from 84.7 percent. Long distance ridership rose 5.7 percent year over year and short distance traffic rose 4.3 percent, even as overall systemwide ridership declined 2.9 percent from March 1980. Lake Shore Limited service was 67.7 percent on time in March, down from 82.1 percent the prior month and 85.5 percent a year earlier, but March ridership rose 19.6 percent to 27,796 with year to date up 25 percent to 164,286.
UPI reports the average cash grain prices paid to farmers in Ohio by elevators in principal markets after the Monday close. Wheat No. 2 blue stem stood at 2.27 per bushel and soybeans traded at high levels amid market activity.
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